Complaint Review: ECONOHOMES LLC. - AUSTIN Texas

Nice reading on Econohomes. If you don't mind I'd love to speak with you about representation to purchase properties from Econohomes. When you have a moment, please fax your contact information to me. The fax is my private office (((ROR REDACTED)))


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It always amazes me how someone that did not complete a purchase has complaints.  I know a lot of the staff at EconoHomes and know that they ALWAYS let the customer know that their may be tax liens as well as other liens on the property.  If they didn't hear it, they couldn't of signed the contract without it be disclosed numberious times.  Yes there are back taxes and even HOA fees on many of the homes Econohomes offer, and the sales staff will even let you know what they know is due, but as with any property no matter who you purchase it from you need to do your own due deligence.  Even after this buyer sent their deposit in they had 7 days to finish their research, and I noticed that they didn't tell you in their complaint that after they canceled they got their deposit back!

I have referred numberious investors to Econohomes now and have not had a complaint from any of them, and some of them have purchased 3 or more properties in just the last six months.  I don't know of any other wholesaler of REOs out there that offer the investment opportunities that Econohomes does.  If you are thinking of purchasing one of their homes and have some questions feel free to give me a call, I would be happy to answer any questions i can for you. Jerry 719 214-7262

Rebuttal:
Econohomes is a great company! I know, I just used them!

I wish to state categorically that I have had a very good experience in purchasing a VERY NICE CONDO from Econohomes. I purchased it last November and this was the best thing I ever did! Their customer service was excellent! No
complains!


Econohomes answered ALL my questions.
They allowed me, through their representative John Campbell and Kim Jones, to ask all the questions I needed to ask before making the purchase. Im not kidding- I asked about a million questions and everyone was answered not only
on time, but in a very professional way.

Title takes Time
I also had a question about the title. The first time they explained it, I did not understand it. But after repeated explanation, and my own due diligence, I finally understood.

How the title works? There is a title time-lag between the time the bank forecloses, the time the bank registers the title with the county, and the time the title gets transferred to Econohomes after they purchase it from the bank.
I also called the title company and they confirmed this with me. After I purchased the property, my title came in less than 60 days!!

Econohomes -Willingness to negotiate on Price!
I was up-front with my budget with Econohomes. It was limited. I was amazed that Econohomes knew what budget I was working with and lowered the price TWICE so that it would fit my budget. Unbelievable!

Liens:
I personally contacted the Lawyer who represented the property on behalf of the Home Owners Association (HOA) and he sent me the estoppel (condo documentation) with all the outstanding liens/ dues: All the taxes were paid except for the
year in which I was purchasing (taxes for that  year were not yet due.) The only outstanding
dues were HOA dues.

I represented Myself
No attorney would represent me because the property was outside of the state in which I lived. I therefore had to represent myself and do an incredible amount of homework not just on the property, but on the whole process of purchasing a foreclosed home. I also researched Econhomes and their agents, to make sure
that I was not being scammed! They are a reputable legitimate company with an excellent track record in the foreclosure business.

Conclusion
I would highly recommend Econohomes to anyone who desires to purchase a foreclosed property. My only regret is that I did not have the funds to purchase two more properties from them! I got a real deal, and I have the title
in hand to prove.

I have worked with Econohomes for almost 2 years, both as an investor and as a Realtor. I have introduced multitudes of clients to Econohomes and to date, all have been very happy with their purchases, some exceedingly so.

The first point I would like to make, and certainly the most poignant, is that Econohomes has been Accredited with the BBB for 4 years. In those 4 years they have sold over 5000 properties with only  6 complaints, all of which were satisfactorily resolved. I dont feel that I need to expound on this, it is pretty self evident. Do the math.

As far as liens go, there are only a few that survive the foreclosure. Property Taxes and HOA fees are the two most common. It is true that property taxes can go unpaid, sometimes for years. If a property has any past due taxes Econohomes does share this info with you. Finding out for yourself is as simple as going to the county tax assessors website and pulling up tax records by the address. Yes these taxes have to be paid and this is taken into consideration when negotiating price.

Past due HOA fees are notorious on Condos. This requires a little more work to confirm payoffs and Econohomes assists in obtaining that information as best they can, often it requires the assistance of a title company to order an Estoppel.

Water liens can also come up. Checking for those is as simple as calling the water company.

