Hi I m considering to sell my property with seller financing in Dedroit, MI

Asked by Catalina, New York Mon Apr 21, 2014

but I would like to know what happened if the buyer stop with payment can I get my property back immediately.
I appreciate your help
Thanks

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Jim Olive, Agent, Key West, FL
Mon Apr 21, 2014
Oh, wait... you said "Detroit", but your question came from NY...Michigan's list of requirements may be less than NY's, but there will still be one....
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Hi Jim
Yes, it s true I live in NYC, but I have some properties in Dedroit, MI.
Thank you for your help

Catalina
Flag Mon Apr 21, 2014
Jim Olive, Agent, Key West, FL
Mon Apr 21, 2014
Catalina....the key word here is "immediately". If a buyer defaults on payment of your loan you can foreclose on them and get your house back, but it will take some time. All of this depends on the document you use to set up your financing. You'll want some help (ie: Lawyer?) to make sure that you've covered yourself. I would imagine NY has a pretty big list of requirements for foreclosure, and you'll likely have to follow all of them, and that can take time. Best of luck...
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