-
NEXA CEO Mike Kortas Acquired FSBO.com, Plans AI-Driven Overhaul
A 29-year-old home selling platform is reimagined for the modern homeowner with guided technology designed to remove fear, friction, and complexity
Can you please give us a comprehensive detailed overview of FSBO.com, one of the longest-standing “For Sale By Owner” platforms in the United States, today announced a new chapter in its evolution following its acquisition by a newly formed ownership group led by Mike Kortas, Founder and CEO of NEXA Lending, alongside strategic partners including entrepreneur Brad Rice, CEO of Homepie, Inc..
Founded more than 29 years ago, FSBO.com has helped homeowners take control of the home-selling process. The new ownership group plans a full modernization of the platform bringing it in line with standards for usability, transparency, and consumer empowerment, while preserving the spirit of independence that made FSBO.com a trusted name. From what I heard, NEXA CEO Mike Kortas Acquired FSBO.com, Plans AI-Driven Overhaul. Kortas suggested loan officers could begin receiving leads almost immediately after technical integration. Founded more than 19 years ago, FSBO.com built its brand around helping homeowners sell independently.3 days ago -
3 Replies
-
FSBO.com has started a new chapter with Mike Kortas, CEO of NEXA Lending, and Brad Rice, CEO of Homepie, leading the way. Together, through their company, FSBO Holdings, LLC, they want to remake FSBO.com as a lively, easy-to-use site that uses artificial intelligence to help users.
Current State of FSBO.com
- As one of the pioneers in the ‘For Sale By Owner’ space, FSBO.com empowers homeowners to take charge and connect directly with buyers, eliminating the need for a listing agent.
- With nearly three decades of experience, the site’s mission has always been to put homeowners in the driver’s seat, helping them save on commissions and steer their own sales.
- FSBO.com offers affordable listing packages and makes it easier to get on the Multiple Listing Service. Sellers’ homes are also shown on big sites like Zillow, Realtor.com, and Trulia.
Main Features and Services
- For about $399.95, the MLS plus FSBO package lets sellers list their home for 6 months on FSBO.com and in their local MLS.
- Their listings also appear on big national sites like Zillow and Realtor.com, as well as state-specific sites.
- In the ‘Sell’ section, sellers can get bright yard signs and marketing materials to help their listing stand out.
- They can also find home sale contracts for their state, with a satisfaction guarantee and all the needed paperwork.
- FSBO.com has been a low-cost online place where sellers can make listings, add photos and descriptions, use a flat-fee MLS broker, and work directly with buyers.
The New Ownership: FSBO Holdings LLC
- Mike Kortas, founder and CEO of NEXA Lending, and Brad Rice, CEO of Homepie and Amerifund Home Loans, formed FSBO Holdings LLC to acquire FSBO.com.
- Kortas now serves as CEO of FSBO Holdings, with Rice as president. Kortas holds the majority ownership, though the exact percentage has not been disclosed. Kortas clarified that NEXA does not own FSBO.com; instead, NEXA is expected to benefit indirectly through lead discounts and site aggregation.
- This approach aligns with Kortas’s ‘platform and joint venture’ strategy, which keeps the asset in a separate entity and allows NEXA loan officers to access consumer traffic and data. Rade and AI-Driven Changes.
Industry News About The Sale Of FSBO Holdings LLC
Industry news and updates about the sale show that the new owners plan to make FSBO.com easier to use, with simpler navigation and helpful AI tools and guides. Some of the main changes will be:
- The platform will introduce an AI-powered guide to help homeowners and buyers navigate each step of the transaction with newfound confidence and fewer obstacles.
- Instead of using complex legal terminology, the artificial intelligence system will:
- Turn contracts and disclosures into plain language and simple, step-by-step instructions.
- Guide buyers and sellers through negotiations like offers, counteroffers, and special conditions in a clear, organized way that helps users stay in control. Each task and next step will be explained clearly.
- The goal is to support the independent FSBO approach, helping sellers avoid traditional commissions while still feeling supported. Instead of taking over for people, the plan is to make the process easier and help users make good decisions.
- Imagine a first-time FSBO seller entering a few property details and having AI handle disclosures, suggest prices, write the listing description, and create a step-by-step checklist from listing to closing, including contract templates and state-specific advice.