IRS liens can be a problem but Econohomes will do their best to inform clients  if the IRS is a lienholder.

Sometimes, in some states, you may have code violations for high grass, disrepair of the property, etc. Econohomes shares any info on violations that they are aware of. Any cost to rectify any lien is part of the deal and I will repeat, you are welcome
to factor that into your offer.

At the end of the day it is YOUR responsibility to obtain a title search to verify any and all liens. Let me go here, in case some are thinking it...If you have negotiated a price, put up the deposit and then find out about liens, you are welcome to come back to re-negotiate the price.

As far as an old mortgage with Suntrust showing on YOUR title search, did the title company not explain that this is an issue that can come up on ANY property at any time, not just foreclosures?  Somewhere along the way a satisfaction did not get filed. Your title company knows exactly what to do to correct the chain of title. That is part of their job.

If ANY title issue cannot be resolved to your satisfaction, you walk from the deal. No questions asked, deposit refunded. Trailing deeds...I googled it, found some. (sorry, I had to go there) Econohomes buys bulk packages of properties, hundreds at a time. Each and every property has to be processed and I am sure just about everyone is aware, the lenders are not exactly quick about anything. It normally takes around 30 to 60 days for the original to come in. This is an accepted practice these days and if you are looking for an extra warm and fuzzy,  I have been quite successful in getting these titles insured. Not every insurer will underwrite the policies mind you, but a good many will.

There is no reason what-so-ever that you cannot touch the property until you get the deed. You are the owner and you have proof of ownership. You can go straight in, evict, rehab, rent, live, even sell. Your chances of the deed never showing up are very slim however you are in no real danger if it does not. Econohomes will NOT leave you stuck, they will refund your puYchase money AND any rehab costs. You say it was a mistake to send the deposit via moneygram yet you do not say why. I, personally, have NEVER seen Econohomes keep a deposit and they give you several different options in how you can send. If you are not quite trusting enough to send it to Econohomes, you are welcome  take it to your local title agent. If you change your mind on the property, just swing on in and pick your money back up.

So many other easier ways to buy foreclosures???? I have been in this business for 30 years. I was working pre-foreclosures, short sales and short pay-offs when many of todays "gurus" were still in diapers. I would LOVE for you to tell us about other easier ways. I am positive it isn't short sales that take an eternity and more often than not die on the vine. Can't possibly be Realtor listed Bank owned REO's. You kill yourself to watch for new listings, make it to the property within an hour of the listing,  and submit an offer to be told "make your highest and best and we will get back to you (not)"  Can't be auctions...yes, auctions are often a good way to buy BUT you rarely get to physically inspect the property. Auctions are also a lot of work. You have to do due diligence on many in the hopes of ending up with one.

I am sorry, I prefer to sit at my desk, look at properties, pics and info online, go inspect, drop a deposit and close, all in a matter of days. Econohomes has truly made the process simple and easy.

I must say, with all due respect, you really should take a moment to learn before you go bashing. I know things that you do not understand can be scarey but "just because you do not understand" is not sufficient reason to automatically label something a scam. Econohomes is geared towards the sophisticated investor. In order to take advantage of what
they have to offer, you may need a little coaching. It can be well worth it!

Because you have given me audience, I have one more thing I would like to say. The US is drowning in foreclosures. Properties are sitting empty by the droves. You have seen what the government has done to help the situation. You know what is going on. There is no help coming. Neighborhoods are going to hell, taxes have been drained, schools are losing children.  On top of that, the people who are losing their homes need a decent place to live. It is going to take street level investors to buy these properties and put them back together and get them back
into circulation.

What you likely do not know is, most entities that buy these "foreclosures by the hundreds" do it only for the profit. They pick these properties up for pennies on the dollar and turn them right over to Realtors to sell on a retail level, usually around 75% to 80% of the actual value. Econohomes has another mission in mind. To make a few bucks (it IS a business) and to get as many of these foreclosed homes back in use as possible. They pass the bulk discount along to the street level investors who are going to be our salvation. In short, not only are they not scammers, they are quite civic minded.

I truly hate that the experience of one disillusioned individual might prevent others from the opportunities Econohomes brings to buyers. I am absolutely available if any one has any questions or concerns and I would be more than glad to help anyone through the process, step by step.