Made an offer on a house and the owner offered lending.

[Andrew Giunta]

According to my real estate agent, deals like the one I encountered are extremely rare and sought after, but im a bit worried its too good to be true. I made an offer on a house and because I am doing 50% financing, the owner offered to lend the other half himself and be paid over the next 30 years, at an interest rate lower than what the bank is offering (albeit, not much lower). I will save on a ton of costs from not going through the bank. I am worried though that with this private deal, the contract may end up being very tight and might screw me if I made a mistake. I really had no idea people would even do this, so im not sure what to do. Does anyone have any thoughts?