Austin, Texas-based Econohomes, a direct seller of residential real estate owned (REO) properties, has unveiled a new Web site that the company says enables investors to bundle and purchase groups of REO properties.
Registration and use of the Econohomes.com site to search for and bundle REO properties is free, and there are not any subscription fees or foreclosure lists being sold. All properties on the Web site are available directly from Econohomes and can be bundled for volume discounts or purchased individually.
Econohomes' REO inventory includes properties in more than 35 states, Alabama, Florida, Georgia, Illinois, Indiana, Michigan, Ohio, Pennsylvania and Wisconsin.
Econohomes says it also provides 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 rehabilitation. Once the property is restored, it can be re-sold to an owner occupant or be refinanced, using more conventional long-term financing, and rented, the company says.
‘This works well with the recent [Federal Housing Administration (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,’ comments Jeff Ball, president and CEO.