You face a judicial foreclosure process in New York, which can take 12-18 months or longer. During this period, you are not receiving payments but may still owe property taxes and maintenance on the unit. Mitigate this risk by requiring a substantial down payment (25-30%), verifying buyer creditworthiness, and structuring the note with acceleration clauses and personal guarantees. The tax deferral benefit must justify this counterparty risk.
From the seller playbook: Installment Sale Structures
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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