With the $0 cash down seller finance and/or subject to, the seller gets no lump sum?

[Jon Martin]

Just listened to the Pace Morby episodes on the regular and rookie podcasts. Really fascinating stuff but I'm still trying to wrap my mind around a dew details. 

Mainly, in the scenario described where it's a zero cash sale and the owner has a lot of equity, the seller is not walking away with any kind of lump sum like they ideally would in a traditional sale, correct? (Unless the seller negotiates for a certain amount down, at which point it would not be a zero cash down sale by definition). Instead, the seller is financing their own equity back to the buyer over an agreed upon amount of time, and if there is still a mortgage the buyer is also assuming the remainder of the loan?  

Do I have it right?