Q: In Virginia, what's the document (instrument) that'd let me take back a house sold on owner financing the quickest???
Just in case a buyer defaults.
Also, looking for a great real estate attorney that is investor friendly in the northern virginia area that does signing appointments and/or closings. Please let me know anyone you recommend.=!
A:
Well, it’s customary for lawyers not to solicit clients on a forum like this when answering questions, but the form you are looking for is a Deed in Lieu of Foreclisure, assuming you closed the take-back note correctly and the borrower will consent. There are many issues to consider in a Deed in Lieu. If the borrower doesn’t agree, you need to initiate foreclosure. If the Deed of Trust is problematic, it will be more complex.
You can ask lawyers licensed in Virginia if they are CRESPA agents and if they can provide references from investor-buyers, or you could check out their reviews on Avvo.com.
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