The Turner Team, Inc
Jennifer Turner, Principal Broker in WA & OR
Charles Turner, Principal Broker in Oregon
Eric Landrum, Broker in Oregon
Lisa Donaldson, Broker in Oregon
Susan Horvat, Broker in Oregon
Lisa Carter, Broker in WA & OR
Jessica Berger, Broker in Oregon
Karin Johnson, Customer Care Manager
Keller Williams Realty Professionals
9755 SW Barnes Road, Suite 530
Portland, OR 97225
Thank you for the opportunity to let us represent you in the purchase of your new home. We think of our
clients as individuals with specific needs. With this in mind, we strive to give you exceptional service.
This is absolutely the best time to be a buyer. Timing is everything. No two real estate transactions are the
same but regardless of your goals we can help you make the informed and educationed decisions that best
suit your situations.
Jenny and Charles teamed up as Realtors in 2003. Every year since then we’ve continued to grow and
improve the service and expertise we are able to offer you, our clients. In 2010 we incorporated, in part to
underscore that real estate is a business, not a part time hobby. Our current business is over fifty percent
past clients and client referrals. Earning your repeat business and referrals is our main goal. Our unique
team structure allows us to serve the Portland Metro area from SW Washington, through Portland and
down to the mid-Willamette Valley. We have the tools and expertise to
guide you through any residential real estate transaction.
This guide provides an overview
of our team and of the buying and
Jennifer Turner, Principal Broker, MBA, ABR, GRI, SFR, CDPE
Jennifer’s Masters in Business Administration is from Portland
State University and her undergraduate degree from Lewis &
Clark College. Her certifications include the Accredited Buyer’s
Representative (ABR), Graduate Realtor Institute (GRI), Short Sale
& Foreclosure Resource (SFR) and Certified Distressed Property
Expert (CDPE) and is trained in the short sale and foreclosure
process. She is Past President of the Fruit and Flower Development
Center’s Board of Directors in Northwest Portland. Jennifer is a
member of both RMLS and WVMLS and is licensed in both Oregon
Charles Turner, Principal Broker, MBA, e-PRO, GRI
Charles’ Masters in Business Administration is from The Atkinson
Graduate School of Management at Willamette University and
undergraduate degree is from Lewis & Clark College. He has
completed NAR’s e-PRO and Graduate Realtor Institute (GRI)
designations. He is the author of www.PortlandRealEstateBlog.
com and has written over 800 posts about our local real estate
market. Charles is a member of the Ambassador Board for the
Oregon Chapter of the Make-A-Wish Foundation.
The Turner Team
Our Team in the Community
Our Marketing Tools
Our Home Feedback System
Sizing up Your Home
Your Custom Website
Dual Agency & Due Diligence
Finding and Buying a Home
Suggested Morgage Brokers
Questions for a Realtor
Buyer Plan of Action
Expect from this market
Expect from writing an offer
Preparing for the lender
Loan Process Do’s & Don’ts
Mortgage pre-approvals & your
Buying a Short Sale
Buying Bank Owned Property
The Turner Team
Portland Monthly 5 Star Agent
Atlantic & Pacific Real Estate
Top Agents Nationwide
Portland Monthly 5 Star Agent
Portland Business Journal Forty
Under 40 awarded to Charles
Prudential Chairman’s Circle
2nd Quarter Top 3 Sales
Professional in Oregon for units
Oregonian Alphabet District
Neighborhood Profile Article
Portland Tribune Article
Portland Mercury Article
Prudential Chairman’s Circle Gold
KOIN News TV Interview
Prudential Chairman’s Circle Gold
RISMedia Realtors on the Rise
NuWire Investor Article
Prudential Chairman’s Circle Gold
New York Times Article
Brainstorm NW Article
Prudential President’s Circle
Daily Journal of Commerce Article
Associated Press Article
Prudential President’s Circle
Portland Business Journal Article
Prudential Leading Edge Society
Eric Landrum, Oregon Broker
Eric is a buyer’s agent for the Turner Team. A native of Tennessee, he
now proudly calls Oregon his home. He lives in Wilsonville with his wife
Lisa Donaldson, Oregon Broker
Blah Blah Blah
Susan Horvat, STAR, SFR, ABR
Susan covers real estate in the areas served by the Willamette Valley
Multiple Listing Service in Salem and the mid-Willamette Valley. She
works with both buyers and sellers and is an Earth Advantage STAR
certified Realtor, NAR Short Sale & Foreclosure Resource (SFR) and an
Accredited Buyer Representative (ABR).
Lisa Carter, Oregon and Washington Licensed
Lisa works with buyers and sellers both in Oregon and
Washington, where she lives. She is a graduate of Oregon State
Jessica Berger, Oregon Broker
Jessica is a buyer’s agent for the Turner Team. She is a graduate
of the University of Oregon.
