As the title says: we sold a property with owner financing but the buyer does not pay.
The buyer is days away from the second payment and we suspect she will not pay.
At signing the buyer asked for quarterly payments and we agreed which was not smart but this is how it is.
Meaning she has the keys to the house for almost 6 months and we did not see a penny.
15 days later then the first payment she received a first official warning and now the 15th of august she will receive the second official warning.
Only after that we can start the legal procedure to get the keys back and remove her out of the house.
We want everything to be done according to law but she can play this game and we will not be able to access the house for another 6 months, that will be 1 year without payments except the deposit she made.
Is there anything else we can do? We are losing a lot of $$ like this.
Another catch is: we live abroad in Europe and she in the US.
Any thoughts on this?
Thanks in advance
Tc
The buyer is days away from the second payment and we suspect she will not pay.
At signing the buyer asked for quarterly payments and we agreed which was not smart but this is how it is.
Meaning she has the keys to the house for almost 6 months and we did not see a penny.
15 days later then the first payment she received a first official warning and now the 15th of august she will receive the second official warning.
Only after that we can start the legal procedure to get the keys back and remove her out of the house.
We want everything to be done according to law but she can play this game and we will not be able to access the house for another 6 months, that will be 1 year without payments except the deposit she made.
Is there anything else we can do? We are losing a lot of $$ like this.
Another catch is: we live abroad in Europe and she in the US.
Any thoughts on this?
Thanks in advance
Tc