Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

29
Posts
8
Votes
Sam Crochet
  • San Diego, CA
8
Votes |
29
Posts

Procedure for foreclosing on seller financed property

Sam Crochet
  • San Diego, CA
Posted

Hello everyone--have a quick question hoping someone's dealt with this in Georgia before. 

We are located in Georgia. We ("sellers") executed a contract for deed (i.e. we seller-financed the property to the buyer) in 2016 to a "buyer", who recently stopped paying (they've missed 3 straight payments). I know some states allow sellers to take the property back without going through a formal foreclosure process. I'm hoping that is the case in Georgia. Does anyone know if that is the way it works in Georgia? 

Our attorney doesn't seem to know and I can't find specific information online. I'm open to hiring a different attorney, but just want to know the basics before I go in (and agree to pay a bunch of money for their services...trust but verify :) ).

Hoping someone has dealt with this process in Georgia. We have an eviction process underway, but I'm not confident this falls under typical eviction proceedings either.


Thanks!

Sam

Loading replies...