HELPFUL LINKS

Portland Public School District   http://www.pps.k12.or.us/

Gladstone School District   http://www.gladstone.k12.or.us/

North Clackamas School District   http://www.nclack.k12.or.us/ 

David-Douglas School District   http://www.ddouglas.k12.or.us/

Centennial School District   http://www.centennial.k12.or.us/

Parkrose School District   http://www.parkrose.k12.or.us/

Reynolds School District   http://www.reynolds.k12.or.us/

Gresham-Barlow School District   http://www.gresham.k12.or.us/

Oregon City School District   http://www.orecity.k12.or.us/

Beaverton School District   http://www.beaverton.k12.or.us/

Hillsboro School District   http://www.hsd.k12.or.us/

Riverdale School District   http://www.riverdale.k12.or.us/

Lake Oswego School District   http://www.loswego.k12.or.us/

Tigard-Tualatin School District   http://www.ttsd.k12.or.us/

Sherwood School District   http://www.sherwood.k12.or.us/

West Linn-Wilsonville School District   http://www.wlwv.k12.or.us/

Architects & Designers:
Duhon Consulting & Design, Art Duhon 503-317-5653

Attorney:
Bittner&Hahs, Terry Bittner 503-228-5626
Quirin Law, Phil Quirin

Cabinets:
Tonstone Granite & Cabinet, Peter Ton 503-936-4313

Cleaners:
Maximum Cleaning 503-244-8515

Drywall:
Kemper Drywall 503-692-2838

Electrician:
La Londe Electric, Bruce LaLonde 503-969-8491

Engineers:
Hayden Consulting Engineers, 503-968-9994

Excavation:
Banr Enterprises, Scott Davis 503-519-1412

Flooring:
Macadam Floor & Design, Randy Bush 503-246-9800

General Contractor:
Endura Construction 503-482-0500

Gutters:
Liberty Sheet Metal
Gutters R Us 503-750-8499

Handyman Services:
TKC Construction, 503-422-6555

Heating & Cooling:
Morris Heating & AC, Brad Morris 503-655-5616
Pyramid Heating & Cooling 503-786-9522

Home Inspectors:
Associated Inspection Firm, James Fronsdahl 503-774-1916
Mountain View Home Inspections, Ken Epp 503-251-6973

Insurance:
Alliance Insurance Group, Dan Terry 503-701-6672
Ross & Associates, Derek Atwood 503-698-3833

Landscape Supplies:

Plumbing:
Clackamas River Plumbing, Andrew Nelson 503-201-5038

Recycling Centers:

Restoration:
Northwest Restoration, Jim Clark 503-582-0500

Rock Retaining Walls & Boulders:
Banr Enterprises, Scott Davis 503-519-1412

Roofing:
Bliss Roofing 503-653-6100
Fisher Roofing 503-227-7663

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

A

Appraisal – An opinion of value.

Assessed Value – Value placed on property by the County for the purpose of computing real property taxes.

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B

BPO – Broker’s Price Opinion also called a Comparative Market Analysis. A method of appraisal in which selling prices of similar properties are used as the basis for arriving at the value estimate. Institutional sellers usually rely on a BPO prepared by a real estate agent and a professional appraisal to determine a listing price.

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C

Certificate of Sale – A certificate issued to a buyer at a judicial sale (e.g. foreclosure)

Certificate of Title – This certificate is issued to a buyer 10 days after the foreclosure sale.

Certified Funds – Same as cash. Buyer’s monies must be brought to the closing in this form.

Closing – The final accounting of the real estate sale. The closing Statement outlines the costs on both the buyers and the seller’s side of the transaction.

Contingent – Dependent upon conditions or events. There are conditions the institutional seller will consider in an offer to purchase such as the ability of the buyer to obtain a mortgage or perform inspections. The sale of another property to raise sufficient funds is an example of a contingent usually not considered.

Contract – A promise. Only when an offer to purchase has been fully executed (signed and initialed) by buyer and seller does it become a contract.

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D

Default Judgment – Against someone because they failed to show up in court.

Deficiency Judgment – Decision requiring a borrower to pay the lender the difference between the mortgage balance and the amount realized at the foreclosure sale.

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E

Earnest Money – An amount of money given with the offer to purchase as a “good faith” gesture of the buyer’s serious intent. Although not required by law in Florida, most institutional sellers require a minimum $500-$1000 deposit in a trust account with an offer.