Strategic Angle for NEXA and Loan Officers
- Kortas explained that while NEXA is not the owner of FSBO.com, the company stands to gain from discounted leads and streamlined consumer inquiries.
- NEXA loan officers could soon see FSBO-sourced leads flowing in, thanks to a fast-track integration of the new technology.
- Kortas also shared his early 2000s experience using FSBO.com as a loan officer, and he plans to draw on this background to help NEXA loan officers make the most of FSBO leads. In practice, this will likely involve:
- FSBO sellers will be encouraged to consider financing, refinancing, or pre-approval options offered by NEXA loan officers.
- NEXA loan officers could use FSBO.com as a great place to find new clients, especially in areas with lots of FSBO listings.
- AI will help sort and qualify these leads early in the process.
- With 30 years of brand recognition, FSBO.com stands as a trusted name for agent-free home sales. Competing with sites like ForSaleByOwner.com and flat-fee MLS services, FSBO.com is now evolving into an AI-guided, interactive experience.
- The acquisition marks a long-term push to modernize the platform, making it scalable and consumer-centric, while offering education, connections, and collaboration at every stage of the home-selling journey.
If needed, this content can be transformed into a press-ready, SEO-optimized article, complete with structured headings, a compelling meta description, and real-world examples tailored for loan officers in blogs or industry forums.
-
Here is a summary about the owner of NEXA Lending CEO Mike Kortas buying FSBO.COM and leading the new company FSBO Holdings, LLC with the CEO of HOMEPIE Brad Rice. NEXA Lending recently created and launched AXEN REALTY as well.
-
NEXA CEO Mike Kortas Buys FSBO.com and Plans AI‑Driven Reinvention for Modern Home Sellers
https://gustancho.com/fsbo-com-acquisition/
gustancho.com
FSBO.COM Acquisition By NEXA Lending
FSBO.COM Acquisition By NEXA Lending: America’s longest‑standing For Sale By Owner portals, has been acquired by NEXA CEO Mike Kortas.
-
-
From what I know and hear from family, friends, real estate attorneys, realtors, mortgage loan originators, and professionals and owners of mortgage brokerage and mortgage banking shops, the mortgage and real estate industry has not been going too well since 2021. Mortgage rates have skyrocketed from a low of 2.5% to as high as 7.0%. Home prices have surged double digits every year since 2019. Property taxes and homeowners insurance have surged out of control. Homeowners association dues have doubled and tripled in many parts of the country, especially Florida. Inflation is really out of control, and it is affecting most Americans, from the minimum wage worker to the high six-figure wage earners. Six figures used to be wealthy and high-income not too long ago. However, people who make $100,000 are just barely surviving, and many are living paycheck to paycheck. The mortgage industry has lost a large percentage of its workforce. According to the NMLS, many mortgage companies, mortgage net branch, mortgage brokers, and individual mortgage loan originators have not renewed their NMLS licenses. Someone told me that half of NMLS-licensed companies and MLOs are no longer in business and have either taken early retirement or changed industries. I have been talking to MLOs and branch managers operating mortgage net branches from FDIC banks, mortgage lenders of various sizes (some one-state mom-and-pop shops, to regional mortgage brokers and bankers, to national mortgage brokerage and direct lenders), and most I speak with say they are dying. The loan applications have dried up due to affordability issues. However, I heard NEXA Lending is doing very well and expanding during this tough market. Does NEXA acquiring FSBO.COM have anything to do with benefiting MLOs at NEXA? NEXA also told its MLOs they will get paid for servicing the loans they close? How does that work for a mortgage broker and mini-correspondent lender? Also, NEXA announced they acquired UMortgage, a mortgage company with 208 NMLS-licensed MLOs? What benefits does this bring, and how much did NEXA pay for UMORTGAGE? Isn’t it dangerous for NEXA to expand like they have been doing so fast and naming a new President without experience in mortgage industry, and upper level management without the experience in the mortgage industry except maybe being a sales person loan officer? I am looking at Loan Factory, Edge Home Finance, C2 Financial, Barrett Financial Group, Coast 2 Coast Mortgage Lending, the Motto Mortgage, and several other regional and national mortgage brokers and mortgage lenders. I am also thinking about opening my own mortgage broker shop with a few colleagues of mine. I would greatly appreciate it if you can advise the pros and cons of the various mortgage companies offering independent MLO career opportunities and independent mortgage net branch opportunities. Thank you.
Log in to reply.