Land Contract for primary residence

[Andrew Smith]

Hi All,

I am new to the Bigger Pockets Forum and had a question for those who understand Land Contracts. I am considering making and offer on a personal residence and thought about giving two options: 1) traditional offer at a lower value 2) a land contract (seller financed) @2.5% with a 7 or 10 year balloon. The Land Contract could net the seller an additional $40-70k over the term, and save me ~$40-60k over a traditional mortgage. Does anyone have any advice or warnings about this? The seller is elderly, has no mortgage on the house, and has already moved out.

Thank you !