Karin Johson, Customer Care Manager
Blah Blah Blah
The Turner Team in the Community
We proudly support the Make-A-Wish Foundation of Oregon with our charitable dollars.
Charles is a member of the Ambassador Board
for the Oregon chapter of the Make-A-Wish
The Make-A-Wish Foundation grants the wishes of children with life-threatening
medical conditions to enrich the human experience with hope, strength and joy.
KW Cares is a tax exempt 501(c)(3) public charity created to support Keller Williams
Realty associates and their families in times of extreme hardship as a result of a
sudden emergency. Hardship is defined as a difficult circumstance that a person or
family cannot handle without outside help.
This charity is the heart of the Keller Williams Realty culture in action – finding
and serving the higher purpose of business through charitable giving in the
communities where our agents live and work.
Giving back is an
important part of
being members our
Technology Streamlines your Transaction
Technolgy is constantly
moving the real estate
industry forward and we
strive to adopt
the tools that will
make your transaction
Skype allows us to keep in touch anywhere in the
world with an Internet connection.
We’ve helped buyers and sellers
close transactions from as far away
as England, Singapore and Taiwan.
With DocuSign there is no need to print/sign/fax or
scan a document. Our clients can digitally sign their
documents from just about anywhere- even on a plane
awaiting departure. Digital signatures are assembled
onto one complete document so it doesn’t matter who
signs first or in what order. Sign from your computer,
smartphone or iPad.
The real estate transaction is getting closer
and closer to being paperless. Electronic
signatures are widely accepted and allow
you to sign without printing, scanning or
faxing. It doesn’t matter if one signer is
home and the other is on a business trip.
All signatures are collected by the system
and placed into one document no matter who signs first. One client signed his
accepted offer from 30,000 feet on a cross
country flight with WiFi from his mobile
Marketing Tools We Use to Sell Homes
• Digital photos of home
• Virtual tour published online
• HD video posted to YouTube
and linked to other social media and real
• Rotating featured listing on TurnerRealtors.com.
• Premium placement on Zillow.
• Your home’s own website with its own domain:
www.youradddress.com and dedicated text
message number with the listing’s details.
• Install electronic RMLS & WRMLS
lockboxes for easy access
• Install a traditional Keller WIlliams
“For Sale” sign
• Broker’s Tour – Open House for Realtors
• Open House(s) – if you want them
• Paperless Permanent Flyer with property’s details
outside and full color flyers inside
• Portland Business
Journal ad (if applicable)
• Recyclable “Just Listed”
postcards mailed to
Other Benefits of Listing with Us
• No obligation AHS Warranty during the listing period and
optional buyer coverage
• Realtor feedback from ShowingSuite.com; know what the agents that show your home think
about your home
• Professionally measured floor plan
• “For Sale” sign phone number rings multiple numbers to help capture buyers
*Not all services are appropriate to all listings. We will discuss which tools are best for your situation.
Automated Home Feedback System
Keeps you Informed
Our automated client Home Feedback System is just one way that we provide you
a much better home selling experience ending with the results you need.
1. Each time your property is shown to a prospective buyer, the details of
the showing are entered into our Home Feedback System.
2. Our system then automatically follows up with each showing agent up
to three times to solicit his buyer’s comments on your home (Most
agents don’t have time to follow-up even once, let alone three times).
Once received, these comments are automatically entered into the system.
As our client, you’ll receive private, online access to the Home Feedback
System to view:
• Comments posted on activity that we’ve done to help sell your home
• All feedback responses to-date
• Statistics summarizing all feedback to-date
• The status of pending feedback
• You’ll get immediate direct feedback from prospective buyers of your home
allowing us to correct any misconceptions about your home or improve on
problems with the way your home shows BEFORE they impact negatively on
the sale of your home.
• Our system logs all the agents of prospective buyers that have seen your
property. We use this to instantly email every agent that has shown your
home to let them know when we are about to receive an offer. This often
leads to multiple offers or a bidding war on your home.
• We also use the system to let other agents know about any changes in
your listing. After all, what good is a marketing change if nobody knows
• Feedback is always available to you (24 hours a day). You’ll never feel like
you are “out of the loop”. Not only will you get far superior customer service,
but your home will sell faster and at a higher price.
Sizing Up Your Home
My house is 2000
How do you
A professionally measured home not
only ensures the information is accurate, it gives buyer’s another opportunity to imagine themselves in your
home before they walk through the
door. When it is appropriate to your
property, this service is included in
That’s what I
Square footage is
one of the most
statistics of your
Your Custom Website
The Turner Team Inc.
