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Last November, a two-acre parcel in Southwest Portland sold for $22,000, one-tenth of what Multnomah County considers its real-market value.

And as I revisit that transaction -- and the two couples at the heart of it -- I want you to reflect on whether something went wrong here ... or whether this story is simply further proof that America is the land of opportunity.

Elmo and Melitta Marquette have lived in their 1923 house on Southwest Garden Home Road for more than 30 years. He was a long-time plumber; Melitta spend three decades with Veterans Affairs.

They lean on their next-door neighbor, Donna Lee Holmes, now and then, to pick up the new cable boxes, turn off the hazard lights in the new Jeep, and to explain where to file those "free" checks that arrive in the mail.

But given their ages -- Elmo is 86, Melitta 88 -- they are admirably self-sufficient. Elmo is often walking the neighborhood and feeding the birds. Melitta maintains the checkbook, even though she only enters the check amount, not the running balance.

At some point in time, the Marquettes spoke to their neighbors -- Michael Leland and Sandra Bittler -- about selling the two-acre meadow just down the hill and abutting both their properties.

Leland is the president of Mortgage Trust, a Portland lender. Bittler, his wife, is a principal real-estate broker at Oregon First.

"When we first moved in, seven-plus years ago, we saw they had a bunch of land, and we said, 'If you're ever thinking of selling, let us know,'" Leland said.

"Elmo knocked on the door one day and said they were interested in selling. He threw a number out, and we went from there."

That number, according to the sales agreement for the 2.02 acres and the essential easement, was $22,000.

"I didn't read it carefully. I should have, but I didn't. I thought it was $220,000," Melitta insisted last week. "He (Elmo) got all that mixed up. When you get older, it's easy to do."

Why $220,000? Most likely because the real-market value on the Marquettes' 2013 property-tax statement is $220,400. The assessed value is $108,360.

In November, an escrow officer from Fidelity National Title arrived at the Marquettes' home for closing.

As Pat Ihnat, counsel for the title company, reminds us, escrow officers are neutral, dispassionate notaries in these transactions: "We not only don't get involved, we can't get involved. If anyone on the escrow side questions the wisdom of the deal or how the purchase price was set, we're violating our obligation of neutrality."

That's precisely why, Ihnat adds, "I can't express strongly enough that people talk to a real-estate broker or another adviser before engaging in a contract like this and setting value on their own."

Elmo and Melitta were not armed with that advocate.

At some point during signing, Ihnat says, Melitta complained to her husband that they weren't getting enough money for the property. The escrow officer departed. Within 48 hours, however, Bittler called her back, telling her the disagreement had been resolved.

"All my discussions were with Elmo," Bittler says. "He said, 'I've talked to her. We understand it's what best for our family.' I didn't think it was my place to push it any farther."

Elmo and Melitta signed the papers on Nov. 12. The $22,000 was transferred electronically to their bank account.

"They were not represented by an attorney," Leland says. "I do feel comfortable they understood the sales price. Is it worth more than $20,000? Absolutely. We said, 'It's worth a heck of a lot more than that.' (But) their main goal was accomplished. Nothing is going to get built on that property while they are alive."

When I reminded Leland that he and his wife are veterans of these transactions and the Marquettes -- Elmo is 86, Melitta 88 -- are not, he said, "How old is too old? It wasn't as if someone was holding a gun to Melitta's head."

In April, Holmes -- concerned about the sale of the easement -- and her Realtor, Trish Brazil, examined the transaction. Elmo finally checked his bank statements, Holmes says, and saw the $22,000 figure. And Holmes and Brazil convinced Elmo and Melitta to sit down with David Shaw, a Portland attorney with an extensive background in real estate.

Whatever you think of the deal, Shaw concluded, "The Marquettes weren't sophisticated enough to evaluate the value of the property or to hire an agent to represent them.

"I am very comfortable in saying they believed they sold (the two acres) for $220,000."

Shaw encouraged Elmo and Melitta to challenge their neighbors in court. They elected not to.

"I guess we decided we'd just be paying lawyers and that would eat up all the profits," Melitta tells me. "So, what the heck."

"I guess I sold it a little cheap," adds Elmo, who is a little stubborn and a little embarrassed. "So, it's gone. I don't have to mow it any more."

"At this late stage in their life, they don't want to make the neighbors upset," Brazil says. "Someone needs to be upset. I guess it's me."

Leland doesn't understand that. No, he can't explain the enduring confusion over the purchase price: "On two separate occasions, they had a chance to say this price was inaccurate if that's what they were truly feeling. It's not like we were sneaking something by these people."

OK. But when we factor in the Marquettes' age, the systemic problem of elderly abuse in financial transactions, the jaw-dropping disparity in value, Leland's and Bittler's extensive experience in the art of these deals, and their affection for their neighbors, wouldn't everyone have been better served if the real-estate professionals here insisted Elmo and Melitta have outside counsel every step of the way?

"I guess in hindsight that would have been the smart thing to do," Leland says.

SCUM! If they had a conscience it would keep them awake at night.

This pair of douches need to be hosed.

Shaming is an under used tool nowadays. But it can be very effective given how much social media leveraged.

The gal has lost her affiliation with the real estate agency. I'm betting that the scum/couple reverses the deal in the next few days.

That would be nice to see.

On the other hand, scum would just as likely turn the property for a $1/4 million profit, add the proceeds to their portfolio and hasten that retirement date.

Since he's the President of the bank, does that mean there is no one above him to fire his ass?

If such is the case, it would be nice for this matter to become public knowledge in the Portland area, and then for 90% of the bank's patrons to pull their accounts.

Mortgage Trust
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Michael Leland
Name: Michael Leland
Title: President
Certification: NMLS 53011

Michael Leland
"I founded Mortgage Trust in 2000 with the goal of helping individuals with their real estate and financial goals. In addition to staying involved with clients in that way, I now get a ton of satisfaction from helping our employees achieve their financial and life goals and dreams.

Life Balance is a term that is used often at Mortgage Trust. I try to set an example by avoiding work in the evenings and on weekends, which allows me to spend more time with my amazing family and friends, train for triathlons and dive into personal development books."

What are you most passionate about professionally? What most excites you about your work and the contribution you can make?
"Helping our team live balanced lives."

What are you passionate about personally? What do you really enjoy? What can�t you stop talking about?
"Coaching youth sports. My three kids (Emma, Maxwell and Jackson) still let me coach their respective basketball and baseball teams. I realize there will be a day in the not-too-distant future when it won�t be cool to have their dad coaching them. For now, I�m going to cherish every moment of the coaching experience."

How long have you been doing what you do?
"I�ve been in the mortgage industry for nearly 20 years. I�m completely unemployable in anything else at this point, so hopefully this mortgage gig works out!"

My greatest athletic achievement is�.
"Running the Boston Marathon in 2010

Completing a Half Ironman Triathlon in 2012"

My greatest brush with fame was�.
"Meeting Michael Jordan when he was in Portland with the Dream Team in 1992. He and a few other players and coaches ventured out to a night club. While everyone else was standing around and pointing at them in awe, I brazenly introduced myself to Jordan, and we exchanged a few words.

Meeting and marrying Princeton University�s female basketball player of the century."

Reach out
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(503) 282-5626

Email
michaelmortgage-trust.com

Fax
(503) 288-1875

Location
South Waterfront Headquarters
http://www.mortgage-trust.com/our-team/michael-leland/

Shaming is an under used tool nowadays. But it can be very effective given how much social media leveraged.

The gal has lost her affiliation with the real estate agency. I'm betting that the scum/couple reverses the deal in the next few days.

The Board of Directors could fire him.