Seller Financings (seller perspective) - what to look out for

[Rene Dittrich]

We are selling 2 lots of land and would be open to do seller financing for one of them. We have an existing mortgage (backed by these 2 lots and 2 others) and given the increase in appraised value there is no need to pay anything back to the lender when selling the lot. We don’t have an immediate need for the cash and current rates are attractive, so would love to hear what the pro/cons of seller financing are in this situation? I wouldn’t want to hold the loan for too long, so ideally it would be a 5 year term, presumably ballon payment at the end. Appreciate any feedback!