Dual Agency and Buyer Due Diligence
As a buyer, you want to pay the least amount of money and have the
seller make the most amount of repairs. As the seller you the most amount of money and
to complete the fewest number of repairs. The back pages of this guide contain the State
of Oregon’s Agency Disclosure Pamphlet. Disclosed dual agency is a real estate transaction
where both the buyer and seller agree to be represented by the listing agent. WE WON’T DO
THAT. The Turner Team will only participate on behalf of one party to the transaction in all
non-institutional sales. Representing both sides is a conflict of interest. If you hire us as your
Realtors you know that we have your best interests in mind.
The only time we will participate in a dual agency transactions is if the seller is a bank. Banks are
also exempt from property disclosures and their offer acceptance is “as-is”. In the bank owned
sales that we list, we are the conduit for the flow of information. Your decision whether to buy or
not is based on the bank’s terms and the due diligence that is performed during the inspection
period and other contingencies.
The Earnest Money Agreement [the offer] paperwork contains contingencies that are mostly in favor of the
buyer. Most contingences expire after a set time frame and are considered accepted unless action is taken to
reject them. Each contingency allows you to review the information provided from the seller, the title company,
inspections and other sources of due diligence during that contingency’s time frame. Rather than “Buyer
Beware” we strive to make it “Buyer Be Aware” so that you know you are making the best decisions for your
situation. If you back out of a transaction based on a contingency you would be entitled to have your earnest
money returned. If you simply change your mind and don’t want to buy the property your earnest money could
be forfeited to the seller. In all instances, both the buyer and seller must agree to what happens to the earnest
money in writing. As a seller, you are obligated to sell under the terms agreed upon but do not have to make
any concessions or repairs.
In Portland, PortlandMaps.com is one of the best sources of public information about a specific
property or address. You can find everything from crime reports, building permits and oil tank records
to your garbage collection schedule. The “Resources” page of our TurnerRealtor.com website provides
the links for other county’s websites and also to public school links.
Finding and Buying a Home
• Determine your priorities and needs
• Review “agency” choices & select appropriate
• Discuss financing options
Finding the Right Home
• Sales associate to show you properties based
on your criteria
• Evaluate each property with sales associate
• Choose the right home
• Select a mortgage company
• Consult with a loan officer
• Complete loan application
• Obtain pre-approval
Preparing an Offer
• Review comparable sales to determine offer
• Review progress of loan pre-approval; decide
• Decide on other terms (inspections, possession
date, personal property, etc.)
Completing the Settlement Process
• Deposit of earnest money
• Review seller’s property disclosures
• Review preliminary title report
• Roof, termite and other inspections
• Remove any remaining contingencies
• Arrange for homeowners insurance
• Arrange for home warranty
• Arrange for movers
• Final walk-through of property with sales associate
• Provide balance of down payment and closing costs
• Sign documents
• Loan funding
• Recording of title
• Receive keys from sales associate
• Move in!
Final loan approval
Recommended by Past Clients
Shane Musselwhite I am a native Oregonian and started my career in lending February 2, 1980. I learned earMortgage Professional
ly on that what clients want and certainly deserve is straight forward honesty about the
products that fit their needs and the process they are entering into. Beyond that I am
committed to ensure that everyone I deal with has price clarity about the cost of doing
business with me and I gladly take the time to help borrowers compare offering from
other lenders. While this may sound simple, our rapidly changing business demands full
attention and you can depend on my full time commitment to overseeing all the details
of your next real estate transaction.
Real Estate Loan Officer
Direct # 503‐785‐2486
I have been with Advantis Credit Union for over 29 years and have been a part
of many exciting changes that have occurred here. I am originally from Nebraska and have lived in Oregon since 1980. I have three daughters, and live in
the Portland area. I am a huge sports fan and especially love college football;
notably Oregon State. (Go Beavs!). I will also work with Duck fans.
Senior Mortgage Banker
Mortgage Loan Officer
Senior Mortgage Banker
Having worked in lending for over four years, my passion is to help you finance
your dream home. By taking time with you, I explain the home lending process and program options so you can make the best decision for your long
term financial goals. I will be thorough and attentive to your needs. Outside of
helping people obtain their homes, I enjoy playing drums, brewing beer, and
spending ample time with family and friends.
I have been in the mortgage industry since 1993 and 100% of my business is by
referral or for repeat clients. I ask questions, listen and then offer options to best fit
my clients’ needs. My promise is a closing that is on time and accurate for a lending
experience that is as pleasant as it is successful. Outside of work, I love spending
time with my husband, our three daughters and my little grandson, Kingston. I
enjoy camping and boating and I love college football!
Questions to Ask Your Realtor
1. Will I receive daily updates on Real Estate
activity in my area, including price changes,
new listings on the market and houses that
have come back on the market?
2. Will I be able to adjust my search criteria on
my own through your website?
