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Industry News

FiNet breaks deal with RealEstate.com

October 11, 2002

Agreement to purchase domain name and related assets terminated


Inman News Features

FiNet.com has killed a previously announced deal to buy the assets of the RealEstate.com domain.

In a statement filed with the Securities and Exchange Commission, the online mortgage provider said the termination was a mutual agreement with the current owner of the domain, R.E. Ventures Inc., according to news sources. FiNet gave no reason for the termination.

In April, Finet agreed to purchase the domain name and related assets including intellectual property, computer equipment and several thousand real estate broker, mortgage broker and insurance agent hosted Web sites for approximately 1.4 million shares of its common stock.

At the time of the initial agreement, shares of RealEstate.com were trading for approximately 90 cents per share. The stock closed trading at 55 cents per share Wednesday.

San Ramon, Calif.-based FiNet.com provides technology and loan products and automated services for mortgage brokerages, real estate brokerages and consumers.

Copyright: Inman News Service



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