• Pay off debts
• Achieve liquidity
• Take advantage of other investment opportunities
• Eliminate the risk and responsibility in holding the note

Other Considerations

• Property is owner-occupied (for houses and mobile homes).
• Access to power, water, and roads (for land).
• For commercial notes, multi-unit apartments or general purpose office buildings are easier to place than specialty businesses like restaurants.
• A commercial note on a property that was previously a gas station or printing shop bearing adverse environmental consequences will be much harder to sell due to the potential liability.
• The property and surrounding area being in good condition.
• The sales price is not far above the market value
• The title to the property is clean
• The mortgage and note should typically contain a 30-day default clause, have acceleration remedies, contain no prepayment penalty and subordination agreement, have a late fee provision, a due on sale clause, and non-assumability clause.
• The note written subject to any claims, modifications or offsets, such as giving the borrower first right of refusal to buy the note at a discount if the note owner wants to sell it, will not be a negotiable instrument and have little or no cash value.

General Information

Single Family Residence

• The age of the property
• The number of bedrooms and bathrooms
• The square footage of the home
• The square footage of the lot or the dimensions of the lot
• "Opinions" about the neighborhood, schools, shopping, and community etc.
• Full document of the property improvements and an appraisal report with interior photos on rehabbed investment property

Vacant Land

• Number of acres (dimensions or Square footage if it is a lot)
• Zoning of the land / lot (Residential, Commercial, Agricultural, etc)
• What is on adjacent land or lots?
• "Opinions" about the neighborhood, schools, shopping, and community etc.
• "Opinions" about the potential use of the property

Multi Family Units (Up to 4 Units)

• Number of units
• Number of bedrooms and bathrooms in each unit
• Approximate square footage of each unit
• Approximate square footage or dimensions of the lot
• Approximate age of the building
• "Opinions" about the neighborhood, schools, shopping, and community etc.

Commercial Properties (Over 4 Units or Business Building)

• Type of business (apartments, retail store, gas station, shopping center, church, motel/hotel, etc.)
• Number of units
• Square footage of each unit
• Age of the building
• How long since significant remodeling?
• Amenities (swimming pools, garage or covered parking, community center, etc)
• Number of parking spaces
• "Opinions" about the neighborhood, schools, shopping, and community etc.
• Total square footage of the structures on the property
• Describe the structures or improvements to the property.
• Total square footage of the parcel
• What portion of the proposed sales price was or will be attributed to real estate, inventory, good will, non-competition agreements?
• Does each unit (if more than one) have a separate utility meter?
• Describe the local competition for this property
• Present zoning of the property
• Describe the surrounding properties
• Describe the general economic condition of the area
• Are there any recent income and expense statements available surrounding the property?
• Six good quality color photographs of the subject property (front and back, both sides, up and down the street)
• The payer has to sign personally as well as for the corporation if the payor is a corporation
• EPA phase 1 and phase 2 reports on a property with concerns about environmental issues, if available