Putting Washington state lot under seller financing
Hey all,
I am wanting to put my lot under seller finance. Its located in Washington state. which way is the safest bet? Contract for deed, or 1st lien. I have a buyer looking at it, but what steps would you take to protect yourselves, or least costly should buyer default.
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Steve Vaughan
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
WA has a modified CFD called a Real Estate Contract. 90 day notice to cure or forfeit. If they don't cure you get it back legally by recording a forfeiture.
I just turn in my PSA with Method of Payment addendum and the title co has it drafted by one of their network attorneys for about $300.