The effects of a buyer not fulfilling their part of a seller financing agreement depend on the type of agreement signed. For example, if it was set up as a lease option, eviction is necessary to get rid of the buyer. If it was an installment sale contract, the sellers could initiate foreclosure on the buyer, depending on local laws. With a written financing agreement, sellers can cover themselves from potential unknowns and set realistic expectations for the buyer. It would involve specifying what is considered late payment, if there is a grace period, and what occurs when the borrower does not meet their end of the deal. Since the seller is the lender, they have the same rights as a bank and can foreclose on the property