Complaint Review: Econohomes - Internet
- Econohomes Internet United States of America
- Phone: 512-696-1997
- Web: www.econohomes.com
- Category: Loans
Econohomes Red Alert Predatory Lending, Internet
*Consumer Comment: EconoHomes - Wholesale Pricing
Please do the math before financing through this company. They prey on people who can not get traditional financing. At 18% and more than 10% in closing cost on a 6 month loan you are paying at least 35% APR on a house that is not that great of a buy anyway. You can find similar houses through a realtor that can be financed with an FHA loan or through a local bank. These guys take advantage of people who have no other options or do not understand financing. Please do your research before buying.
This report was posted on Ripoff Report on 05/29/2011 09:41 PM and is a permanent record located here: https://www.ripoffreport.com/reports/econohomes/internet/econohomes-red-alert-predatory-lending-internet-734673. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
EconoHomes - Wholesale Pricing
AUTHOR: JBurns - (United States of America)
SUBMITTED: Thursday, June 02, 2011
Your posts complain about high interest rates with econohomes. First of all they are not a finance company. The prefer to sell their properties for cash. They do offer short therm financing for investors, but the term is only 9 months! This is offered to allow investors who may not have the entire cash price up front and give them a opportunity to fix and flip properties. As per their pricing, i have referred a lot of investors and individual homeowners to Econohomes and highly recommend them. Their pricing is way below the current market values! Some of their properties will require some fixing up, others may be move in ready. I personally do not recommend the short term financing, however with the prices they have the property priced at most serious investors don't need it. I am sorry that you most likely did not have the funds to purchase the property you wanted, and hopefully in the future you will be able to get into the fix and flip market, the time has never been better. If you would like more information regarding EconoHomes, feel free to give me a call 719 214-7262.


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