141 - First Time Home Buyer Terms and Definitions from A-Z - "S" Part 1
How to Buy a Home: The #1 First Time Home Buyer Podcast
David Sidoni
4.8 • 891 Ratings
🗓️ 3 November 2022
⏱️ 17 minutes
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Summary
David Sidoni breaks down all the vocabulary you will need to comprehend when you make the leap to dump your rent and become a homeowner. Today, he goes over some terms starting with the letter “S.”
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David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with over 18 years of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.
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Transcript
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| 0:00.0 | Welcome in, folks. Time to get deep into the S words that you need to know when you're trying to figure out this whole how to buy a home thing. Let's go. |
| 0:26.3 | What is the hippity-ha- how to buy a homies? If you're listening to this on Drop Day, it's probably going to be just before Halloween |
| 0:31.1 | 2022 and things are getting spooky out there in real estate. |
| 0:35.6 | That's going to be the S word for the next couple of months as we |
| 0:38.4 | finish up the year of 2022. And as always, I would like to remind you, the headlines that you |
| 0:44.8 | read about the housing market over the next little while, they're designed that the good headlines |
| 0:50.8 | are written for the sellers. And when you see headlines that are bad, that's actually good for you. |
| 0:56.6 | First time home buyers should think of themselves as new buyers on Wall Street with nothing already in the market. |
| 1:02.4 | All the headlines that you want to see are things are going bad because bad means things are going down. |
| 1:08.0 | And that's bad for the people who already have money in the market, |
| 1:16.6 | but not bad for you. You're on the sidelines waiting to jump in. Remember, the news reports, |
| 1:22.3 | like my boys at run DMC say, is it's not bad meaning bad. It's bad meaning good. Let's get into the S words. The first one is securities. Well, alphabetically, it's not first, but I thought I would bring it up to the top since we were talking about Wall Street. |
| 1:30.7 | Securities are financial forms that show the holder owns a share or shares of a company. Stock. Or it has loaned money to a company or a government organization. That's a bond. Why am I telling you this? Well, MBS or |
| 1:46.1 | mortgage-backed securities, that's what killed the housing market back in the early 2000s, |
| 1:51.0 | but thankfully, that is behind us. Watch the big short if you don't know what I'm talking about. |
| 1:56.6 | Next S is a sale leaseback. Now, I've already talked about this before, |
| 2:00.9 | and in case some of you are not regular listeners, |
| 2:05.5 | I'll explain to you that this is commonly referred to |
| 2:08.2 | as a leaseback or a rent back, |
| 2:10.5 | but some of the old-time real estate people |
| 2:12.1 | are gonna call it a sale leaseback. |
| 2:14.2 | It's when you buy the place |
... |
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