Home Buying in Pittsburgh>Question Details

ownerfin, Home Seller in Pittsburgh, PA

What is the first steps I should take if I owner financed a home and the buyers are not paying their installments?

Asked by ownerfin, Pittsburgh, PA Wed Dec 26, 2012

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6
Benny Smith’s answer
I recommend you contact a lawyer to handle this. There is too many ways to loose when attempting this yourself. Collect all your info and have it as organized as you can before proceeding. A real estate lawyer is what you are looking for. This is a specialty in the law. Contact three lawyers and ask for cost over the phone from the lawyer. Shut up and lesson. Lawyers love to talk so lesson. I have often gotten excellent advice on these calls to price service before spending a dime. Best of luck,
Benny Smith 412-498-7868
0 votes Thank Flag Link Wed Jan 2, 2013
Depending on the State you live in, you have two legal options you could pursue : Forfeiture or Foreclosure. However, I also suggest other options be tried first to resolve the situation amicably and get them to communicate to you. I wrote an eBook that is available in the Kindle format that might be useful to you here at Amazon: http://www.amazon.com/Understanding-Contract-Pursuit-America…
0 votes Thank Flag Link Thu Dec 27, 2012
I suggest that you seek legal advice immediately to determine what recourse you have.
0 votes Thank Flag Link Thu Dec 27, 2012
Dear Ownerfin,

This is more a legal question than a real estate question. Now is the time to call your attorney. Hopefully you had consulted an attorney when you financed the home. The initial contract should spell out exactly what the ramifications would be for the buyers if they did not pay the installments and what actions you would be allowed to take if payments were not made. Good luck.

Margaret Felkay
eXp Realty
0 votes Thank Flag Link Wed Dec 26, 2012
either way, think talking with a good real estate attorney about your options and the steps you need to take would be prudent.
0 votes Thank Flag Link Wed Dec 26, 2012
It depends whether you transferred title and are holding a mortgage or you are holding a land instalment contract and you have not transferred title. Contact a good real estate attorney.
0 votes Thank Flag Link Wed Dec 26, 2012
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