Econohomes Unveils REO Investor Web Site

In an effort to revolutionize the way investors buy REO property, Austin, Texas-based ""Econohomes"":http://www.econohomes.com/, a nationwide direct seller of residential REO properties, has launched a new Web site.

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Built on a robust technology platform, Econohomes' Web 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. Through this new offering, investors can create customized portfolios of REO properties from Econohomes' inventory of hundreds of properties in over 35 states.

""The current disposition strategies for distressed properties are inefficient and antiquated. As a result, properties that

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should be brought back to productive use sit vacant and destroy surrounding communities,"" said Jeff Ball, president and CEO of Econohomes. ""Our cutting-edge marketplace streamlines the purchasing process by matching experienced investors with great REO investment properties across the country.""

To provide an unparalleled buying experience, Econohomes combines its online service with a full-service staff of real estate experts. In addition, the company provides exclusive short-term investor financing on its inventory of properties for sale. Investors who use this financing can preserve their available capital for repairs and rehabilitation, and once the property is restored, it can be re-sold to an owner occupant or refinanced using more conventional long-term financing.

""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,"" Ball explained. ""Now our investor buyers can quickly buy, rehabilitate, and resell the properties to an owner occupier end user who is using FHA financing to buy their home.""

Over the past four years, Econohomes has bought and resold more than 2,000 residential REO properties. The company purchases properties directly from mortgage lenders and servicers in large volumes and passes these savings along to investors who improve the properties for resale or rent.