Buyer bought my empty lot owner finance, missed first payment
Situation is, buyer wanted to owner finance. Drug his feet on getting together the $12k down payment but eventually came through. 1 month later has missed the first payment. 99% sure I'll have to foreclose on him. Why would someone even attempt to buy if someone doesn't have the money? Strange to throw $12k just to lose it a few months later. How difficult a process is foreclosing on an empty lot? I am first lien and have all the correct paperwork filed with the state.