These are common ways to finance Land Investments throughout Arizona. Most owners are willing to do a carryback if there is a large enought down payment and a high enought interest rate. Most owners will sale on terms of 10,15,20,25 or even 30 years, to hold your payments down, with a Balloon Payment Due in 3,5,7, or 10 years.
In today's market an average carryback would be 25% down payable at 10% interest over 20 years but all due and payable 5 years from the close of escrow. The note can be paid off at any time with no penalty. Sellers want to sale, so nothing is written in stone but the deal needs to be fair to all parties or it will never happen.
This allows you time to make improvments to the property, resale the property or get a construction loan to payoff the seller and build your home. The biggest avantage is to lock in a price now so you can increase the value and make a profit later.