Foreclosure Of CD On Property I Bought Via CD
I'm ready to sell a property to my buyer on favorable terms on a Contract for Deed. He's only putting down about 5%. I also bought the property on good terms via Contract for Deed. The guy I bought from is fine that I'm selling at a profit and signed a notarized document to that effect.
I'm concerned, though...If my buyer doesn't peform and/or cash me out when my two year balloon kicks in., will my right to foreclose (if I have one?!) be affected by the fact that I don't actually 'own' the property myself, rather I own and am paying for it via Contract for Deed? Thank you.
This is a question for an attorney but my layman's opinion is that your situation shouldn't have any difference.
In Iowa we do not have to foreclose on contract for deeds. We simply have to provide 30 day notice to cure and then record a document stating that the contract has been forefieted.