Prudential California Realty, Homebid.com and Yahoo! Real Estate Kick Off e-HomeSale

Business Wire, Feb 7, 2000

Business Editors/High-Tech Writers

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Feb. 7, 2000

First E-Sale by an Established Brokerage Firm Allows Consumers to

View Offers On Coveted Bay Area Homes

Prudential California Realty (PCR), Homebid.com, and Yahoo!(R) Real Estate today announced the launch of e-HomeSale(TM), allowing online consumers from around the world to preview Bay Area and resort homes offered by PCR, take virtual tours, access a wealth of community and home information and join in an open bidding process.

The event is the first time a major established brokerage firm has offered homes for sale in real time over the Internet. Participants in the e-HomeSale(TM) can make bids online with the assistance of a professional agent.

&uot;This is a new era in real estate history when a company like Prudential California Realty is able to join hands with Homebid.com and Yahoo! Real Estate to hold an online home sale,&uot; said Blanche Evans, nationally known real estate expert and author. &uot;This event signifies another big leap forward for traditional brokerages as they continue to learn just how essential Internet technology can be for their businesses.&uot;

A recent survey released by the California Association of Realtors (CAR) confirms the trend of Internet-savvy consumers. According to the January 2000 report, the proportion of homebuyers using the Internet to find listings jumped from 26.3 percent in the first quarter of 1999 to 34.8 percent in the third quarter.

&uot;This is an opportunity to set the pace for the future of real estate,&uot; said Ed Krafchow, president of PCR. &uot;We believe that this event signals the start of a market shift from traditional home transactions to those that are expedited and streamlined by the power of the Internet. And at Prudential that is the goal: to use technology to make the home buying process easier and more rewarding for everyone involved.&uot;

Homebid.com developed the technology behind the e-HomeSale(TM) to facilitate a highly secure, intuitive platform for placing online home offers, as evidenced by the company's previously successful home auctions.

Homes selected for the sale are not available through conventional marketing means. All tours and offers are available online only during the e-HomeSale(TM) period, Feb. 20 through March 6, 2000, through Yahoo! Real Estate (http://realestate.yahoo.com), PCR (http://www.pruweb.com) and Homebid.com (http://www.homebid.com).

Buyers, Sellers, and Real Estate Professionals to Benefit

The benefits of an online process are significant to both the consumers and the industry alike. The Internet can reach an unprecedented number of buyers, sellers and brokers and enable them with online transaction capabilities. Participants are not discouraged by time constraints, inclement weather or geographical barriers that could normally reduce interest in a property.

One of the most appealing features of the e-HomeSale(TM) is the clarity of the process. It is unique because the traditional home sale does not disclose offers among buyers; the e-HomeSale(TM) enables buyers to review the status of their offer as compared to other competing offers, and counter if they so desire. This produces an environment of competition intended to result in the best possible price and terms for the seller's home while allowing the buyer to bid in a fair and open process.

For brokers and agents, the e-HomeSale(TM) streamlines the transaction process so more homes can be sold in less time with greater efficiency. It also provides a unique business avenue, exposure to out-of-area consumers, and convenient access to the forms and materials needed to transact business smoothly.

How it Works

For the first e-HomeSale(TM), 10-12 Bay Area and resort property listings offered by PCR will begin virtual previewing on Feb. 6, 2000. Throughout the preview process fresh inventory will be added. Once interested in a home, the participant can quickly register online and then visit the home with an agent, pre-qualify for a loan, and receive up-front property information. Registrants can use their own agent, or select one online through PCR's pool of qualified professionals.

A four-week window for offers begins Feb. 20 and ends March 6, 2000. During this stage, buyers can view other offers, and seek additional funding or credit to stay in the process. Once an offer is accepted by the seller -- which can happen at any point during the two-week window at the sellers discretion -- all documents, closing papers and final processes are handled by the agents and escrow begins. Accepted offers are considered binding.

The Relationship

The desire to partner with a major established real estate company and produce a successful e-HomeSale(TM) has been part of the vision of Homebid.com president, Kevin Hickey since launching his first e-auction in 1999.

&uot;After proving last year that homes can be bought online,&uot; said Hickey, &uot;we have enhanced our technology dramatically, and are now focusing on enabling partners with online sales capabilities.&uot;