Expedited Eviction Contract

[Brock Wiberg]

Ok, there are lots of discussions on eviction but I can't find anything to cover my question. I have my home on the market FSBO and was approached by an investor asking if I was interested in owner financing to let a buyer in who can't qualify for a conventional loan. In addition to reservations with the due on sale clause I also mentioned that I would be concerned about the painful and expensive process of having to evict someone should they stop making the payments (this would be a wraparound which would leave me even more exposed should they fail to pay). He mentioned that he uses an expedited eviction contract to avoid this problem. He basically said that by having the buyer sign it you are able to take back the home quickly if they ever default and you keep the down payment and everything they've paid to that point which makes you whole for missed payments and any damage. Wanted to see if anyone has heard of this. Seems to me if it were legal then every landlord would be having these signed so that evictions could be less expensive and drawn out. Certainly anyone doing owner financing would. But do please let me know if you have heard of this.

[Wayne Brooks]

BS.  Run Forest, Run.