Seller Financing Best Practices

[Scott Kimberly]

I want to be prepared for potential deals that I might acquire via seller financing.

Let's say I am discussing a deal with a seller and I ask them if seller financing is an option and they say "yes, its an option".

What would be the best way to proceed? What should i already have ready before going into this conversation? Should I have a contract ready before talking with them? If I get a contract after the fact, is there anything I can do to stop the seller from changing discusses terms? Do you need a down payment? How much of a down payment? etc etc.

I am interested in learning about the ins and outs of seller financing, so I am looking for a discussion on this topic, rather than just a Q&A. I don't want the transaction to work for both parties. I don't want to give too much up just to make the deal work, nor do i want to be too greedy.