Altisource Portfolio Solutions has acquired online real estate marketplace Owners.com for about $20 million.
Owners.com, one of the largest online self-directed real estate services in the U.S., will operate alongside Altisource's online real estate auction marketplace, Hubzu.com.
Launched in 1996, Owners.com has grown to become one of the largest marketplaces of self-directed home buyers and sellers. Last year, consumers listed approximately 35,000 properties for sale on the website with an aggregate asking price of approximately $11.5 billion. Owners.com offers home sellers access to the key professional listing boards necessary to market a home and professional transaction support during the process.
‘Owners.com is one of the leading self-directed online real estate marketplaces, and this acquisition fits perfectly with the future of our company,’ says William Shepro, CEO of Altisource, in a release. ‘It allows us to combine the expertise we offer the online home auction industry through Hubzu with an innovative residential sales model to create a unique, best-in-class real estate e-commerce engine.
‘As the real estate market continues to evolve, this acquisition puts us in a strong position to work with real estate agents, home buyers and home sellers to deliver value through the fast-growing limited-service home sales market,’ Shepro adds.
Last year, the limited-service and self-directed real estate category accounted for 30% of all home sales, according to research from the National Association of Realtors.
Owners.com's management and employees have joined Altisource.
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