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GLOSSARY
Seller carry-back
An agreement in which the finance is provided by the property owner along with an assumed mortgage.
Seller financing
Seller financing is a type of real estate financing that involves a loan made by the seller to the buyer. This arrangement might be made if the buyer doesn't qualify for a traditional bank loan in the full amount of the purchase. The seller earns interest on the debt, and takes a security position in the property, just as a bank lender would. Seller financing is also called seller take-back.
Seller take-back
Seller take-back is a type of real estate financing that involves a loan made by the seller to the buyer. This arrangement might be made if the buyer doesn't qualify for a traditional bank loan in the full amount of the purchase. The seller earns interest on the debt, and takes a security position in the property, just as a bank lender would. Seller take-back is also called seller financing.
Seller's agent
An agent who works for a real estate firm and is loyal to the seller.
Seller's market
When the number of interested buyers is greater than the number of sellers which make the prices increase.
Semi-custom home
A house in which the buyer cannot alter the layout, but can specify certain amenities.
Seminole quarterbacking
Seminole quarterbacking is a slang term that means choking under pressure, or failing when the stakes are highest.
Senior
Senior, in reference to debt, describes an obligation that has a higher priority claim on secured assets. If the assets have to be liquidated, the senior creditor is paid before junior creditors can be paid. In mortgages, the first mortgage is senior to the second mortgage.
Senior debt
Senior debt is a loan that has repayment priority over another loan. If the borrower's assets have to be sold off to repay creditors, the creditor holding the senior debt obligation will be paid back first. In mortgages, a first mortgage is a senior debt, and the second mortgage is a junior debt.
Senior security
Senior security is an issued debt (such as a bond or debenture) that has a priority over other securities. If the security issuer's assets must be liquidated, the holders of the senior security would be repaid before holders of junior securities.
SEP
SEP is the abbreviation for Simplified Employee Pension Plan. SEP is a type of IRA that's established by the employer on behalf of the employees. The employer can make tax-deductible contributions to employee SEPs up to a specified limit.
SEP IRA
SEP IRA is a type of tax-advantaged retirement savings plan. The SEP is established by an employer on behalf of the employees. The employer can make tax-deductible contributions to employee SEPs up to a specified limit.
Separate return
Separate return is a tax return filed by a married taxpayer who does not file jointly with his spouse. Married taxpayers can choose to file one joint return or two separate returns. Generally, it's beneficial to file jointly, but in some situations, it's advantageous to file separately.
Series HH bond
A Series HH bond is U.S. Treasury income security. The U.S. Treasury no longer issues Series HH bonds, although they're still held by investors and earning income. The bonds pay interest twice a year for 10 years from the issue date; thereafter, the rate us set by the Treasury.
Serious delinquency
When a single-family mortgage that is 90 days or more past due, or a multifamily mortgage that is two months past due.