I'm Financng Sale of Property

[Fred Zo]

I have a buyer (a builder) for my property (vacant land in CA).  The buyer wants to put down $100,000 and wants me to carry $250,000 (1st) for 3 years at 6.5% with only a one time balloon payment at the end of the 3-years term (no monthly payments).  My concern is that If I have to foreclose on him; it'll be something like 3.5 years before I can have the property back with many headaches and costs.  Will you please offer your thoughts on the hidden risks and strategies to safeguard?  Thank you.