Creative financing question

[Kathy Crosby]

We have a seller that wants to get under contract, so she can rest easy and make future plans.  She has had it under contract before with another buyer and they backed out at last minute.  She is afraid for that to happen again, so she has asked for a $15,000 down payment.  House price is $125,000.  

IN order to give her the $15,000, we need to protect ourselves.  My thought is to do an owner finance - actually close on the property; give her the $15,000 down payment and the balance when she moves in January.   

She is retired, single and has 7 dogs.  She does not want to deal with listing and wants to get the sale of her house off of her plate.

Any suggestions on how to handle the deal?   Am I close to being on the right track?  

Thanks for your helpful feedback.

K