Eviction On A Land Contract
I sold a house on a land contract, the buyer left me 20% down and has paid into the 13th month. He is now 1 month behind on his payments and has been late with his payments for the past 6 months. Is it true that I would need to foreclose on him instead of eviction?? Does anybody have any ideas how I can get him out quickly??
Thx
stangboy041376,
Selling with a Land Contract, will require you to foreclose most likely, you will need to check your state statutes to make sure.
Personally I never had to file foreclosure paperwork, what I did was meet with the buyer and offer him money to move out. If you figure all the costs to file a foreclosure and the time involved without him making any payments you may fine it much less expensive to just buy him out.
John $Cash$ Locke
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When I do lease options I use 2 separate contracts, one is the lease and one is the option to buy.
How did it work out? Did they want their 20% back?
Go and talk to the elderly gentleman. He paid you rent for 10 years. We should all be so lucky.
When talking to the guy tell him you hate to do it but you will have to file a small claims court action. Explain to him that this, if I am right, will let you deduct the rent money as a loss on your taxes. It’s certainly not going to affect his credit rating as he most likely will not be using any credit. You of course will not see any of the money but as a write off it will be of some value. Something of this nature. Can anyone here explain it better?
You explained it pretty well. If you follow thru and get a Judgment, you will have first claim on his estate when he passes.
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