Our former house has been on the market for about 8 months. We have had a few offers fall through for various reasons, and have just been informed that there is a person/couple interested, but only interested in doing a Land Contract. We have no experience with that type of agreement (this is the first house we've attempted to sell), and don't know where to start, but are willing to consider it, given that it isn't selling and winter is now here.
We know basically nothing yet, but based on the house price (~$100k) and market, we have to assume that they are unable to get traditional financing for whatever reason. Does this by itself indicate this would be a high-risk option?
Does anyone have any tips/advice, or able to point me at some good resources? We did a few quick searches to get a general idea of how they work, and our RE agent is going to send us an example of one he did last week, but right now we still feel really in the dark about how to proceed.
Thanks!