How to Buy Affordable Homes from Econohomes
Econohomes is the largest and most trusted supplier of wholesale foreclosure properties, having sold thousands of affordable houses since our founding in 2006. Please see our testimonials to read what our customers and referral sources are saying about us.
Whether you are looking for a new home or like to buy investment property, our full-service team of real estate experts is here to help you find the most affordable homes with a hassle-free buying experience.
It’s Simple and Fast: Buy Foreclosed Homes from Econohomes
In addition to unbeatable prices, Econohomes offers a quick and easy buying process on the best renovated houses for sale.
Inquire about a property online, or call 800-779-7150 and speak to one of our sales agents. The sales agent can answer your questions and provide you with the code to gain access to the home.
If you are interested in purchasing the property, we require a 10% earnest money deposit to secure the property. You will have the exclusive right to purchase the property for 7 calendar days. If you decide not to proceed in 7 days, we will refund your deposit.
We offer investor financing with a 35% down payment. Please see our financing page for more details on our financing options.
We will email or fax a purchase contract to you. We accept electronic copies of signatures (fax or email) for cash transactions. Financed transactions require notarization.
Upon receipt of your signed contract, we will countersign the contract and send it back to you. We charge a $1,775 transaction fee on all transactions. Upon receipt of your signed contract and the full purchase price, you can take possession of the home.
Econohomes orders title searches or title commitments on all properties when we buy them, which we can provide at no cost to all prospective buyers. Should a buyer enter into a purchase agreement for a property, the cost of the title search/commitment will be passed to the buyer. We also recommend buyers conduct their own due diligence by purchasing independent title work to have the most recent and accurate information available. The pass through cost of our title searches/commitments may be up to $250.
We offer a full closing option for some of our properties (reference the FAQ or ask your agent for details). Should you choose this option, you will be responsible for all closing costs. We charge an additional fee of $450 on all full closings for a total closing cost of $2225 ($1,775 transaction fee + $450 full closing fee).
We will review and record the deed transferring ownership from Econohomes to you. The quality of deed will be a quit claim deed or special/limited warranty deed depending on the type of deed we receive from our supplier. This process can take up to 180 days depending on the municipality.