ED Magedson – Founder
ECONOHOMES LLC.233 West Anderson Lane AUSTIN, Texas United States of America
THIS COMPANY ADVERTISES FORECLOSURES AT ULTRA LOW PRICES BECAUSE
1. Their foreclosure properties have 10's of thousand dollars worth of liens on them.
2. They also can not deliver deeds for 6 months because they don't own them.
We were interested in a property, and negotiated a price, which they of course accepted..we sent a money gram as a deposit.(mistake) They assured us they just purchased the property..and the title would be clear. We hired our own title company (never use theirs) which turned up a 2008, 2009, and 2010 property tax lien, along with a $26,861 mortgage lien from Suntrust Mortgage.
When i consulted with our foreclosure attorney, he said this is not the case at all
All county taxes always follow the properties and can never be released until paid.
NO MATTER WHAT !!
They use the terminology TRAILING DEEDS (which our Lawyer, or Google apparently has never ever herd of) which means when you close of your house, you can not even buy TITLE INSURANCE because you don't own the deed. The contract says they have up to 180 days (6 months) to deliver the deed which means as a investor we can not even touch, let alone occupy the property until then.
We are currently filing a complaint with the BBB
Bottom line, there are so many other easier ways to buy foreclosures, don't
waste you time or ever buy anything from these guys.
This report was posted on Ripoff Report on 12/23/2010 10:10 PM and is a permanent record located here: http://www.ripoffreport.com/r/ECONOHOMES-LLC/AUSTIN-Texas-78752/ECONOHOMES-LLC-ECONOHOMES-LLC-RIP-OFFS-ECONOHOMES-LLC-RIP-OFFSTINA-BRANDON-JOHN-674850. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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