Seller Finance Question

[Matt Nettles]

Newb question I’m sure but I’ve never done a seller finance deal. I get the concept but I had a MF deal sent to me.. can’t agree on a price with the seller. I aaked if seller finance was an option and their only response was “Assumable loan of xyz” - whole I understand assuming loans.. I’m not understanding how that exactly would work? I take over his loan.. how does he benefit from that? How does that deal work out for him?