Owner/Seller Financing Terms?

[Dennis Gallof]

Has anyone ever done "owner/seller financing" either as the buyer or seller?  What was the length of your term (5 years) with a balloon payment at the end?

I might have to take this route to purchase a condo, and while thinking about this further if there is no bank involved all the "interest" is essentially going to the owner of the unit as additional income.  So would it be right when negotiating the sale price of the condo to actually think of the selling price as "listed sale price + interest"?

My thinking is if the listed price is $300K the owner would make at least and additional $30K+ from interest; depending on the agreement, so the total selling price would be at least $330K+.

Thank you!