Summit City Investments, Inc.

Initial Business Response /* (1000, 5, 2016/06/08) */
SCI does NOT advertise anything about "affordability" as stated by consumerThe general message of our marketing (as taken directly from our website) states; "Your current credit score does not matter (Even with bad credit, no credit, recent
foreclosure or bankruptcy)Regardless of credit history you can Lease Now to Purchase Later if you have appropriate purchase deposit now & can follow a plan to finance it later (usually in 1-yrs)
SCI sells our homes with flexible terms that do not require up-front "bank qualifying"A buyers credit does not disqualify themHowever, it does take a down payment and a monthly payment comparable to the rental value for the areaThe *** home that was being discussed, if purchased conventionally by someone with excellent credit would take at least *** "down" when they obtained a Mortgage*** of purchase price for down payment plus closing costs and pre-paids of approximately *** SCI is extremely flexible on the buyer's credit and can give contract terms that allow the buyer the time they need to eventually bank qualify with a MortgageHowever this requires similar down payment moneyAn SCI representative asked the consumer what their monthly target for a house payment wasConsumer stated *** SCI rep stated that house has a rental value of *** SCI rep asked consumer how much money was available for a down paymentConsumer stated they have very little now but could have *** to *** saved up within a couple of monthsSCI rep stated that this home would take closer to *** - *** depending on the length of contract time needed (ex; year or years)
SCI could work with this buyer down the road once they've saved more for down payment and find one of our houses with a monthly payment in their price rangeWe welcome the opportunity to work with them
Initial Consumer Rebuttal /* (3000, 7, 2016/06/09) */
(The consumer indicated he/she DID NOT accept the response from the business.)
They need to change the wording on their website and inform their employees to tell possible customers the PROPER information IF this is how they do business! If I would have known all of this before hand I would not have wasted my time or energyI have spoken to other businesses that feel Sumit city investments tactics are poor and could be considered as predatory to peopleThey need to be UPFRONT AND HONEST from the first contact and not be missleading

Initial Business Response /* (1000, 5, 2015/07/02) */
Contact Name and Title: Michael [redacted]
Contact Phone: Presidnet
Contact Email: [redacted]@gmail.com
Summit City entered into a Lease Purchase contract with the owner of the subject property. The Lease Purchase contract gave...

Summit City the contractual legal right to sub Lease Purchase the property to a tenant/buyer of which we did with Mr. [redacted]. Summit City has given Mr. [redacted] 16 months under his contract before having to mortgage qualify because his substandard credit wouldn't allow for him to qualify for a mortgage at the time of contract. It was estimated that if Mr. [redacted] took the proper steps to better his credit, he was likely to succeed in qualifying for a mortgage within 12 months. Summit City built 16 months into the contract to ensure Mr. [redacted] had a "cushion" of time in an effort to set him up for success in the purchase. The contract states that Mr. [redacted] was to provide a 60 day written notice of his intention to exercise his purchase option. Summit City met with Mr. [redacted] a couple of weeks ago to discuss his intentions to exercise his Purchase Option. Summit City took his verbal notice (meeting) as the 60 day notice of intention to purchase and then took the steps to take Title to the property by exercising our Purchase Option from the Owner (Already completed). Mr. [redacted] is free to purchase the property at any time. Summit City is not standing in the way of Mr. [redacted]'s intentions to move forward with the purchase. Summit City did advise Mr. [redacted] that HIS lender for the type of mortgage HE is applying for would most likely need Summit City to be on Title for 90 days prior to giving him the "type" of mortgage HE is applying for. Mr. [redacted] is free to try for a different type of loan without the 90 day requirement, however it's doubtful the he would qualify due to the higher standards of credit underwriting that those loans might require. Mr. Jackosn has 11 months left in his contract. Summit City is doing nothing to prevent him to move forward in buying. Summit City is the owner of Title of the property and has done everything we can to help Mr. [redacted] prepare for his purchase and set him up with a contract time line for success. Mr. [redacted] also signed the a disclosure with the following verbiage; "Tenant agrees and understands that Landlord is not acting as a real estate broker or agent in this transaction and is not necessarily the owner or representing the owner, but rather is acting as a principal/owner or principal/optionee under an agreement of sale or option with the owner." Summit City fully disclosed its position to Mr. [redacted].
OFFER:
We are here to assist you and your lender with any information or documentation needed to help you move forward with your purchase.