So it was a voluntary foreclosure. I’m not criticizing you, I’m just piecing together the business model you have by selling one house over and over.
What’ll happen if you sell that house to someone who actually PAYS for it? Let’s hope that never happens.
This last time I sold it I had it auctioned off just to get rid of it, I had made my money.
What I did was demand 10% down and then negotiated the payment where I could set the term and interest. When I took the house back most often the owners just lost their equity and I paid the closings.
One advantage to them owning instead of renting was they were responsible for the taxes, insurance, care and maintenance.
I would have been thrilled to have any of them pay off the house, it was a hassle to fix it up for each resale.