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Updated over 2 years ago on . Most recent reply
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Procedure for foreclosing on seller financed property
Hello everyone--have a quick question hoping someone's dealt with this in Georgia before.
We are located in Georgia. We ("sellers") executed a contract for deed (i.e. we seller-financed the property to the buyer) in 2016 to a "buyer", who recently stopped paying (they've missed 3 straight payments). I know some states allow sellers to take the property back without going through a formal foreclosure process. I'm hoping that is the case in Georgia. Does anyone know if that is the way it works in Georgia?
Our attorney doesn't seem to know and I can't find specific information online. I'm open to hiring a different attorney, but just want to know the basics before I go in (and agree to pay a bunch of money for their services...trust but verify :) ).
Hoping someone has dealt with this process in Georgia. We have an eviction process underway, but I'm not confident this falls under typical eviction proceedings either.
Thanks!
Sam