How to structure a seller finance deal

[Allen Collier]

I have been watching a FSBO SFH for several months now. In fact, by looking at the history of the property, it appears as though it was purchased for $15,000 over a year ago. It also appears as though the are flipping it, as I know the owners and they actually live near me. They listed the property last year for $79,000 with an agent. The term expired and they listed it FSBO. The price has steadily dropped to its current level, $62,000. I would like to contact them and inquire about owner financing; if they would even be interested. How would I bring that up? As well, how would I even structure the deal? Would it be similar to a mortgage? Or, could I ask for more favorable terms such as a lower down payment? Thanks for all your help!!!