Posted by Wolfgang on September 16, 2000 at 19:22:55:
I was asking my banker friend today if they have self-basting loans just to try to get one step ahead of these seasoning issues and he looked at me like I was a crazy man. I figured if they want seasoning that I would also take care of the basting issue if it comes up. Should I have him talk to Ed Garcia to get some education or how can I arrange this? Will lenders start requiring marinade also if they are getting picky about seasoning?
By the way-for your mother-in-law just use a good rub on her before grilling.
Salt, pepper, Tobasco and all like that… - Posted by Bill Gatten
Posted by Bill Gatten on September 16, 2000 at 18:16:14:
Tim,
Phoenix Jim was right on (though I think a shot-putter would have made a better analogy than a baseball player…nobody plays baseball anymore). Texas Jim is correct too, but he’s one’a them comprehensive guys like Piper and Alcorn. They’re more interested in teaching you something worthwhile, than they are in having your understand what the h*** they’re taking about the first time through (keeps out the riff-raff that way).
Why couldn’t someone just say: A “seasoned thing” is a thing that’s not a “new thing,” despite the nature of the thing.
Examples:
Seasoned loan: An aged loan
Seasoned shoe: An old shoe
Seasoned barbecue baster: An old dual purpose medical and barbecue thing
Seasoned cantaloupe rind: An old, super stinky thing
In “Simple Laymans’ Terms” - Posted by Jim L (Phx_AZ)
Posted by Jim L (Phx_AZ) on September 16, 2000 at 12:13:16:
Tim,
To put your answer in the most comprehensive form I know, would be to describe “Seasoning” like this:
EXAMPLE:
The difference between a professional baseball player and a rookie.
A rookie is is new…has no, or very little experience in actually playing the game…
A professional, one who has much more playing time on the field… Has been there and done that!
In the example the Professional is considered “A Seasoned Player” Whereas the Rookie is not… It basically means to have some degree of experience in whatever you are doing.
The same is true for a note. If the note were created just yesterday and has never had any of its payments collected then that note would not be considered “A Seasoned Note” Whereas a note created say 12 months ago and 12 payments have been made on it would be considered “A Seasoned Note”
I hope this helps you better understand the term “Seasoning”
The term “seasoning” is used in conjunction with two areas of real estate investing - loans and title.
There’s a very good explanation of the term as it applies to loans in one of the “how to” articles on this site. The article is called “A Glossary of Common Terms Used in Loans and Lending” written by Ed Waschman. Go to http://www.creonline.com/articl68.htm and read the definition of a seasoned loan.
Lately the term has also been used in conjunction with title issues. Similar to its use when referring to loans, seasoning of title simply means that the owner has had title to the property for a period of time, usually six months or one year. The use of the term when referring to title has come about because many lenders are requiring “seasoned title” as their knee-jerk response to the proliferation of transactions wherein loan fraud was committed, ultimately resulting in a financial loss suffered by the lender.