- Report: #734673
Complaint Review: Econohomes - Internet
Reported By:
Anonymous -
Burlingon, Vermont, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Econohomes
Internet, United States of America
Phone:
512-696-1997
Web:
www.econohomes.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Econohomes Red Alert Predatory Lending, Internet
Please do the math before financing through this company. They prey on people who can not get traditional financing. At 18% and more than 10% in closing cost on a 6 month loan you are paying at least 35% APR on a house that is not that great of a buy anyway. You can find similar houses through a realtor that can be financed with an FHA loan or through a local bank. These guys take advantage of people who have no other options or do not understand financing. Please do your research before buying.
1 Updates & Rebuttals
JBurns
Pueblo West,Colorado,
United States of America
EconoHomes - Wholesale Pricing
#2Consumer Comment
Thu, June 02, 2011
Your posts complain about high interest rates with econohomes. First of all they are not a finance company. The prefer to sell their properties for cash. They do offer short therm financing for investors, but the term is only 9 months! This is offered to allow investors who may not have the entire cash price up front and give them a opportunity to fix and flip properties. As per their pricing, i have referred a lot of investors and individual homeowners to Econohomes and highly recommend them. Their pricing is way below the current market values! Some of their properties will require some fixing up, others may be move in ready. I personally do not recommend the short term financing, however with the prices they have the property priced at most serious investors don't need it. I am sorry that you most likely did not have the funds to purchase the property you wanted, and hopefully in the future you will be able to get into the fix and flip market, the time has never been better. If you would like more information regarding EconoHomes, feel free to give me a call 719 214-7262.