3. Are you a full-time realtor or part-time?
4. Are you a single agent or do you work with a
5. Do you specialize in working with buyers or
6. Besides the MLS, what other sources do you
use to find homes for sale?
7. Do you have a call center marketing for potential sellers in the area I want to live in?
8. How many homes have you sold this year, in
the last 5 years, 10 years, 15 years?
9. Do you have a dedicated transaction manager to watch over my file during escrow?
10. What is your availability to show me homes?
11. Do you have experience working with short
sales and foreclosures?
12. Do you have a list of vendors that can help
me with repairs?
13. Will you keep in touch with me after the sale
or will I have to search for another Realtor
when it comes time to sell my home?
Our Plan of Action
In this market it takes a proactive and aggressive approach to find you the best home at the
best price. Every buyer has access to the homes
for sale in the Multiple Listing Service through
various free websites such as Zillow or Trulia.
The reason why more buyers choose to work with
us than any other agent is what we do above and
beyond the multiple listing service to find our
clients the best deals.
Door Knocking - One of the best ways we find
our clients a great home not yet on the market is
we constantly door knock through the specific
area you as the buyer would like to live. We come
across many potential sellers this way or a neighbor who knows someone that would like to sell
Telemarket - Similar to door knocking, once you
as the buyer identify the area you want to live in
we will also call through those neighborhoods
looking for potential sellers who are not yet on
Expired, Cancelled, Withdrawn Listings - These
are homes that were on the market at some point
in the past three years and for whatever reason
did not sell. Often times these sellers would
still like to sell their home without having to go
through the hassle of fully marketing their home.
Database - We have a database of over 3,000
clients who we actively keep in communication
with and have many clients who with the right
buyer would be happy to sell their home without
having to go through the hassle of having their
home on the market.
The Home Buying Process
Is now the right time?
• How long are you planning on living in your next home?
• Consider the benefits/drawbacks to owning a home.
Get preapproved for a mortgage
• How much can you afford?
• What are the different loan programs available? (FHA, VA, Conv)
• Make sure your credit is in good shape.
Find your dream home
• What kind of home do you want? (Detached, Attached, etc.)
• How many bedrooms and bathrooms?
• Are school districts important?
The escrow process
• The home inspection
• Reviewing disclosures
• Ordering the appraisal
• Securing financing
• The final walk through
• Schedule the move
• Changing over utilities
What to Expect...
From this Market
When Writing an Offer
Navigating this market can be very complex at
times. In your search for a home you generally
come across three different types of sellers. Each
one will have different escrow timeframes, negotiation styles, pricing strategies, and timeframes
for accepting your offer. Without knowing the
different characteristics of the different types of
sellers it can be very frustrating as a buyer.
Here are some things to consider to ensure your
offer gets accepted:
Traditional Sales - These are sellers who have
equity in their homes and are usually looking
to close escrow in 30-45 days. When writing an
offer on a traditional sale you will usually negotiate directly with the seller through their agent.
Short Sales - These are sellers who owe more
than what they can sell their home for and
therefore have to negotiate with their bank to receive a lesser amount. Typically the negotiation
proce3ss with the bank can take 4-6 months to
get an offer approved and the price is subject to
change during this time. There is also a chance
that the bank will reject the seller’s request for a
short sale and instead foreclose on it.
Foreclosures - These are the homes which have
been foreclosed on and taken back by the bank,
also known as Real Estate Owned (REO) or
bank owned. Like the traditional sale the bank
will want to close escrow within 30 days upon
accepting your offer. The banks are motivated to
sell these homes quickly and will typically price
them slightly below market value to get multiple
offers and create a bidding war to drive the price
up. Even though you may pay over the asking
prices, these can still be great values.
What type of sale is it?
• Foreclosure, short sale, traditional sale
Is it priced right for the market?
• What is the buyer activity?
• Are there offers on the home?
• What other homes are for sale in the neighborhood?
• What has sold recently in the area?
• How long has it been on the market?
What is the seller’s motivation?
• Are they priced driven or are there other
terms that are more important to them such
as a lease after sale?
• How long of an escrow are they looking for?
Do you need concessions for closing costs?
• Closing costs such as title, escrow, and lender
fees usually cost between 1-3% of the sales
Are there multiple offers on the property?
• This is not uncommon for homes priced right
for the market and in great condition.
• Often times the seller will ask for your “highest & best” offer. In other words, what is
the highest price you will offer, considering
someone else might out bid you, you would
not have any regrets because you gave it your
Full names of all purchasers as they are to appear on the title.
Social security numbers of all purchasers.
Present residence address for all purchasers and previous address for all purchasers going back two years.
Home, office, cell phone numbers.
• Rental Income: Copy of lease which is current and at least one year in length.
