First could someone tell me… Is there a difference between Owner Financing, Contract for Deed, Land Contract, Promissory note, or are these all the same thing. I’m getting confused here.
And secondly, I keep reading about how to file for foreclosure on someone that you finance…Is this nesscesary, or only if the occupants refuse to leave? Can I run into trouble later if I just rip up the contract and start over financing someone else?
And of the above menchioned different types of contracts, is there one where I would not need to file for foreclosure on someone if they did not pay? Say, a promissory note?
:cool YOU need to have as part of your contract just like the bank would !!! A outline as to what would happen and how if the buyer stops making payment on the contract !!!
AS POSTED YOU HAVE BECOME THE BANK !!!
OR you could just sell your note and never have to worry about it again !!! BUT right now with things as they are your price may be less then you want !! KEEP in mind with this business cover your backside and know there are all ways options !!! :beer