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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Feb. 16, 2018)
4M // Real Estate & Home Buyers’ Guide // February 2018 POTATOES, HAY, GRAIN: 3,300 +/- deeded – 1,758 +/- irrigated – 18 pivots, 11 wells lifting 56’-155’ – pride of ownership –management or leaseback available - $10,000,000 500 ANIMAL UNITS YEAR LONG: 4,100 deeded acres, private BLM & small landlocked private lease – 450 irrigated acres – FREE ARTISIAN WATER – quality improvements – landowner hunting tags for elk and mule deer – upland game birds – fishing - OWNER FINANCE – asking $4,850,000 7,280 DEEDED ACRES : – 640 state lease – 240 BLM: rates at approximately 1,800 AUM’s for year- long or seasonal grazing – currently used as WINTER PASTURE for 2017/2018 - $20,700 CRP payment w/9 years remaining – about 800 acres neglected dry farm can be seeded to grass or farmed for increased production – over 13 miles of newly constructed fencing in 2017 – Columbia Basin - $2,400,000 – owner agent RECREATION/LIFESTYLE: 4,070 deeded acres – high end improvements – elk, mule deer, bear, lion – turkey - landowner tags – approximate 50 acre reservoir stocked with Steelhead and Rainbow – close to Eagle Cap Wilderness, Hells Canyon, 3 golf courses and town – summer pasture for about 140 cow/calf pairs – $4,000,000 –owner agent – can add adjacent 5,000 acre grazing/timber tract if desired Glossary Adjustable-rate Mortgage (ARM) - A mortgage for which the interest rate and the payments change during the life of the loan. Agreement of Sale - The contract in which the seller agrees to sell and buyer agrees to buy, with conditions and terms spelled out and signed by both parities. Federal National Mortgage Association (FNMA or Fannie Mae) - A privately owned and managed corporation that purchases mortgage loans originated by other lenders. Fannie Mae issues stocks and securities to obtain funds for its purchases. Fixed-Rate Mortgage - A loan that has one set interest rate. Installment Debts - A buyer's long-term debts; they usually extend for periods longer than nine months. Amortization - A plan for gradually repaying, in periodic payments, money borrowed. Intermediate-term Loan - A home loan of less than 30 years. Balloon Mortgage - A mortgage that has a large amount of the principle due at the time of maturity. Life-of-loan Cap - A consumer protection on some adjust- Bridge Loan - A loan that fi nances a mortgage at the end of able loans. It limits the total upward adjustment that may occur during the life of the loan. Also known as an overall cap. one loan and the start of a new one. EAST OREGON FARM: 1,206 deeded acres w/600 irrigated – offering all or just irrigated – currently hay, grain, pasture – about $14/acre water with strong reliable history – proposed gravity irrigation project in near future with 50% gov. cost share – modest improvements – close to town, schools - $2,700,000 for all or $2,300,000 for just irrigated. For details – agrilandsrealestate.com AgriLands Real Estate – 541 583 1212 Jack Horton 208 830 9210 Rae Anderson 208 761 9553 Closing Costs - Expenses and fees that are added to the price of the property, paid by the buyer and the seller at the closing. The Agreement of Sale states who pays which costs. Commercial Bank - A fi nancial institution authorized to provide a variety of fi nancial services, including consumer and business loans (generally short-term), checking services, cred- it cards and savings accounts. Condominium - The buyer owns title to a residential unit, shares common areas with other unit owners and pays main- tenance fees to the condominium association for property upkeep. Conventional Loan - A loan not guaranteed by the VA or insured by the FHA. Co-op - In exchange for the right to occupy a co-op unity, the buyer owns shares in the co-op corporation (made up of co-op residents), rather than owning real property. Debt-to-income Ratio - A percentage arrived at by divid- ing the borrower's fi xed monthly obligations by the borrower's monthly income. Loan-to-value Ratio - The relationship between the amount of a home loan and the total value of the property. Lenders may limit their maximum loan to 80-95 percent of value. Lock-in Rate - A rate commitment made by lenders when making a mortgage loan to commit to or "lock in" that rate pending loan approval. Lock-in commitment periods vary. Market Value - The highest price the buyer is willing to pay for a property and the lowest price the seller will accept. Mortgage - A lien or claim on property given by a buyer to a lender as security for money borrowed. Mortgage Broker - An individual or company that obtains mortgages for others by fi nding lending institutions, insurance companies, or private lenders to lend money. Payment Cap - Limits the amount that a monthly payment on an ARM loan can increase at the time of adjustment. Points - One percent of the amount of the mortgage loan. Prepayment - Payment of a mortgage loan, or portion of the loan, before the due date. Due-on-sale Clause - A mortgage stipulation demanding payment of the entire loan balance upon sale or other transfer of the real estate securing the loan. Equity - The ownership interest remaining in property after Prime Rate - The interest rate that banks charge to their preferred customers. Changes in prime rate are used as index- es in some adjustable rate mortgages, especially home equity lines of credit. payment of all liens or other charges on the property. Principal - The basic loan amount, separate from interest, Escrow - Funds left in trust with a third party, to be paid to a insurance, and taxes. designated recipient at a designated time. Private Mortgage Insurance (PMI) - The insurance Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) - A quasi-governmental secondary market agency that purchases whole mortgage loans. Freddie Mac sells interest in pools of mortgage loans to obtain funds for mortgage loan purchases. coverage offered by a private company that protects a lender against loss on a default mortgage loan. Its use is usually lim- ited to loans with high loan-to-value ratios. The borrower pays the premiums. Title - Proof of ownership. Federal Housing Administration (FHA) - A govern- ment agency within the Department of Housing and Urban De- velopment that administers many programs involving housing loans made from private funds, including mortgage insurance for lenders and rent or interest assistance for low-income ten- ants and mortgagors. Title Search - A check of title records to assure that the buyer is purchasing property with no liens, encumbrances, or other claims which might adversely affect the title's value or marketability. Veterans Administration (VA) - A government agency that helps veterans of the armed forces obtain housing. Eastern Oregon R eal E state & H om ebu ilders G u ide