Selling personal home on land contract.....good idea?

[Carlos Scarpero]

Got a land contract question...

We are planning on moving to a nicer home next year.

The house we are in now is about $200k. We are at a nice low rate on it with plenty of equity. Not in a rush to pull the money out.

I wouldn't mind renting it out but the wife said no. Too much risk.

I like the idea of doing a land contract instead of a traditional sale but have never done one.

What benefits would the land contract give us over just doing a regular sale? Are they typically at a higher price? If so, how much?

What's the average interest rates charged on these relative to regular mortgage rates?

How much is typically asked as far as a down payment?

What protections would I have if the buyer defaulted? Would it go into a regular foreclosure?