Everyday I post houses on my blog that are priced from $5,000 to $48,900. How is that possible? It must be some sort of gimmick or scam, right? Nope. We are members of the Better Business Bureau. Go to www.bbb.org and look for Econohomes, LLC under Texas. We sell wholesale foreclosures below market value.
We buy properties directly from bank asset managers, loan servicers, and sometimes individual people.
Yes, many of our homes need major repair. However, we often get sound homes very nearly tenant-ready.
We send our staff "assessors" to the properties we buy to write up assessments, take digital photos, and put combination locks on the front doors. We buy in large packages; usually 30 homes or more in one transaction.
We do not go through a title company when we purchase properties. Almost all of the properties we buy are foreclosures. Foreclosure wipes out a bank's mortgage lien on a property. There may be other liens, so we encourage buyers to do their due diligence.
Most of the homes we sell are priced around 70% of market value. How do we determine that? We look at comparable data in the neighborhood (it's all public record) and we review the pictures and assessment of the house.
The homes we sell are on www.Econohomes.com. You can see pictures, read assessments, and even put together your own bulk package. We have over 250 homes in our inventory in 28 states. The only closing cost we require is $350 to transfer the deed into your name. We can close a purchase transaction in one business day!
Steps to Owning an EconoHome
1. Make an offer
2. Sign your purchase agreement
3. Do the due diligence that will satisfy your questions about existing liens. For example: call the tax assessor of the county the property is located in, pay a title company to do a title search, or use an attorney to research the title. This step is at your expense. We do not research property titles.
4. Send a wire to deposit 10% earnest money to our bank account. This step holds the property off the market for you for 5 business days.
5. We will sign the purchase agreement and send you a copy so you have a fully executed contract.
6. Give us the name of the person or business that you want on the deed.
7. Give us the physical mailing address (no P.O. Box) for the tax bill for the property.
8. Wire the remaining balance for the purchase of the property to our account.
9. Your purchase transaction is now closed. We now send you a HUD-1 and a copy of the deed that we send to the county for transfer.
