Revisiting a previous post

[Gabriel Orduna]

Hello all, I posted previously about a possible deal in the works. My wife’s uncle is selling his house and we would like to keep it in the family. Originally he wanted to sell it for 690,000.  Ultimately he decided that he would sell it to me at 450,000 and then hold a lien on the property for the remaining balance.  Can someone explain the implications of this deal? What would holding the Lien mean? Would it be the same as him carrying the note? Does this seem like a good deal?