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Updated about 8 years ago,
Foreclosing on a owner financed property in Virginia?
I got this 10 unit deal I'm working with an old landlord, at some point in time he sold 2-4 of them from what I understand, and owner financed them. After agreeing on the price, he informed me about the 2-4, said he had to foreclose on a few of them. I pulled up the titles and found he still owns 6 of the 10, so I'm writing a contract for those as we speak, but I'm contemplating which would be better:
A) Should I let him foreclose on the other 2-4, and then buy the properties off him?
B) Should I offer to buy the notes and foreclose on the properties myself?
I have no idea how long it will take to foreclose on the property, cost, or anything. We are very comfy in court, but we don't do notes, loans and such. I am under the assumption he is in the 1st possession with 100% owner financing type deal.
Please tell me what I need to know so I can make the best decision moving forward with this deal.