Term

Definition

Adjudged Value

The market value of the property, determined by the court on the date of trial.

Appraised Value

Evaluation of a property's value based on a given point in time.

Appointment of Substitute Trustee

If a mortgage company is not local, they must appoint a local "substitute" trustee before they can send the Notice of Default and begin the foreclosure process. This list is the first hint that people might be late on their mortgage payments - it is kind of a "pre pre-foreclosure" list.

Assessed Value

Dollar value assigned to a property to measure applicable taxes.

Code Violation

A property that does not meet the minimum standards for housing that include safety, sanitation and suitability.

Decedent

The legal term the tax, estate planning and law arenas primarily use for a deceased person.

Delinquent Tax

Refers to a tax that is unpaid after the payment due date. Usually, a penalty is attached to a delinquent tax. 

Divorce

Legal action between married people to terminate their marriage relationship.

Document ID

The unique number assigned to a document uploaded in the county website

Estimated Equity

The market value of a homeowner's unencumbered interest in their real property, that is, the difference between the home's fair market value and the outstanding balance of all liens on the property.

Eviction

The process by which a landlord may legally remove a tenant.

Grantee

The buyer or the one taking title to the purchased property.

Grantor

Owner or seller of the property.

Historical Interest Rate

Monthly average commitment rate and points from FreddieMac website

Heirship

An affidavit needed to establish facts about the deceased person's heirs and the transfer of property.

Instrument Number

deed of trust number

Landlord (Eviction)

Owner of a house, apartment, condominium, land or real estate which is rented or leased to an individual or business.

Legal Description

Geographical description of real estate that identifies its precise location, boundaries, and any easements for the purpose of a legal transaction, such as a transfer of ownership

Lien

A form of security interest granted over an item of property to secure the payment of a debt 

Loan Modification

Change made to the terms of an existing loan by a lender as a result of a borrower's long-term inability to repay the loan.

Marketing Intelligence

Also Premium Off Market Data. The lists for Pre-foreclosure, Appointment of Substitute Trustee, Evictions, Liens and Probate & Heirship will include up to 5 phone numbers and email addresses for each lead, as available. It will also include available data about the person's demographics, family, interests, income, credit, pets, etc.

Minimum Bid

The opening bid. It consists of tax, penalty & interest, attorney fees, and court fees rendered under the judgment along with sale fees associated with advertising and selling the property.

Mortgagee Bank

The lender who gives the loan to the mortgagor and receives the security interest in the property from the latter.

Mortgagor

Individual or company who borrows money from a lender to purchase a piece of real property. 

Not Owner Occupied

The owner is not residing in the property and a mailing address is provided.

Original Loan Amount

The principal amount of the loan originally made by each lender to the borrower.

Owner Occupied

The owner is residing in the property

Petitioner (Divorce)

The person who starts the court case by filing the Petition

Pre-foreclosure

Legal situation a property is in during the early stages of being repossessed. Reaching pre-foreclosure status begins when the lender files a default notice on the property, which informs the property owner that the lender will pursue legal action toward foreclosure if the debt isn't paid.

Probate

The legal process in which a will is reviewed to determine whether it is valid and authentic.

Property ID

The unique identification number is given to each property

Respondent (Divorce)

The spouse to respond to the Divorce Petition.

Tax Sale

The forced sale of property (usually real estate) by a governmental entity for unpaid taxes by the property's owner.

Tenant (Eviction)

An occupier of a leasehold estate; the person being evicted

Trustee

A person or firm that holds and administers property or assets for the benefit of a third party. In a foreclosure, this is the attorney who does the paperwork and often conducts the sale.

Tax Sale VS. Del Tax

TAX SALES are delinquent tax properties that have been scheduled for auction. DELINQUENT TAXES are behind on tax payments but not yet scheduled for auction

Recency

Recency means that is how many days since the property sold.

Days On Market (DOM)

DOM is how many days it took to sell after it was listed