Homebuying and selling platform HomeLight acquired listings manager Disclosures.io to launch a new offering called HomeLight Listing Management. Terms of the deal were not disclosed.
San Francisco-based Disclosures.io raised about $120,000 since its inception in 2017, according to Crunchbase data. This is HomeLight’s second acquisition, with the company, also based in San Francisco, acquiring mortgage origination and underwriting company Eave, in July 2019.
Meanwhile, HomeLight, founded in 2012, has raised $164.5 million in total funding from backers including Zeev Ventures, which led a $109 million round of debt and equity financing for the company last year, according to Crunchbase data.
Since its inception, HomeLight has developed a number of end-to-end homebuying and selling technology offerings, including agent matching services, HomeLight Trade-In, HomeLight Cash Offer, HomeLight Home Loans, and HomeLight Closing Services.
Disclosures.io is a popular platform in Northern California, and 90 percent of the homebuying and selling transactions use it, Drew Uher, Founder and CEO of HomeLight, told Crunchbase News.
The company collects relevant information such as inspection reports, homeowners association data, and needed and completed repairs into one package that is disseminated to buyers before they make an offer on a property. While Northern California was doing it this way, buyers and sellers in other areas of the country, even California, usually find out all of this information after an offer is made and the house is under contract, he said.
“We think it should be the former,” Uher said. “It is not good for the buyer to be blindsided by an inspection or for the seller to have to see their asking price whittled down during the process. The seller is then forced to take concessions the buyer is asking for because they are the only player in the game.”
Disclosures.io’s listings management technology, led by its founders, including CEO Adam Gothelf, is now powering HomeLight Listing Management. It offers the ability to share property information electronically in a secure location, monitor buyer interest, and manage offers in one place.
As a result, buyers can make stronger offers and agents can know who is really interested, Uher said.
Meanwhile, HomeLight will continue to add functionality to its platform, as well as expand to Sacramento and Los Angeles, and then across California and the rest of the country.
“Our goal is to eliminate contingencies forever,” he added. “The way we can affect that change is by helping to remove uncertainty.”