Payoff letter? - Posted by Philip

Posted by Philip on August 17, 2003 at 08:24:08:

It is amazing that you know all the details of this mobile!

The size, name, park name, etc.

Please don’t tell anyone the price(which I am sure you know) because I didn’t do as well on this one as I wished. It was bought great, but couldn’t sell as well; because it was directly across from the PM’s mobile and she had some “restrictions”.

I think my yeild over 4 months will be about 173% not considering time value…but could have been better if this mobile had been 1/10th of a mile away!

Thanks for your timely and SIMPLE advice.

Payoff letter? - Posted by Philip

Posted by Philip on August 16, 2003 at 17:35:56:

One of my buyers is going to pay off his note. He needs a letter that states that I will release the lein as soon as I receive my check.
Is there a certain way this should be done?

What details are needed?

Should I have to go to his bank to get the check? (No big deal…but cant funds be transferred around these days?)

Do I need a lawyer?

I love this payoff(like my first cash deal, kinda) and it makes a yeild almost unimaginable, plus I allready have a home ready to continue it’s payment stream.

I just need some quick advice on a Payoff Letter.


No personal checks!!! NT - Posted by TeddyB_SC

Posted by TeddyB_SC on August 17, 2003 at 21:55:20:


KISS - Posted by Steve-WA

Posted by Steve-WA on August 16, 2003 at 23:09:22:

Keep It Simple, S*****!

Shouldn’t take much, just put in what he asks for

“Upon receipt of funds for payoff of promissory note in the amount of $XXXX.XX, Philip the MH King LLC will release all interest in the MH described as follows: 1958 TinCan, 8x50, S/N 1.00, located at Space 13, Munsters Mobile Home Community, 1313 Mockingbird Lane, Sticksville MO”