How to Buy

Econohomes is a proud A rated member of the Texas Better Business Bureau and has sold over 2000 foreclosure properties since 2006. Econohomes bridges the gap between banks and financial institutions in order to put value priced foreclosure properties back in to productive use, helping to restore communities affected by the foreclosure crisis. Please see our testimonials page to read what some of our satisfied customers are saying about us.

With our full-service team of real estate experts, we make it easy for you to buy our foreclosure properties. From property research, title, contracting and sales, we’re here to provide you with the best customer service to grow your real estate investment portfolio through a simple process that doesn’t involve real estate agencies, mortgage lenders, and title companies.

Our Process

Before we buy foreclosure properties from mortgage lenders and servicers, we perform our own research in order to provide you with a great selection of investment properties. We typically evaluate and bid on 10 properties for each property we buy. We have to be choosy to make sure we can provide our customers with the best deals around.

• Our research includes value and condition assessment, property taxes, liens and current deed history.
• We then buy the properties in an "as is, where is" condition subject to all liens and encumbrances. While the foreclosure process wipes out most liens and encumbrances, some survive – most notably back property taxes. Also, liens and other encumbrances can arise after the foreclosure but before we buy the property.
• Given the volume of foreclosures in the market, we often close on properties with trusted suppliers prior to receiving deeds. This is because mortgage lenders and servicers, as well as municipalities, have trouble keeping up with the high volumes of foreclosed properties working their way through the system.
• Once we have purchased a property, we then have the property assessed in person. Our assessors are not licensed property inspectors, but they do provide us with valuable information about the property, its physical condition and the surrounding area.
• Buying investment properties from us is straightforward and simple. Our contract and closing department will send you a contract to review, sign and send back to us with either a non-refundable down payment or the full purchase price. We'll then sign the contract and send it back to you. This all can be handled with scanned and emailed documents, with the exception of financed properties that require notarization. We will record the deed into your name for you, and send you a HUD settlement statement within one to two business days. Our team is here to help you with any questions throughout the process.
• And we offer short-term financing on many properties to help you buy and improve your foreclosure properties.
• Our team is ready to help you become one of our many satisfied customers who return again and again to build their portfolios of investment properties. Connect to our storefront to find your next investment property.

Buy with confidence from Econohomes - we have bought and sold thousands of foreclosures (REOs) over the past four years and are proud members of the Texas Better Business Bureau.

Contract Specifics

We sell properties the same way we buy them. Here is a brief summary of the key terms of our sales process:

• As is, where is: we sell all of our homes "as is, where is". While we provide you with as much information as possible, we do not represent that all information is complete or up to date. Although we do not have the properties inspected by licensed inspectors prior to resale, we do have one of our local team members document the condition of the property when we purchase it. Please do keep in mind that conditions can change after our initial assessment.
• Deeds: we do not offer general warranty deeds. We will provide you with a quit claim or special warranty deed. Moreover, we often do not receive deeds from our suppliers for 30 to 180 days after purchase. If we do not have a deed in house for the property you are buying, you have a couple of choices. First, we can go ahead and close the transaction and we will provide you the deed within 180 days. If we are not able to provide the deed within that time frame, we will refund the full purchase price to you. Alternatively, you can wait until the deed is available. The downside of this latter approach is that we may sell the property to another investor who is willing to buy the property prior to receiving the deed.
• Taxes: our customers assume all back-taxes including the pro rated portion of the current year's taxes.
• Non-refundable deposits: if you choose to send a 10% or greater deposit with your signed contract, we will pull the property off the market and you will have 5 business days to pay the remainder of the purchase price; after which, we may sell the property to another investor and keep your deposit.
• At your option, for $250 we can order an insurable title commitment with results delivered within 72 business hours which is inside the 5 business days required to close the purchase. Should an issue come up with the title commitment our in house team will work to resolve it on your behalf.
• Title Insurance: If you purchased a title commitment, at your option, you may purchase a title insurance policy from the company that provided the commitment. Ask your property specialist for details.
• Signatures: except on sales involving short-term investor financing, we accept electronic signatures, including scanned and faxed signatures. We require original signatures and notarization on financed transactions.
• Closing costs: your only closing costs are a $595 transaction fee for deed preparation and recording. We do not pay closing costs in connection with property sales.