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| SALE PRICE:
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| The actual price a property sells for, exclusive of any special financing concessions. |
| SALES COMPARISON APPROACH:
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| An appraisal practice which estimates the value of a property by comparing it to comparable properties which have sold recently. |
| SCARCITY :
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| An economic principal that dictates the price of a good or service through the interaction of supply and demand. When an item is scarce, its price tends to rise, given a constant demand. Real Estate is a classic example of scarcity. |
| SECOND MORTGAGE :
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| A loan secured by the equity in a home, when a primary mortgage already exists. |
| SECONDARY MORTGAGE MARKET :
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| An economic marketplace where mortgage bankers buy and sell existing mortgages. |
| SECURED LOAN :
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| A loan that is backed by collateral. In the case of a mortgage loan, the collateral is the house. |
| SECURITY :
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| The property used as collateral for a loan. |
| SEMIDETACHED HOUSING:
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| Two residences which share a common wall. |
| SERVICER:
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| A financial institution which collects mortgage payments from borrowers and applies the appropriate portions to principal, interest and any escrow accounts. |
| SERVICING :
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| The processing of payments, mailing of monthly statements, management and disbursement of escrow funds etc Typically carried out by the company you make payments to. |
| SHEATHING :
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| The covering on outside walls beneath the siding or exterior finish such as stucco. |
| SHEETROCK:
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| Also called drywall, the gypsum board commonly used on interior walls. |
| SILL COCK:
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| Garden hose pipe connection. |
| SILL PLATE :
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| The lumber used around the foundation to support exterior wall framing. |
| SINGLE-FAMILY PROPERTY:
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| A property designed and built to support the habitation of one family. |
| SOFFIT :
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| The underside of a cornice at the eaves. |
| STUCCO:
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| A textured plaster exterior (and occasionally interior) wall finish. |
| STUD :
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| A vertical framing piece in a wall, generally 2x4 lumber in interior walls. |
| SUBDIVISION :
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| A residential development that is created from a piece of land which has been subdivided into individual lots. |
| SUBJECT PROPERTY:
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| A term which indicates a property which is being appraised. |
| SUMP :
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| A basin into which water drains and from which the water is pumped out. |
| SURVEY :
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| A specific map of a piece of property which includes the legal boundaries and any improvements or features of the land. Surveys also depict any rights-of-way, encroachments or easements. |
| SWEAT EQUITY :
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| The method whereby a home owner develops equity in a property, either during the purchase or throughout its life, by personally constructing improvements rather than paying to have them built. |
