Best Practices for Offering Seller Financing ?

[Brian Piechocki]

My wife and I are selling a small, old church that needs work. Today, we received an offer using seller financing. I have never offered seller financing before when selling a property and am curious if anyone has tips/ things to avoid.

Thanks!

[Marco Bario]

Quote from @Christian Ehlers:

I think the biggest thing as a seller in this scenario is to make sure you won't need all the money for the sale before the term has ended or the balloon payment has been made. Some sellers are fine with a 30 year term or sometimes even longer with no balloon, knowing they'll like be paid off sooner than that when the buyer sells or refi's. You can also do something far shorter if the other terms work for you and the buyer as well. 

The other thing to note is tax implications based on how much income you are making from the property, so just have that conversation with your CPA before signing a purchase and sales. 

 Sellers have the option to sell some or all of the remaining balance down the road if they choose.