Seller Carryback Financing, what happens if buyer defaults?

[Geoffrey Serdar]

Hello,

I am considering doing a seller carry-back on top of a traditional mortgage.

Scenario:

Buyer purchase property, property may not appraise for total purchase price, seller to carry back that margin.

What are traditional terms you have all dealt with, and what happens if buyer simply defaults and no longer pays?

What typical recourse does the seller have?

Thank you for all advice and personal experiences.