Escrow – The deposit of funds with a bonded neutral third party with instructions to carry out the provisions of a contract. Earnest money deposits are usually held in the trust accounts of a real estate Broker, title company or attorney.

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F

Fee Simple – Complete legal ownership of a property.

Federal Housing Administration (FHA) – Federal agency that administers FHA insured loans.

Federal Tax Lien – An obligation to the federal government as a result of non-payment of taxes.

F.N.M.A. – Abbreviation for the Federal National Mortgage Association affectionately known as “Fannie Mae”, an agency which buys blocks of loans from banks. Due to its size, Fannie Mae Foreclosures make up a significant percentage of our Florida inventory.

F.H.L.M.C. – Abbreviation for the Federal Home Loan Mortgage Corporation affectionately known as “Freddie Mac”, an agency performing a similar function to Fannie Mae and now much larger. Special financing is offered on Freddie Mac Foreclosures.

Foreclosure – Forced sale of property ordered by a lender due to delinquency in mortgage payments. A foreclosure sale terminates all rights of the mortgagor.

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G

G.N.M.A. – Government National Mortgage Association affectionately known, as Ginnie Mae is an agency in the secondary mortgage market dealing primarily in recycling VA and FHA mortgages. Grantee. The buyer.

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H

HUD – Abbreviation for the Department of Housing and Urban Development, an agency that oversees FHA. FHA foreclosures are called HUD Homes.

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I

Institutional Lender – Financial institutions whose loans are regulated by law such as banks, credit unions and commercial loan agencies.

Involuntary Lien – A lien imposed against property without the owner’s consent such as taxes, special assessments, federal income taxes, etc.

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J

Junior Lien – A lien that does not have first priority making the property security for payment of a debt.

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L

Lien – An encumbrance using the property as security for the payment of a debt or obligation of the property owner.

Lis Pendens – Lawsuit pending. This usually recorded in Florida to give constructive notice of pending litigation.

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M

Mechanic’s Lien – A lien placed on property by laborers or material suppliers who have contributed to an improvement.

Mortgage – A legal conveyance of property to a creditor for security (from the Latin meaning death pledge).

Mortgagee – The lender.

Mortgagor – The borrower.

MLS – Multiple Listing Services run by local Realtor associations.

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N

Notice of Default – A notice filed to show that the borrower under a mortgage is in default.

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P

Points – A charge made by the lender for loaning money. One point equals one percent of the loan.

Portfolio Loan – Loan originated and held ‘in house’ as part of a lender’s investments.

PMI – Private Mortgage Insurance required as part of the monthly payment in loans less than 80% loan to value (less than 20% down payment).

Pre-foreclosure – Period between when a borrower becomes delinquent and the property is foreclosed upon.

Principal – A person acting for him/herself in a transaction. Also the amount of a loan exclusive of interest.

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Q

Qualifying – Process of demonstrating a person is credit worthy and has enough money to buy a property. Institutional sellers may require “proof” in the form of a letter from a lender or some verification of the source of funds if the sale is cash.

Quiet Title – Legal process to eliminate title problems.

Quitclaim – A form of deed in which the grantor is giving the grantee rights to a property but makes no warranties about rights others may have.

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R

Realtor – A broker or sales agent who is a member of a local real estate board affiliated with the National Association of Realtors.

R.E.O. – An abbreviation for Real Estate Owned most commonly used to describe properties acquired in foreclosure and owned by institutions.

Right of Redemption – Right to buy a property back for a limited period of time (usually 10 days) after a foreclosure sale.

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S

Secondary Mortgage Market – Fannie Mae, Freddie Mac, Ginnie Mae were originally chartered by the federal government to stimulate the economy by either buying or recycling packages of loans from financial institutions.

Sheriff’s Deed – Deed given by court order to satisfy a judgment.

Short Sale – In some instances in Florida a lender may agree to adjust the amount owed in order to get the property sold.

Special Warranty Deed – See warranty deed. “Special” indicates there are limitations.

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T

Title – Evidence that an owner is in lawful possession; instrument evidencing ownership.

Title Insurance – Policy written by a title company to protect a property owner against loss if the title is imperfect.

Title Search – Process to determine validity of the title to real estate.

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W

Warranty Deed – Assures the title conveyed is good and possession will be undisturbed.

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