Complaint Review: Econohomes - Austin Texas

I have a real life experience with Econohomes, as you can tell by what I say in this review is not so flattering but is my honest review.  I feel they are the type of company that this country needs right now.  Our country has all these vacant properties sitting idle that banks cant get rid of easily.  So the banks group these houses together into lots and sell in bulk to organizations such as econohomes at a bottom dollar bulk rate value like Sams Club.  Econohomes is simply the middle man to getting these properties back into the community and their business plan is to flip the house without getting in the middle of the problems with the houses, liens, repairs or otherwise and for their effort they make a modest and reasonable profit.  Ive also seen emails from them where Econohomes appeared to be stuck doing rehab projects so they do have continengecy plans if they cant easily flip.  In the event they cant make a quick flip they do offer a rather expensive finance option because they arent there to finance homes but flip them, if they bother financing them they want to make it worth their while, cant blame them there.  I can see where financing too many of their properties drags them down and makes them not have money available to continue to flip which is their primary goal.  As a wholesaler of homes they place the complete burden of any and all problems with the home on the new buyer.
 
In my dealings with their agent named Scott he made it very clear I need to do my own due diligence because once I close, its all my responsibility, the house comes with the good and the bad.  I can appreciate their desire to stay as neutral as possible, it makes good business sense.  In the end, you get a much better price than if you went through a realtor, just hopefully you dont run into more problems fixing up the house than you anticipated and end up money ahead.  Now the home I viewed and placed an offer on appeared staged to some extent, scented candles covering up odors, carpet poorly installed loosely with no padding or furring strips, I recommend you beware of any recent remodeling as it could be the last owner that had lost it to foreclosure or I guess it could be econohomes covering up a problem, its hard to say.
 
I used their 7 day buy it or leave it option to walk away from one of their homes here in Iowa without any problem, in the end after doing my due diligence and doing all the lien and title work I discovered the costs and work needed to the property outweighed the benefits of owning it.  I highly recommend going through your own attorney, using theirs is an obvious conflict of interest.  After going through my own lawyer I personally believe after my experience if I get a warranty deed and the cheaper lien search vs abstract option, then I would be ok.  However, I chose the complete Abstract, Title Opinion option at which expense I suffered whether I kept on with the deal or not.  My lawyer told me that problem free foreclosures VS problem foreclosures are about 50/50, and only rarely are the problems significant, being more than a few loose ends, I figured in the future, any major problems would appear on the lien search and those other loose ends only found in the abstract could be tied up later like when I go to sell the property years down the road. 
 
I personally approve of the econohomes model and hope I can complete a transaction with them in the future.

This post made on July 1st was erroneous and should not have been made.