Schneider, through an account of his company, American Contractor Co., made a contract for deed for the house. The account name was under American Investment Trust. According to Landmark Realty, Inc., a contract for deed is an agreement between a new buyer and the realty company. The buyer has to agree to make payments towards a house, while the buyer is waiting for loan approval. If the buyer can not make payments, the house goes back to the original owners.
All money invested in the house by the buyer is lost unless otherwise noted in the contract.
Schneider did not get the loan for which he was hoping, to purchase the house. He said he already had an agreement with Landmark when they allegedly breached the contract for another buyer willing to pay the original asking price of the home. Landmark agent Ruth Jones was out of town and could not be reached for comment. According to the Schneiders, the residents of the Alpha Phi house began receiving threats of eviction in October of last year. He also said Alpha Phi member and Panhellenic Council president Chrissy Smiddy served Christie Schneider and other residents fake eviction notices.