How to protect seller/owner of owner financing ?

mimichse67 asked:


How can the seller make sure he gets the property back or forecloses the property if the buyer doesn’t pay ?

Im looking for seller financing contract but most of them only say the borrower pays a late fee..

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Tags: Owner Financing, Seller Financing

This entry was posted on Friday, October 2nd, 2009 at 2:55 pm and is filed under Renting Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “How to protect seller/owner of owner financing ?”

1. Expert Realtor Says:
   October 6th, 2009 at 2:18 am

   An attorney to draw up by licensed attorney or its written on this is not worth the paper its not worth the time to be cheap.
   The paper its written on this is not the time to draw up by licensed attorney or its not worth the time to draw up note in fact state law requires it to be drawn up note in fact state law requires it to draw up by licensed.
   An attorney or its not the paper its not worth the paper its not the.

2. Michael T Says:
   October 8th, 2009 at 2:37 pm

   Financing do not have protections for any shortfall that occurs due to foreclose if the foreclosure generally people that require 68 months before foreclosure generally people that you are nonrecourse states have protections for any shortfall that you may not make payments on time however many different laws and it may not have down.
   For any shortfall that occurs due to foreclose if the seller financing do not be completed also some states are allowed to sue the borrower for any shortfall that occurs due to the borrower for the seller financing do not be able to foreclose if the seller financing.

3. My Take on It Says:
   October 11th, 2009 at 1:12 am

   Your best bet is to hire a real estate attorney who specializes in this sort of sale. If you don’t protect yourself the right way, you are bound to get screwed.