Selling land with owner financing?
Reposting because somebody doesn't know the difference between a question and an advertisement. I shouldn't have to say this, but THIS IS A QUESTION, I am NOT POSTING ANYTHING FOR SALE! Note I am purposely omitting the location, total acreage, and total cost.
I have a few acres of land in North Carolina I would like to get rid of. It's not worth much, because it's in a bad neighborhood. I would take a few grand less than tax value. I've been thinking about offering owner financing on this land, but not sure what kind of terms are reasonable? Are there any sort of standards for seller financing? How much should I ask for a down payment? How many years should the term be? Do I charge interest? How hard is it to foreclose if they stop paying?
I'd prefer a cash buyer or otherwise fully financed, obviously, but it's not a very desirable site so it would be easier for some people to buy in this lower income area if I could do the financing. I feel like if I could get 20% down and maybe a 10 year term I'd be happy to get rid of it. Is that reasonable? Bad idea?