Foreclosing on a seller financed property

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My Father sold his home in WV and setup seller financing for the buyer. He is now in Texas and the buyer has not made a payment since January and is not responding to attempts to contact. I am not aware of the specifics of the contract at the moment but I need to help him with this. I would imagine that we would need to get an attorney of some sort involved, but what type, real estate? Also, would it be best to secure an attorney that is local to us in Texas or local to the property in WV? If I do need to find a real estate attorney would I be able to source one through bigger pockets?

Hey Paul,

Sorry to hear about your situation. Yes, I would look for a real estate attorney local to WV. I think there is a sort of “vacuum” here at BP as it comes to West Virginia, so unfortunately I can’t think of any to recommend from the BP community.

Where in WV is the house? Just curious the area, since there’s a lot of market diversity in the state.

it's in Clarksburg. it's actually a commercial building with residential lodging on the second floor. my father had a small business on the first level and lived on the second level.
it's in Clarksburg. it's actually a commercial building with residential lodging on the second floor. my father had a small business on the first level and lived on the second level.

Get the paperwork (closing documents, note, mortgage or deed of trust, etc) together ready for the attorney.

Contact the owner/borrower and make sure if he/she is still alive, find out what the problem is(health, job loss, moved, etc). Maybe owner will sign deed back to your dad but make sure you get title insurance and know if any liens are outstanding. If you can't restructure the note let the attorneys handle the foreclosure assuming all your dads paperwork is in order.

Hey - after doing some research, this law firm might be able to help - free consultation and listed specialty of real estate transactions:

Goodwin & Goodwin, LLP
Charleston, WV

I’m not associated with them - and I can’t think of anyone from within BP to refer, so this may be a good place to start.

Best of luck in a tough situation!

I have an Attorney here in Charleston, WV. He isn't ready or willing to help out our BiggerPockets family but maybe I can ask him. I have read an awful lot of WV law in my horrendous situation, so maybe I can help as well. I need to go to my mom's Skilled Nursing Facility in a little bit but I know how stressful dealing with properties at a distance is. I'll have to map where your dad's building is and maybe I could try to "convince" them to pay up ;)

So I finally found an attorney in the area if my dads place. She listed the property for sale by auction on the courthouse steps; no one showed up. Now I need to either find an investor/wholesaler that is interested in the property or buy it back. I don't really want to buy it back being so far away and not having the resources to manage it from here. How could I reach out to investors in the community to gauge interest?

List it with a local agent, Get It In The MLS....it will be exposed to the whole market, you'll Net more money, and an agent knows the local process. Your dad doesn't need to "buy it back", he already got it back at the foreclosure auction.

I would prefer to skip the 6% sales commission for listing on the MLS and this is an investor property anyway.

He did not get it back at the auction, doesn't work like that. He would have to either find a buyer or buy it back himself; that's how the contract was structured.

So the property will be deeded back to my father in the next few weeks. After weighing all the options I feel it will be best to sell the property to an investor. The property does need some work and technically has a tenant even though it appears they are no longer living there. I don't have any connections in the area other than my real estate attorney; she is looking into some possibilities on her end but I wanted to reach out to the BP community and see what results I could get. What would be the best way to connect with investors in the area of Clarksburg West Virgina on Bigger Pockets? Another possibility I see is having property management companies offer it to their clients; or take it on themselves. Either way this is an investment property and does need rehab; I don't want to go the MLS route or pay 6% commissions to boot.

Any help pointing me in the right direction is greatly appreciated.