• Alimony and Child Support (only if used for qualification): Copy of divorce decree and property settlement (ratified) setting out terms. Proof of payment will also be requested at application.
• Income from notes held: A copy of the ratified note.
• Retirement, Social Security, and Disability Income: Copy of award letter and latest check showing amount
of present payment. Copy of end of year statement if applicable.
• Bank Accounts: Name of bank, address, account numbers, types of accounts, and present balances. With
checking, use average balances.
• Copy of two most recent statements of all accounts.
• Stocks and Bonds: Copy of certificates or copy of recent (within 30 days) broker statement listing holdings.
• Life Insurance: Cash value, only if being used for down payment.
• Vehicles: Year, make, and value. Copy of title if under four years old with no outstanding lien.
• Real Estate: Address and market value. If free and clear, deed of release, deed or mortgage payoff.
• Present Home: Copy of sales contract, settlement sheet and/or lease.
• Gift Letter: Form will be provided by financial representative. Donor capacity must be verified. Receipt of
funds must be shown in account.
• Credit Cards: Account numbers and outstanding balances.
• Loans (Auto, Mortgage, Personal, Student, etc.): Name of institution, address, account numbers, outstanding balances, monthly payments, and months left on loan. Copy of next payment coupon. 12 months of
statements or canceled checks for present mortgage.
• Alimony and Child Support: Copy of ratified decree and property settlement setting out terms.
Present Employer: Name, address and a contact person to send employment verification form.
Explanation for any gap during two year history.
Relocation letter for any transferees - giving date, salary, new location, and any relocation benefits.
Previous Employer: Name, address, and a contact person, going back two years.
Present Salary: Year-to-date pay stub and W-2s for last two years.
If any variable income, commission, part-time income, bonus, overtime, interest income, etc., is being used
to qualify: Two years signed federal tax returns and W-2s and/or 1099s.
• If self-employed: Two years signed federal individual and corporate returns (if applicable). Also a profit
and loss statement and balance sheet.
• Diploma or transcript if student during two year period.
Preparing for the Lender
• Certificate of Eligibility: To obtain, you will need a DD-214 (Separation of Service) or if in the service, you
will need a Statement of Service signed by a Commanding Officer or Personnel Officer (certificate must be
updated prior to application).
• If in service, you will need Authorization to Live Off Base (DD-1717 from housing
office) and Transfer Order (if applicable).
Loan Process Dos and Don’ts
There are certain “Dos and Don’ts” which may affect the outcome of your loan request. These remain in effect before, during , and after loan approval up until the time of settlement when your loan is funded and recorded. Many
times credit, income, and assets are verified the hour you have signed your final loan documents. Here is a list you
should comply with:
• Do anything that may alter your credit and risk you
obtaining your loan. Also, these things may put you
in default of your Sales Contract, put your Escrow
deposit at risk, and put you at risk of being sued.
• Quit your job or change jobs. If this is likely, consult
your loan officer and call this office.
• Allow anyone to make an inquiry on your credit
report except your lender.
• Apply for credit anywhere else except with your
lender. This causes more “hits” on your credit rating
which can reduce your credit score.
• Change bank accounts or transfer money within
your existing accounts.
• Co-sign for anyone, for any reason, for anything
• Purchase or attempt to purchase anything on credit
such as another car, truck, boat, furniture, etc.
• Charge any abnormal amounts to your current credit
cards or credit lines.
• Send in late payments or incur late fees for anything.
• Wait longer than the time-frame given per your contract to provide all necessary paperwork and information to your lender when requested.
• Keep all accounts current, including mortgages,
car loans, credit cards, etc.
• Contact both your lender and your sales associates anytime a question arises.
• Make all payments on or before due dates on all
accounts, even if the account is being paid off
with your new loan.
• Have any lender-required money or funds to
your loan officer within seventy-two hours after
home inspection is complete.
• Return phone calls from your agent, loan officer, settlement company or anyone else involved in your transaction within two hours of
Will Mortgage Pre-Approval Hurt
My Credit Score?
This is a very common myth. Getting preapproved
is 100% beneficial to you because it gives you the
confidence to write offers and prevent any heart
ache down the road. Good agents and smart sellers
will not even consider looking at a financed offer
without a preapproval letter.
All of the credit bureaus understand the complex
timing of getting a mortgage. Therefore, they have
instituted measures to avoid reflecting pre-approval
inquiries on credit reports.
