Conix Inc., a Tucson, Ariz.-based investor and asset manager of single-family residential, multifamily and commercial properties and loans, has begun offering EquityLock Protection contracts with the sale of select real estate owned (REO) properties. Conix will provide the contracts through a partnership with Denver-based EquityLock Solutions Inc.
According to the companies, the EquityLock Protection contract protects the value of a customer's home from future local market declines for up to 15 years. The property owner will be eligible to file a claim to recoup up to 20% of the original protected value amount when the time comes to sell the property.
‘In an unstable housing market, homebuyers need assurance that forces beyond their control will not turn their most valuable asset into a liability,’ says Ben Alev, president of Conix. ‘We are very excited to be partnering with EquityLock Solutions to provide the mortgage sector's only consumer-ready valuation hedge, which gives homebuyers the confidence they need to enter the housing market. Consumers are willing to pay more for our REOs when they get the security that comes with EquityLock Protection.’