What happens if you sell a property on a land contract or contract for deed and at some point the buyer defaults? Since the deed has yet to transfer, is a foreclosure necessary? How does the seller gets the property back?
A quickie summary is that the rules vary wildly from state to state, so you need to find out what’s required in your state. And there’s some urgency involved. Whether you are giving the buyer an opportunity to cure his default, or helping him (or her) to move, you don’t want the process to drag out so long that the property risks getting trashed.
The rules are different for every state. If the property is in Texas, you have to foreclose. It’s best to contact a real estate attorney in the state where the property is to make sure you are getting accurate information.
Honestly, sometimes it cheaper to offer CASH for keys instead of a lengthy legal battle like foreclosure (pay them to leave)