Services You May Need
Home Team Inspection Services
5890 SW 191st Ave; Aloha, OR 97007
Pillar to Post
1118 Lancaster Dr #316, Salem, OR 97301
Pillar to Post
10258 SW Stuart Ct, Portland, OR 97224
Superior Home Inspection
12611 NE 7th Ave, Vancouver, WA 98685
Evergreen Pest Management
PO Box 6015, Salem, OR 97304
Atterbury Brothers Construction LLC
9317 N Macrum Ave, Portland, OR 97209
121 SW Salmon St, Ste 1100, Portland, OR
Richard A. Mario
5300 Meadows Rd, Ste 200, Lake Oswego, OR
Pipe Repair Services
Buying a Short Sale
“Short Sale” is used to refer to those real estate transactions in which the agreed-upon
purchase price is insufficient to pay off all of the secured debt on the property (such as
mortgages, trust deeds, state/federal income taxes, liens, property taxes or other local
assessments) including the costs of closing, such as escrow and recording fees, title insurance
premiums, real estate commissions, etc.
As the buyer of a short sale, patience is often the most important component to a successful
sale. When the seller accepts your offer it is sent to the bank(s) for approval. That process can
take months and still does not guarantee the transaction will close. The contingencies in your
offer begin with notification of short sale approval. That’s when your earnest money must be
deposited and the inspection period and other contingency time frames begin.
Do you want to fall in love?
If you do, a short sale may not be the
best home for you. The process can take
months and there are lots of things that
can go wrong during the transaction
that you have no control over.
Short sales are best for those that have
no time contraints on making a purchase
and that will not be crushed if the
transaction falls apart.
When you are looking at property
online, short sales that are awaiting
bank approval are catagorized as
“Short Sale Pending” (SSP) and will
show as available. When bank approval
is received the property goes “Sale
Pending” and will drop off of property
Buying a Bank Owned Property
What price does the bank (seller) want for the property?
The same as if a private seller was listing their home. They want the listing price or better.
How did the seller come up with their listing price?
The sellers typically try to determine fair market value through a combination of Broker Price Opinions
and appraisals on the property. The condition of the property was also taken into consideration.
How do I place an offer for the property?
All offers must have either a pre-qualification letter or proof of funds attached to them. A
pre-qualification letter can be obtained by going to a direct lender. Proof of funds can be a
bank statement showing the balance in the account exceeds the offer amount or a statement
from a securities company. A prequalification letter must be current and contain the following
* Borrower’s name * Borrower’s lending limit * Lender’s name * Lender’s address
* Loan Officer’s name * Loan officer’s direct phone and fax numbers.
Once you have obtained proof of funds or a pre-qualification letter, then you should begin
looking at houses.
What should I offer for the property?
You should make an offer that feels comfortable to you. However, if you are going to submit an offer
substantially below the list price, be prepared that you may: (1) be outbid by other prospective buyers (2)
need to wait an extended amount of time for a seller’s answer; or (3) be forced to look for a different
property if your offer is not accepted.
Will the seller look at more than one offer?
YES. And the seller will not consider a property under contract until the seller has signed all
contract forms and addendums. (They will not do this until the buyer has signed all of these
forms first). Therefore, if you make an offer on a property and receive seller addendums back,
you need to review and (if you agree to the terms) sign them immediately and return them.
(Never cross out or make changes on the seller addendums unless you are willing to have the
seller treat such changes as a counter offer that can result in your offer subsequently being
rejected by the seller.)
Will the seller make repairs?
Most foreclosures are sold “AS IS, NO DISCLOSURES.” This means the property is offered “as is,” without
repairs or upgrades. The seller has already reduced the price of the property for any damages or needed
repairs, which are reflected in the listing price. As for “No Disclosures,” the seller cannot provide disclosures
because typically the seller has not personally seen the home to have knowledge of its condition.
Foreclosure sellers generally rely on what the listing agent and appraiser have seen.
Continued on next page
Buying a Bank Owned Property contd
Will the seller allow for an inspection period?
Typically, yes. This inspection period is normally 10 days long. It is designed so that the buyer can have
a home inspection, termite inspection, septic inspection, survey (if desired) and appraisal completed.
An appraisal is part of the inspection period.
The inspection is not designed to allow the contract to be re-negotiated. Generally this will kill the
transaction if the buyer attempts this. The seller will not activate utilities if the condition of the
property is deemed unsafe. Ask the listing agent for more information.
Does the seller have any special forms?
Most sellers do have what they call “special addendums.” These forms vary from lender to lender. The
addendums supersede the original purchase and sale agreement and become part of the purchase and
sale agreement. Most of these forms have a few items that the buyer must pay close attention to, such
as per diem charges, inspection periods, closing costs, and earnest money requirements.
When will the seller respond to my offer?
Response times on an offer can vary from just a few days, to much longer.
Should I get a home inspection?
Yes. A thorough home inspector can provide the buyer with valuable information.
Can my agent provide me a home inspection?
No. A home inspection can only be performed by someone associated with ASHI (American Society
of Home Inspectors) or NACHI (National Association of Certified Home Inspectors).
