Seller Financing Help!

[Lisa Henrich]

When someone engages in a seller financing transaction, what are the standard stipulations? Loan term? Balloon payment? Interest? What about taxes? Does the owner continue to pay property taxes? I am looking at a property that is currently owned free and clear, in a great location, and has been well-maintained. The owners are older and the property has been sitting vacant. They have used it as a rental in the past. How should I go about approaching them for seller financing? And, how can I make seller financing sound appealing to them? I have a very high personal FICO score but I'd like to obtain my next property with very little money out-of-pocket. I'm looking for a buy and hold SFR. Unfortunately, the property is currently listed on the MLS so realtor fees will be involved. Any help would be great!

Thank you,

Lisa