Land contract / seller financing

[Dennis M.]

For those that have done these before . I would like to see a hypothetical case study on what I should expect to see When buying in terms through a land contract with an owner of a property . As an example : say a person who owns ( free and clear) a triplex or duplex . They are selling for say 50k . Would offering 20% or 25% down and paying 6-7% interest on the balance for ten years be considered normal /good terms ? What would be a typical arrangement in a situation like this. Obviously the least amount down and no interest would be best but when the seller insists on interest collection and a down payment what has been your experience in this scenario , thank you