GENERAL PORTLAND AREA LINKS
Portland Maps http://www.portlandmaps.com
Oregon Department of Environmental Quality http://www.deq.state.us
State of Oregon http://www.oregon.gov
City of Portland http://www.portlandonline.com
Oil Tank Information http://www.danatanks.com
Oregon Construction Contractors Board http://www.ccb.state.or.us
AREA SCHOOL DISTRICTS
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
Bittner&Hahs, Terry Bittner 503-228-5626
Quirin Law, Phil Quirin
Tonstone Granite & Cabinet, Peter Ton 503-936-4313
Maximum Cleaning 503-244-8515
Kemper Drywall 503-692-2838
La Londe Electric, Bruce LaLonde 503-969-8491
Hayden Consulting Engineers, 503-968-9994
Banr Enterprises, Scott Davis 503-519-1412
Macadam Floor & Design, Randy Bush 503-246-9800
Endura Construction 503-482-0500
Liberty Sheet Metal
Gutters R Us 503-750-8499
TKC Construction, 503-422-6555
Heating & Cooling:
Morris Heating & AC, Brad Morris 503-655-5616
Pyramid Heating & Cooling 503-786-9522
Associated Inspection Firm, James Fronsdahl 503-774-1916
Mountain View Home Inspections, Ken Epp 503-251-6973
Alliance Insurance Group, Dan Terry 503-701-6672
Ross & Associates, Derek Atwood 503-698-3833
Clackamas River Plumbing, Andrew Nelson 503-201-5038
Northwest Restoration, Jim Clark 503-582-0500
Rock Retaining Walls & Boulders:
Banr Enterprises, Scott Davis 503-519-1412
Bliss Roofing 503-653-6100
Fisher Roofing 503-227-7663
GLOSSARY OF COMMON TERMS
Appraisal – An opinion of value.
Assessed Value – Value placed on property by the County for the purpose of computing real property taxes.
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.
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.
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.
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.
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.
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.
HUD – Abbreviation for the Department of Housing and Urban Development, an agency that oversees FHA. FHA foreclosures are called HUD Homes.
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.
Junior Lien – A lien that does not have first priority making the property security for payment of a debt.
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.
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.
Notice of Default – A notice filed to show that the borrower under a mortgage is in default.
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.
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.
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.
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.
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.
Warranty Deed – Assures the title conveyed is good and possession will be undisturbed.