Buyer defaulted on contract for deed

[Denise Lettau]

I purchased four installment payment contracts on contracts for deed. All are vacant land lots.  One has just defaulted. Not sure if I should now sell the contract as "nonperforming" or foreclose and resale the property. Property is located in Gadsden County, Florida.

[Chris Seveney]

Quote from @Denise Lettau:

I purchased four installment payment contracts on contracts for deed. All are vacant land lots.  One has just defaulted. Not sure if I should now sell the contract as "nonperforming" or foreclose and resale the property. Property is located in Gadsden County, Florida.

 This is what stinks about contract for deeds in florida - you still need to foreclose on them and spend $5-$10k and wait about a year before you foreclose. 

Whether you sell it or keep it is up to you. As NPL florida CFD on land would probably be worth 25-45 cents on the dollar. Really boils down to the property value.