Joint Program to Launch Beginning in May in Phoenix
EMERYVILLE, Calif., May 23 /PRNewswire-FirstCall/ -- ZipRealty (NASDAQ:ZIPR), a national full-service residential real estate brokerage that empowers consumers with leading edge, easy-to-use technology, today announced it has formed a strategic partnership with Home Option(TM), Inc., a home ownership accelerator. This partnership, which launches in Phoenix in May, assists buyers who currently do not yet qualify for a conventional mortgage to achieve home ownership.
For prospective buyers working with a ZipRealty agent, and who qualify for this program, Home Option or an affiliate purchases the property on their behalf. The buyer then leases the home from Home Option for up to three years, applying a portion of each monthly lease payment toward the eventual down payment. Throughout the lease period, the buyer has the option to purchase the property conventionally at the fixed buy-out price set at the time of the initial purchase.
ZipRealty provides buyers who purchase a home through Home Option's program with the same rebate available to other customers: 20 percent of the Company's commission. ZipRealty credits the rebate to the homebuyer's equity in two amounts: half at the initial signing and the second half at the final buy-out. ZipRealty, in effect, contributes the first dollars of equity towards the buyer's purchase.
"This partnership with Home Option helps open the door to home ownership for many of our clients who may need an alternative to a conventional mortgage," said Gary Beasley, ZipRealty's president. "As we have with this partnership, we continually strive to introduce programs and tools that best serve the unique and specific needs of ZipRealty's clients." In Phoenix, ZipRealty currently features 118 licensed and experienced agents serving over 50 neighborhoods.
"More and more, families need assistance with a down payment or line of credit, and we're excited to partner with ZipRealty and help its clients achieve home ownership," said Warren Doi, the CEO for Home Option, Inc. "It's our hope that our shared customers will remain loyal to both Home Option and ZipRealty, as together we're making it possible, and easy, to buy a home." About ZipRealty ZipRealty is a full-service residential real estate brokerage firm. The Company uses the Internet, proprietary technology and efficient business processes to provide home buyers and sellers with high-quality service and value. Founded in 1999, the Company currently operates in 17 major metropolitan areas in 11 states and the District of Columbia. The Company's client-centric business strategy utilizes a sophisticated Web site, which enables home buyers and sellers to access comprehensive local Multiple Listing Services home listings data and other relevant information. The Company also utilizes a proprietary business management technology platform, which reduces costs and allows the Company to pass on significant financial savings to consumers. This Internet-enabled, technology-driven, employee-based model provides the Company with a distinct competitive advantage, allowing ZipRealty to consistently deliver outstanding service to clients. For more information on ZipRealty, visit http://www.ziprealty.com/ or call 800-CALL-ZIP (800-225-5947).
About Home Option Home Option (http://www.homeoption.com/) is a home ownership accelerator, a new form of real estate service business. Prospective buyers who can't yet qualify for a mortgage often can qualify for the Home Option program, and find a home with the help of their realtor. Home Option or an affiliate buys the house and signs the family to a two or three year lease-option that sets a fixed buy-out price. Part of each monthly payment goes towards the down payment, and Home Option's counselors help the family stay on track to buy the home -- using a conventional mortgage -- by the end of the option period. By providing buyers, especially those who would otherwise not be qualified, with a financing vehicle that enables them to achieve home ownership, Home Option earns its revenue from the entire housing value chain, so realtors, builders, mortgage sources and brokers all are helping Home Option to grow. The privately held company has its headquarters in San Francisco, California.
Marcus Gamo Janis Echevarria
Allison & Partners Home Option, Inc. 415-277-4925 415-989-1312
DATASOURCE: ZipRealty CONTACT: Marcus Gamo of Allison & Partners, +1-415-277-4925, or , for ZipRealty; or Janis Echevarria of Home Option, Inc., +1-415-989-1312, or Web site: http://www.homeoption.com/ Web site: http://www.ziprealty.com/
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