Econohomes Launches Innovative REO Investor Website

Interesting website, nice design. They don’t have the inventory like some of the larger websites but they are just starting so maybe they are in the process of ramping up.

Business Wire - Econohomes, a nationwide direct seller of residential REO properties, has unveiled a powerful new website designed to revolutionize the way investors buy REO property. Built on a robust technology platform, Econohomes’ new site combines superior information on its extensive nationwide real estate inventory with the ability for investors to bundle and purchase groups of REO properties at significant discounts.

Registration and use of the website to search for and bundle REO properties is free, there are not any subscription fees or foreclosure lists being sold. All properties on the website are available directly from Econohomes and can be bundled for volume discounts or purchased individually.

With this easy-to-use online service, investors now can purchase at substantial discounts customized portfolios of REO properties from Econohomes inventory of hundreds of properties in over 35 states including Alabama, Florida, Georgia, Illinois, Indiana, Michigan, Ohio, Pennsylvania, and Wisconsin. Econohomes combines this online service with a full-service staff of real estate experts to provide an unparalleled buying experience.

“The current disposition strategies for distressed properties is inefficient and antiquated. As a result, properties that should be brought back to productive use sit vacant and destroy surrounding communities,” said Jeff Ball, President and Chief Executive Officer, Econohomes.

“Our cutting edge marketplace streamlines the purchasing process by matching experienced investors with great REO investment properties across the country.” Investors can begin using this innovative service for free by becoming a registered user.

Econohomes also provides exclusive short term investor financing on its inventory of properties for sale. Using Econohomes’ financing to purchase properties, investors can preserve their available capital for repairs and re-habilitation. Once the property is restored, it can be re-sold to an owner occupant or refinanced, using more conventional long term financing, and rented.

“This works well with the recent FHA mortgage changes that allow properties to be sold with less than 90 days ownership seasoning from the seller. Now our investor buyers can quickly buy, rehabilitate, and re-sell the properties to an owner occupier end user who is using FHA financing to buy their home,” commented Jeff Ball.