Talk to me about seller financing in Oklahoma

We have 10 acres of rural land for sale, and someone is wanting us to seller finance. The price and terms are agreeable to us.

The only thing I’m not sure about is what happens if the buyer squelches on the deal or is unable to continue making payments, or is unable to make the balloon payment at the end.

I just want to make sure that in the event the buyer can’t afford it at some point in the next five years that we don’t have to spend tens of thousands of dollars going through a formal foreclosure process.

The property is ours outright, with no loans or liens or anything else, so time isn’t a risk factor for us, as we don’t use the property or need to sell it, or need the money. We just want to make sure this wouldn’t result in huge legal expenses for us should this deal fall through before the buyer pays it off.

ETA: Also note, we will be talking to a lawyer if we decide to proceed and having him draw up the contract. Just wanted to make sure this thing isn’t a non starter right out the gate before going to that expense.

submitted by /u/thorosaurus
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We have 10 acres of rural land for sale, and someone is wanting us to seller finance. The price and terms are agreeable to us. The only thing I’m not sure about is what happens if the buyer squelches on the deal or is unable to continue making payments, or is unable to make the balloon payment at the end. I just want to make sure that in the event the buyer can’t afford it at some point in the next five years that we don’t have to spend tens of thousands of dollars going through a formal foreclosure process. The property is ours outright, with no loans or liens or anything else, so time isn’t a risk factor for us, as we don’t use the property or need to sell it, or need the money. We just want to make sure this wouldn’t result in huge legal expenses for us should this deal fall through before the buyer pays it off. ETA: Also note, we will be talking to a lawyer if we decide to proceed and having him draw up the contract. Just wanted to make sure this thing isn’t a non starter right out the gate before going to that expense. submitted by /u/thorosaurus [link] [comments]

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