When it launched a year ago, Microsoft’s HomeAdvisor Technologies Inc.
venture offered a software platform to automate real estate and mortgage
transactions for consumers and industry professionals. Now, that part of the
business may be sold off.
HomeAdvisor grew into a consumer real
estate operation, and the software aspects of the business apparently didn’t
match with the company’s goals and objectives for its location on the MSN
network, according to a Microsoft spokesperson quoted by the Wall Street
Journal, which first reported the story.
There was no word on the identity of any potential buyers. At one time,
Microsoft apparently had considered keeping HomeAdvisor an
independent company and possibly taking it public.
The loan technology automates many of the steps required to approve and
finance a mortgage, including credit checks, appraisals and underwriting
decisions. The result is a savings of up to $2,000 over the course of a loan,
Microsoft said at the time the company launched. Home buyers can instantly
lock a loan rate online and cut the closing process from more than a month to
just 10 days.
When
HomeAdvisor launched, other investors included Chase.com, Chase Capital
Partners, GMAC-RFC, Norwest Mortgage and Bank of America as equity partners,
with a financial and technology contribution from Freddie Mac. Microsoft has
settled with its investors, the spokeswoman was quoted as saying.
The site now offers real estate listings, a moving and relocation section, a
home improvement section, home sale strategies, decorating and remodeling
tips, etc., in addition to loan processing.