Conix, Inc. to Offer Home Price Protection Guarantees With REO Properties Partnership with EquityLock Solutions Will Protect Homebuyers from Large-Scale Housing Market Shifts
TUCSON, Ariz., Aug. 27, 2012 /PRNewswire/ -- Conix, Inc., a national investor and asset manager of single-family residential, multifamily and commercial properties and loans, announced it began offering EquityLock® Protection contracts with the sale of select Real Estate-Owned (REO) properties. Conix, Inc. will provide the contracts through a partnership with Denver, CO based EquityLock Solutions, Inc., the premier home value protection provider in the United States.
"In an unstable housing market, homebuyers need assurance that forces beyond their control will not turn their most valuable asset into a liability," said 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."
The EquityLock® Protection contract protects the value of their 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 their original protected value amount when they sell their home in the future.
At time of contract, the EquityLock® Protection contract uses the local House Price Index (HPI) provided by the Federal Housing Finance Agency at www.fhfa.gov to determine market movement for future claim payments. After a two year waiting period, EquityLock customers can sell their home for a profit or loss and still be eligible to receive a check if their local House Price Index (HPI) has decreased.
"The bottom line is that use of the EquityLock® Protection contracts adds real value for us and our investors," said Court Gettel, Chairman of Conix. "Most of all, homebuyers receive peace of mind about the prices they've paid. This is truly a win for all parties involved."
About Conix, Inc.
Conix is a national real estate investment firm, focused on providing affordable home ownership opportunities to new home buyers, reducing blight and improving neighborhoods, and developing partnerships that will bring long-term stabilization to the communities in which it invests. To date, Conix has completed more than 55 bank-direct acquisitions; deploying over $200MM of capital since Q4 2008. Additionally, the company supports a variety of domestic charities that bring hope and services to those in need.
About EquityLock Solutions, Inc.
EquityLock Solutions specializes in protecting consumers against one of their biggest financial real estate risks through its flagship product, EquityLock® Protection. The company's vision is to help turn around the current U.S. housing industry and restore homeownership confidence in real estate values nationwide. EquityLock Solutions is led by an executive team with more than 100 years of collective experience in using financial products to meet the needs of individuals and families throughout the United States.
CONTACT: Ben Alev, +1-520-795-0900
SOURCE Conix, Inc.