Will the seller pay my loan closing costs?
Closing costs, along with other aspects of the transaction, are subject to negotiation.
Does the seller accept FHA?
This depends on the seller and the condition of the property.
Will the seller finance the property?
This depends on the lender. If they do, it will be advertised as such.
Will the seller accept contingencies or a Lease/Purchase?
No. Contingency and lease/purchase offers are generally not accepted on foreclosed properties.
What could possibly be more nerve
wracking, ground shaking, and life
changing than moving? In our case, it
was from Phoenix, Arizona to Portland,
My husband, Peter, works for Intel
and we had the option of choosing
our own Realtor® to work with. I went
online and started looking at houses, myself, rather than connecting
with an agent first. When I saw an
interesting property, I’d contact the
Realtor® listing it.
poor match for us. My husband needed
to direct her as she drove us around.
She made reference to the fact that
“house-hunting with children” wasn’t a
great idea and decided, without discussing it with us, to eliminate potential
properties for viewing. Needless to say,
we eliminated her immediately.
However, we never felt distanced
from Charles, by miles or technology.
Peter was very impressed that Charles
was so “techno-savvy”! If Charles
didn’t have an immediate answer to a
question---which was rare---he’d find
the information and get back to us
How we mustered our morale to go
back online, when we got home to
Phoenix, and start searching all over
again, is a story in itself. But, it would
become the best part of our story and
our search…because it led us to Charles
Turner of TurnerRealtors®.
Charles’ friendly, helpful know-how
made the major hurdles of relocating
less stressful. Driving cross-country
with two vehicles and an RV and having just one hour to arrange financial
access to an out-of-state account,
were huge factors.
Charles was there throughout to
support us by getting information
we needed or requested back to
us without delay. He diligently
focused on our transactions;
maintained a professional
standard, was cheerful and
upbeat and even came to
the house to let the carpet
My husband’s new position with
Intel required him to travel to the
Portland area about every other
week, so it made complete sense
that we would eventually relocate.
Fortunately, the trips there allowed
him to become more familiar with
the city, a little bit at a time.
We took our first “house-hunting” trip
to Portland one weekend, planning to
meet a particular Realtor®, whom we
had previously contacted. We took our
fourteen-year-old son, Brampton, with
us to “see what he was getting into.” We
wanted him to know that we understood how tough it would be starting
high school in a new place.
We met the agent on a gray, rainy day.
If weather could portend an outcome,
this day certainly did. This agent was a
My husband sent Charles a casual email
requesting information about a house
we had seen online and liked. Charles
got right back to us, sending a million
different things for us to peruse; things
about schools, neighborhoods, everything.
What began as a simple email indicating our interest in a home---which is
now our home ---took off like wildfire.
In fact, the majority of our communication with Charles was by email! I’ve
heard people say you can buy anything
online! We are proof of it!
Here in Portland, we now
experience the wonder of
changing seasons and temperatures. We can enjoy them
indoors in our four- bedroom,
three-and-a-half bath, 4400 square
feet home, or outdoors on our deck
or beautiful wrap-around porch. We
know we’ve made the best decision
for our sons (Brampton, Ben and
Gavin), and our new lifestyles.
Thank you, Charles.
I just can’t say enough about how great
the Turners are! There are times when I
actually toy with the idea of selling the
house I’ve just bought and buy a new
one, just to work with Jenny and Charles
Prior to buying my home, I was a seasoned apartment dweller, often moving
from place to place without actually
Now, I’m a first time home
owner. The biggest
adjustment I had
to make was to
myself. I still
I actually own a
house. I’ll go
to my back
think, “This is
This little piece of
land is mine.”
I’m really looking forward to my first
summer in the house. On clear days,
I can see Mt. Hood down the street.
Portland really has some breathtaking
scenes. I’m originally from Rochester,
New York, and visited Portland on a road
trip, some years ago. It was so beautiful
that I stayed.
One of Jenny’s most important and
welcomed skills is being on top of things
during the whole buying process, which
in my case, was fraught with unforeseen
Take the sewer problem, for example.
Talk about opening up a can or worms or sewer pipes, for that matter. The owners/sellers of the house were living out of
the country in the British West Indies, but
included a stipulation in the sale of their
Portland home, that they would not be
responsible for any repairs needed. Gulp!
Where did this leave me?
I got a crash course in “party sewers”
(homes adjacent to each other sharing
the same sewer line), what “negotiations”
I could garner with the current owner
regarding the repair to broken sewer
pipes, who pays for what and what repair
services were available to do the work.
To say I felt mired in these decisions is an
understatement. The aspects of searching for and buying a house suddenly
seemed so simple! Finding the house
didn’t take long; financing the house
didn’t take long; the final closing didn’t
take long. But this sewer thing loomed
larger than life every day.
