Unfamiliar Payment Form Question

[Jake Haisch]

I am not a highly experienced seller or buyer of homes. I have bought and sold a few as I have moved around over the years; all involving standard bank loans and real estate agents. 

I recently inherited a house in a faraway town close to where I grew up. Everything is final. It is in my name and clear. 

After telling a few friends and relatives in the local area that I would be interested in selling the house I heard back from one prospective buyer who is interested in the house to fix up--it needs about $2k of work to get it up to a decent level--and then sell or rent-to-own to an interested party. 

The buyer wants to do a payment form that I am not familiar with: Cash but with some sort of 90-day wait where he makes total payment to me at end of the 90 days. He mentioned a "balloon payment" of some sort. I am confused as to what this means. Does this sound familiar to anyone out there?  If so, what are "pros and cons" of this approach for me/seller?

FIY... He wants to pay well less than the house is worth--of course--but the amount is not outrageously low considering it would be "an easy sell" for me and he is doing the repairs. The town where the house is is NOT a "hot" real estate market. Home values are low and in decline in recent years. Taxes are moderate-high.  

Thanks.

Jake H.