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I'd submitted an inquiry (with 3 brief questions) via Zillow to Econohomes regarding a property I was considering as an investor. The next day I called to ask if they could get any information on whether the plumbing or electricity worked at the site.
The first Econohomes rep insisted rudely that Econohomes had no such property (I assured him I was looking at it on Zillow), and if they did, that they would know nothing about my questions on the property. He demanded to know which agent I'd been assigned to (I was not yet assigned, so I did not know). He seemed combative & argumentative (the initial phone contact should be someone with a better phone manner, who can better represent the company).
He eventually realized he'd made a mistake entering the property number, and acknowledged that Econohomes did list the property with Zillow. I've worked with many real estate agents, and was shocked by his lack of basic professional courtesy, so I did some research on the Internet and read both positive (was not sure if they were legitimate) & negative reviews about Econohomes.
A few days later, a VERY pleasant, informative agent called. We made arrangements for me to view the property (he gave me the combination) and my husband and I looked it over. We considered buying the property, but it soon sold.
We connected, but it did not work out. Looking in Waco, TX 76707
These guys seem ok at first, but watch out for extra fees and hidden costs that they don't tell you about until you read the fine print!
I tried to buy a house in Waco from Econohomes. We agreed to a price via email at $21,000 plus an approx. $1000 transaction fee. Now this sounds like a steal, but it's a normal price for the neighborhood, and taking into consideration that the house is trashed & not livable. But that's fine. I know how to fix it up. It's worth maybe $50k in good condition.
When I got the paperwork I realized that they had tacked on $2,800 in property taxes to my purchase price. This was never mentioned during our extensive negotiations via email.
Eventually they took off the back taxes after I complained alot and they sent new paperwork. It was only then while reading through the 30+ pages of fine print that I saw that their financing adds a $995 "renewal" fee to the loan EVERY YEAR until it's paid off. Not only that but it adds 3 more points to the loan every year. This is on top of the 18% interest (which is what I had agreed to).
I think these guys are completely underhanded, shady, and I wouldn't touch a financing deal with them at this point. Who knows what other "surprises" or bait & switch are hidden in the fine print.
I've worked with Jordan F. at Econohomes since May, 2010. I bought my first investment property with his help and will continue to learn and make use of his expertise in the future. He stays in touch and notifies me when new properties in my areas of interest come up. My greatest appreciation is for his communication throughout the buying process. I was nervous - he was terrific!
We connected, but it did not work out. Looking in Balta, Paradise, KS 67665
I would not recommend them to anyone else. They sold me a home that they owned. In my contract was a section saying that I must ASK to get any information from them on disclosures of any liens or mowing charges, etc. that are against the property. Reading this, I then called and specifically asked for the disclosure of any additional charges against the property. I was told there were none other than one year's back taxes. At closing, I was charged for two year's of back taxes and econohomes is still sending me back mowing charges that they have in there files. Because of the dates of the mowings they had to have them on file and just didn't disclose them to me because the agent was too lazy to look in the file or purposely did not tell me about them. After I initially reported this to them, they did not care. Once they get your money, they don't care about service after the sale.
We connected, but it did not work out. Looking in West Price HIll, Cincinnati, OH 45205
I was left feeling that the only thing this guy cared about was getting me off the phone, and avoiding directly answering any question about the property I was interested in. He gave me the access code for the lock and told me if I had any other questions I would pretty much find the answer(s) at the property but that he did not know anything about the neighborhood, the city, or even the property but the purchase price. I won't deal with them again.
We connected, but it did not work out. Looking in Swift Trail Junction, Safford, AZ 85546
To begin with; I had to press for a response. Then, was passed from one contact to another. After a couple weeks or more passed; we finally began negotiations. The contact, put me off weeks at a time claiming a daughter got the flu, then he got it. That would be understandable. But then, he claimed wellness, was going to call back with info I requested on the property. He never called back, and after weeks of non professional nonsense i moved on. A local Agent tried to make contact on my behalf, and was never acknowledged. I decided to forget the property, though it had many qualities I was looking for. I've purchased 2 other properties through my local agent, both deals went well.
We connected, but it did not work out. Looking in Gilman, Lunenburg, VT
Contacted Brandon about a house today and immediately made a full price offer with the condition that they provide short term financing that they advertise and provide clear title. This is on a remote property that is in poor condition in the photos that were taken who knows when. I received this reply "I'm sorry but we cannot accommodate those terms." That was it. When I contacted again to ask "so...is that it?" He asked if I could get financing and have I talked to a bank? Well they were the ones advertising everywhere short term financing for investors. Do they really thing a bank is going to lend money on house with a bad roof that's been neglected for years? This is what I get for dealing with these mickey mouse operators on craigslist who don't disclose their terms upfront of provide any details about their properties. It's like getting your teeth pulled trying to get any information from these bozos and I guess that's by design. This place will fall to the ground and they can sell the land eventually,..I guess.
Response from Econohomes on 11/13/2013
Good Afternoon Mr Melosky, I am sorry you feel we did not disclose our terms up front or provide details on our property. All of the information you would need to do business with us can be found on our website at www.econohomes.com; including a description of each property and financing terms available. It is my understanding you were asking for terms of $900 down and $500 a month for 36 months and Brandon responded that we could not accommodate those terms. We have worked with investors in the past that have been able to get personal or rehab loans to purchase our properties which would explain why Brandon asked you if you had spoken with a bank. If there is anything else we may be able to further explain or if you have any questions, please contact me directly at 512-334-1461.
No one gets back to you...I have contacted them several times and NOTHING!
Response from Econohomes on 03/25/2013
I'm sorry to hear that you had difficulty contacting our company. Did you call our 800 number that is listed on our website and also on our listings? That phone is always monitored. The phone number is 800-779-7150. Also, we always respond to all email inquires. Please contact me at email@example.com so I can search our database to see if there was an oversight with your inquiries.
Again, I apologize for any frustration that this may have caused.
We connected, but it did not work out. Looking in Deans Mill, NY 12192
I viewed a house on Zillow so I contacted Econohomes for more information. To my dismay, the customer service rep had no knowledge regarding the home. I inquired with some specific questions, but the rep advised me that he knew as much as was stated on Zillow, and nothing further because he has never actually viewed the house. Of course not, the company is located in Texas! The rep stated that, after I view the house and if I make an offer, more information should be provided. I cannot understand making an offer on a house without knowing the particulars, and to make a 3 hour drive to view a house with such little information at hand is absurd!
Response from Econohomes on 03/11/2013
Hello, I am sorry to hear that you had a bad experience with one of our sales reps. Would you mind sharing the name of your rep so I can look into this?
Bought a Multi Family home in 2012 for approximately $25K in Brackenridge, PA.
I would never recommend a company that sells a property, makes you pay for a clear title, then find out they failed to disclose Econohomes did not notify the buyer failed to notify the buyer of back taxes. Also, Econohomes sent a sheet notifying the buyer that the commission was paid to the local agent...when in fact it was not...I would not trust this company in any additional dealing.
I am sorry I wrote a favorable comment previously. Econohomes asked for a comment immediately, prior to sending me tax bills...