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Transamerica Flood and domania.com Strike Internet Alliance
HASBROUCK HEIGHTS, N.J. - Transamerica Flood Hazard Certification,
a division of Transamerica Corporation, and domania.com, the leading Internet distributor
of home sales data, today announced a deal to provide consumers with greater access to
AREAS, Transamerica Flood's online home valuation tool.
AREAS, or Automated Real Estate Analysis System, is the industry leader
in automated property valuations. Through Domania, AREAS will provide a no-cost valuation
range for a specific property, with additional and comprehensive data available online at
competitive and affordable prices. AREAS is a fast and accurate means of assessing residential
properties. Using proprietary technology, AREAS derives impartial valuations based on the best
available sales records.
This tool is useful to consumers because there are many instances when a
full appraisal may not be needed. In situations where second mortgage, refinance equity, and
home improvement loans don't require extensive reappraisals, AREAS can satisfy the requirements
quickly and efficiently. In fact, AREAS is used by numerous lenders throughout the country.
"We are very excited about this venture with Domania to offer AREAS online
through their Web site," said Transamerica Flood President Tom Della Torre. "This marks a
significant opportunity for both companies while making available this excellent property
valuation and data product to a broad customer base."
Initially, AREAS will be available by way of a link on Domania's new Web
site, which was previewed today and is scheduled to launch next month. Eventually, AREAS will
be licensed to Domania and incorporated into their site. Domania will be a full-featured,
independent and unbiased online real estate site with funding from @Ventures, the venture
capital affiliate of CMGI.
"Now, consumers can more easily determine how much equity they have in
their homes for financing purposes," said Steven Kropper, president of Domania. "Or, out of
simple curiosity, they can track the valuation of their homes much like they track their
stocks or mutual funds. This alignment with Transamerica Flood places us at the forefront
in the AVM business."
Domania's new Web site will offer the most complete and free personalized
online real estate services on the market. These services save consumers time and money when
buying, selling or owning a home. The extensive services, including the introduction of home
valuation, equity and tax assessment tools, will enhance Domania's 10 years of experience in
providing valuable, hard-to-find real estate data to consumers.
AREAS allows users to choose between three valuation models that offer maximum flexibility:
Macro, Micro and Index. The Macro model examines all recent sales within the same ZIP code that
have occurred and have the same property type as the subject property. The Index model can
predict property value in regions where rich information exists about sale dates and prices,
but little in the way of property characteristics. This model uses neighborhood sales
rather than those used by ZIP code in the Macro model. Both the Macro and Index
models provide statistical assessments of their accuracy. This so-called quality score,
based on a number between 0 and 100, gives the percentage probability that the predicted
value is within 10 percent of the true value. The Micro model's approach lets the user select
the properties used in the valuation. This method uses all of the comparable sales records
that the user provides, emphasizing the properties that are most similar to the subject.
Though a quality score is not available for this approach, a similarity rating for each
property selected is used. This value is based on a number between 0 and 10.
Boston, Mass.-based domania.com, an investment of CMGI @Ventures, was founded as INPHO, Inc.
in 1989. Domania will provide personalized tools and services that educate, empower and
embolden consumers to optimize a lifetime of real estate transactions and decisions.
Domania will operate Home Price Check (SM), a unique database of over 21 million U.S
home purchase prices, covering 50 top metropolitan areas in the U.S. and more than 75
percent of home sales in the country. The company's home price data can also be accessed
through the top Web destinations, including Yahoo!, America Online, Excite, Infoseek/Go,
Webcrawler and Dow Jones. At www.homepricecheck.com, consumers can instantly find the
purchase prices, selling dates and addresses of homes and condominiums sold since 1993.
In addition to Home Price Check, Domania will also provide free of charge a suite of
personalized tools for consumers to assess home equity, monitor neighborhood comparables
and protest tax assessments. Domania aggregates deed and tax data from a network of the
country's premier regional data compilers. The Home Price Check service can also be accessed
through portals such as
http://realestate.yahoo.com/realestate/homevalues,
http://aol.homepricecheck.com, and
http://go.homepricecheck.com.
Transamerica Flood Hazard Certification was founded in 1977 as Flood Hazard Certification,
Inc. Acquired in 1990 by Transamerica Corporation, it operates today as one of the key
business units under the Transamerica Real Estate Information Companies (TREIC) umbrella.
Transamerica Flood is a division of Transamerica Corporation, a leading financial services
company. Based in Dallas, the Transamerica Real Estate Information Companies (TREIC)
comprise four business units of Transamerica Corporation, an AEGON company. The Transamerica
Real Estate Information Companies have 100 years of collective experience as leading providers
of property tax services, flood zone determinations, detailed information on residential
properties and earth surface data.
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