Jenny was tenacious as ever in hounding
the people who did the “sewer scope” to
determine if my house was, in fact, on a
“party sewer line”. When we discovered
that it was, Jenny managed to get the
city of Portland to allow me to use the
very sewer line that runs right in front of
my house and she also made sure that
I was locked into a fixed price with the
sewer repair people.
She just kept on it, giving me progress
reports every step of the way. By that
time, I felt confidant that Jenny was taking care of everything, so it was a stressfree process for me. I didn’t worry about
a thing, She left no stone (or sewer pipe)
For first-time home owners like me, the
prospect of making this huge move can
be scary and very intimidating. Jenny
and Charles made me feel so secure and
comfortable. They are focused, accessible, knowledgeable and just terrific
people. You don’t have to worry about a
Sewer scopes were almost considered a
novelty a few years back in real estate
transactions. Now we consider them
close to mandatory, even on new construction. We’ve seen instances where
new ABS pipe has been laid and then
cracked under compaction by heavy
Portland code no longer allows for party
sewers. If any part of a party sewer needs
repair, the city mandates that all owners
separate (and pay for) their own sewer
taps to the main line. A homeowner is
responsible for their sewer to the curb.
Portland’s sewer system is over 100 years
old and is showing its age in many neighborhoods.
The aproxomate $100 investment in
a sewer scope seems like the smartest
money a buyer or proactive seller could
spend on their home.
~ Charles & Jennifer
Oregon Real Estate Agency
Disclosure Pamphlet page 1
Consumers: This pamphlet describes the legal obligations of real estate licensees in Oregon. Real estate brokers and
principal real estate brokers are required to provide this information to you when they first meet you.
This pamphlet is informational only. Neither the pamphlet nor its delivery to you may be interpreted as evidence of
intent to create an agency relationship between you and a broker or a principal broker.
Real Estate Agency Relationships
An “agency” relationship is a voluntary legal relationship in which a real estate licensee (the “agent”) agrees to act on behalf of a buyer or a
seller (the “client”) in a real estate transaction. Oregon law provides for three types of agency relationships between real estate agents and
* Seller’s Agent: Represents the seller only;
* Buyer’s Agent: Represents the buyer only;
* Disclosed Limited Agent: Represents both the buyer and seller, or multiple buyers who want to purchase the same property.
This can be done only with the written permission of both clients.
The actual agency relationships between the seller, buyer and their agents in a real estate transaction must be acknowledged at the time an offer
to purchase is made. Please read this pamphlet carefully before entering into an agency relationship with a real estate agent.
Oregon Real Estate Agency
Disclosure Pamphlet page 2
Duties and Responsibilities of an Agent
Who Represents More than One Client in a Transaction
One agent may represent both the seller and the buyer in the same transaction, or multiple buyers who want to purchase the same
property only under a written “Disclosed Limited Agency” agreement, signed by the seller, buyer(s) and their agent.
When different agents associated with the same real estate firm establish agency relationships with different parties to the same
transaction, only the principal broker (the broker who supervises the other agents) will act as a Disclosed Limited Agent for both the
buyer and seller. The other agents continue to represent only the party with whom the agent already has an established agency
relationship unless all parties agree otherwise in writing. The supervising principal broker and the agents representing either the seller
or the buyer have the following duties to their clients:
1. To disclose a conflict of interest in writing to all parties;
2. To take no action that is adverse or detrimental to either party’s interest in the transaction; and
3. To obey the lawful instruction of both parties.
An agent acting under a Disclosed Limited Agency agreement has the same duties to the client as when representing only a seller or
only a buyer, except that the agent may not, without written permission, disclose any of the following:
1. That the seller will accept a lower price or less favorable terms than the listing price or terms;
2. That the buyer will pay a greater price or more favorable terms than the offering price or terms; or
3. In transactions involving one-to-four residential units only, information regarding the real property transaction including, but not
limited to, price, terms, financial qualifications or motivation to buy or sell.
No matter whom they represent, an agent must disclose information the agent knows or should know that failure to disclose would
constitute fraudulent misrepresentation. Unless agreed to in writing, an agent acting under a Disclosed Limited Agency agreement has
no duty to investigate matters that are outside the scope of the agent’s expertise.
You are encouraged to discuss the above
information with the agent delivering this
pamphlet. If you intend for that agent, or any
other Oregon real estate agent, to
represent you as a Seller’s Agent, Buyer’s
Agent, or Disclosed Limited Agent, you
should have a specific discussion with
him/her about the nature and scope
of the agency relationship. Whether
you are a buyer or seller, you cannot
make a licensee your agent without
their knowledge and consent, and an
agent cannot make you their client
without your knowledge and