If a buyer's equity in the property is significant and the buyer defaults, what must the seller do?
a. The seller must ignore the default and sign a revised contract with a new completion date.
b. The seller must revise the amortization of the contract.
c. The seller must start formal foreclosure procedures and compensate the buyer for the accumulated equity before repossessing the property.
d. The seller must repossess the property and then institute legal foreclosure action against the buyer.
Answer : c. The seller must start formal foreclosure procedures and compensate the buyer for the accumulated equity before repossessing the property.
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