ED Magedson – Founder
OwnerWizPO Box 1449 Duluth, Georgia USA
OwnerWiz OW Marketing, OwnerWiz Marketing Promised private funding to purchase a home, SCAM Duluth Georgia
OwnerWiz markets themselves as a rent-to-own company. They claim that they have private investors who will purchase a home that you choose, rent it to you, then sell it to you at the end of a set amount of time. They claim its a "win-win." The investor makes some money while renting to you, then they make a little when they sell it. But part of your rent is also going toward the down payment for your purchase. Sounds like a great deal.
When I signed up, I was contacted by a Wil Smallwood. He claimed that I qualify for a new program they're trying out. They were getting a group of investors to purchase a batch of mortgages with a great rate, fixed over 30 years. They claimed this was their way of getting good people who were no longer in financial crisis into a home rather than waiting 3 years for their credit to change for a conventional loan. "Investing based on now and the future, not the past" was a phrase they used.
The lump sum of $5,000 fees OwnerWiz charged were as follows: $1,500 for legal and administrative fees and $3,500 for SCS Private Funding to work the investments out with the private investor group. SCS Private Funding used Kenneth Enrico for the investments. Kenneth Enrico has since been indicted by the Federal Government for fraud in relation to his dealing with SCS Private Funding and, thereby, OwnerWiz.
So at that point I had spent $5,000. I was assured closing would be prompt and it was safe to put earnest money down on the home I wished to purchase. $300 spent on an inspection, and $1,000 in earnest money put into escrow. That money was lost when the sellers backed out due to delay after delay.
Now at $6,300 plus all of the money spent househunting, etc., I became frustrated. I demanded a full refund. What I got, after 16 months was three separate checks for the OwnerWiz portion, paid back $250, $500 a month later, then $750 three months later. I was then sent an email with a form to fill out for the SCS Private Funding portion. I filled it out and received a $250 check again with no explaination of where the remaining $3,250 was or when the $1,000 lost earnest money they promised to return would come. So after a year and a half, I'm still out $4,550.
They do not return calls, rarely return emails. The only time anyone contacted me was when I threatened to go to the media about it.
I will be posting a video on YouTube.com in the near future explaining the complete situation including names.
This report was posted on Ripoff Report on 07/12/2013 10:31 AM and is a permanent record located here: http://www.ripoffreport.com/r/OwnerWiz/Duluth-Georgia-30096/OwnerWiz-OW-Marketing-OwnerWiz-Marketing-Promised-private-funding-to-purchase-a-home-SC-1066479. 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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