Here are the details of the $26,990 mafia hit...
(a) The property was vacant. I had a payment on the property of $1,000 per month while Scott was "missing in action."
(b) Therefore, I was on the edge of bankruptcy when I sold him the property.
(c) Earlier, I met with another Realtor. She told me she thought the value of the property was $128,000. I would have to pay her a commission to sell the property. The average commission for a Realtor is about 7%. Therefore, it would cost me $8,960 to list and sell the property with her.
(d) As a comparison, Scott made the equivalent of a 21% commission on this property. I received ZERO benefit from this commission. The only thing I received from Scott was serious financial harm when he refused to show the property.
(e) After I reviewed the information from the Realtor I met with, I decided to sell the property to Scott for $131,850 to avoid bankruptcy.
(f) Scott purchased the property and flipped his own listing for $143,720. This enabled him to put an extra $11,870 in his pocket at my expense.
Here is additional information regarding the land contract...
(a) If I sold the property on contract, I would have to pay off the entire balance of the loan within 30 days. This is why they call it a "due on sale clause."
(b) There is no mortgage on a contract sale. Therefore, I would have to pay off the entire balance with "cash." Please refer to the GMAC letter where they talk about requiring "payment in full" on the mortgage.
(c) Obviously, this is a recipe for a financial disaster.
(d) I was referred to Scott by a lifelong best friend. He knew Scott from the church they attended in Franklin Township. As you might expect, my friend no longer sends referrals to Scott Veerkamp.
Here is a breakdown of the money Scott collected...
1. $8,400 commission to Scott when I purchased the property.
2. He made $4,320 on the mortgage.
3. As discussed, he collected $11,870 when he flipped the property.
4. This brings his total profit to $24,590.
5. I have been told it is common for brokers to receive a 2% "finders fee" for bringing the loan to the lender. This would add $2,400 to his profit. (I can not support the $2,400 figure with documentation).
6. I believe there is a strong possibility he received a "finders fee." If so, this brings the grand total to $26,990.
This experience felt like a "mafia hit" from Scott and his organization. If I can save even (one person) from having the same experience, it will be worth my effort. No individual should have to take responsibility for his lies and his misrepresentations. This includes individuals affiliated with FTCSC and people affiliated with his real estate transactions.
(a) The property was vacant. I had a payment on the property of $1,000 per month while Scott was "missing in action."
(b) Therefore, I was on the edge of bankruptcy when I sold him the property.
(c) Earlier, I met with another Realtor. She told me she thought the value of the property was $128,000. I would have to pay her a commission to sell the property. The average commission for a Realtor is about 7%. Therefore, it would cost me $8,960 to list and sell the property with her.
(d) As a comparison, Scott made the equivalent of a 21% commission on this property. I received ZERO benefit from this commission. The only thing I received from Scott was serious financial harm when he refused to show the property.
(e) After I reviewed the information from the Realtor I met with, I decided to sell the property to Scott for $131,850 to avoid bankruptcy.
(f) Scott purchased the property and flipped his own listing for $143,720. This enabled him to put an extra $11,870 in his pocket at my expense.
Here is additional information regarding the land contract...
(a) If I sold the property on contract, I would have to pay off the entire balance of the loan within 30 days. This is why they call it a "due on sale clause."
(b) There is no mortgage on a contract sale. Therefore, I would have to pay off the entire balance with "cash." Please refer to the GMAC letter where they talk about requiring "payment in full" on the mortgage.
(c) Obviously, this is a recipe for a financial disaster.
(d) I was referred to Scott by a lifelong best friend. He knew Scott from the church they attended in Franklin Township. As you might expect, my friend no longer sends referrals to Scott Veerkamp.
Here is a breakdown of the money Scott collected...
1. $8,400 commission to Scott when I purchased the property.
2. He made $4,320 on the mortgage.
3. As discussed, he collected $11,870 when he flipped the property.
4. This brings his total profit to $24,590.
5. I have been told it is common for brokers to receive a 2% "finders fee" for bringing the loan to the lender. This would add $2,400 to his profit. (I can not support the $2,400 figure with documentation).
6. I believe there is a strong possibility he received a "finders fee." If so, this brings the grand total to $26,990.
This experience felt like a "mafia hit" from Scott and his organization. If I can save even (one person) from having the same experience, it will be worth my effort. No individual should have to take responsibility for his lies and his misrepresentations. This includes individuals affiliated with FTCSC and people affiliated with his real estate transactions.
