I'm curious about selling a property I own outright "on a note" IE- keeping banks out of it and selling with 100% owner financing. My biggest reservation is what happens in the event of a default? What are the steps necessary to reclaim ownership? Have I signed over the title after the downpayment or do I retain title until the note is fully paid? Any info is appreciated. Thank you!
You hold a note. You are the bank. Title conveys, if they default, you foreclose.
Thanks Lauren B. I guess I'm looking for more detail. If I need to foreclose, is that a call to the sheriff? Do I need an attorney to navigate the process? How long does it take? What does it cost? and so forth?