I think owner financing is a great option if you know someone that can help you through it if you are considering it. I have purchased two homes through owner financing and the owner has found it to be a better option. Especially right now, if you are a seller and can do without the lump sum, it is a great return on your investment. Imagine getting a straight 6% return! It can also help a buyer and the rate of foreclosure on owner financing is statiscally much lower than with banks.
If you are the seller and are considering it, talk to someone who can help you iron out the details. for the buyer it also lowers their closing costs because they are not paying all of the fees associated with getting a loan.
i think as the mortgage market is going to be getting tougher, if you can offer this to a buyer it may help sell your home quicker. A lot of agents and buyers are unfamiliar with this as it has been so easy getting loans in the past years but I do think this is going to be a more common approach, maybe especially with people that can do this.