Zaio has been a hot topic for appraisers this year. Whether appraisers love the Zaio concept or hate it, you've got to give Zaio credit for their ability to stay in the game! Throughout 2007 they've demonstrated their ability to make key alliances, acquisitions, and stick to their game plan. If we were in a game of "Survivor", I would NOT want to be playing against them!
Here's the latest news from the Zaio web site:
Zaio will pay US $1.2 million for VIC assets of which $750,000 is cash and $450,000 in shares of Zaio Corporation. Zaio has agreed to pay additional consideration over the 24 months after the closing based on performance and level of success in accelerating Zaio’s photography rate. Thomas Beverly, CEO of VIC, will continue to serve the Realtor and MLS boards and will also lead Zaio’s national photography efforts. Closing is expected in the next thirty days.
"This acquisition will allow Zaio to substantially increase its rate of photography, accelerate our original 5-year plan, and to immediately begin serving the needs of Realtors and MLS boards. To date Zaio has photographed 6.5 million homes, and is now taking photos at the rate of 55,000 per day" said Zaio Corporation CEO Thomas Inserra. "Mr. Beverly has overseen the capture of over 30 million photographs for real estate transactions since 1980 and is the nation’s most experienced and successful executive in this industry. We are pleased to have him as part of our executive team."
Previously, Zaio Corporation announced its plans to photograph inspect and appraise virtually every home in the nation’s largest 250 metro areas over the next five years. The photos and appraisals are stored in a secure database much the same way credit agencies store credit reports. This allows lenders, realtors, investors, insurance companies and other customers to access the photos and appraisal reports in just seconds, rather than waiting the customary 5 to 7 days to obtain an official appraisal from a licensed appraiser. This helps consumers, lenders and realtors by allowing them to close their transactions quicker. New or updated photos, tours and appraisals will continue to be provided on an as needed basis since the condition of homes can change over time.
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