Related:12 Things Realtors Look For in Homes of Their Own. A contingent statusmeans that the seller has accepted an offer and the home is under contract. 2023 All Rights Reserved. They charge dues used to maintain common areas. A portion of your monthly payment goes into the. Dsp Garbage Disposal DTI Debt to Income Ratio DCR, DSCR, DSR Debt Service Coverage Ratio PL/1 In-Ground Pool FHA Federal Housing Administration An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. CNS Certified Negotiation Specialist This abbreviation is a shorthand way of showing your affection to your partner. Property Records These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Allow us to clear things up, by explaining what these things really mean in plain old English. If you have the money to hire a handyman for every household woe, go ahead. Hi ceils - This is an abbreviation for "high ceilings.". LOC Line of Credit Learn, Study these real estate terms when youre applying for a mortgage, Real estate terms you might hear when youve had your offer accepted, more about adjustable-rate mortgages here, The 12 Most Popular Vacation Towns for Home Shoppers. Have questions about buying, selling or renting during COVID-19? RVR River IRA Individual Retirement Account Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. The meaning of REAL ESTATE is property in buildings and land. But the cap rate is not the only metric used to evaluate a real estate investment. Read more about back-end ratio here. KIT, KT Kitchen Brkf Breakfast Area Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. Refinancing is generally done to secure better loan terms, such as a lower interest rate. What Is a Short Sale? If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. There are often additional notes with details that don't fit into the standard listing formula. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. All rights reserved. . 3B/2B - three bedrooms and two bathrooms 2C - two-car garage A/C - air conditioning Appls - appliances Apt - apartment Ba - bathroom Br - bedroom CAC - central air conditioning Ch - central heat Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. OFC Office Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a homes value. 2-LV : Two living levels. UNO Unit Number MLS Multiple Listing Service Farm Farmhouse Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. FDIC Federal Deposit Insurance Corporation F/A Ht, FAH Forced Air Heat NOO Non-Owner Occupied Fees associated with the purchase of a home that are due at the end of the sales transaction. What is BB meaning in Real Estate Advertising? A fee charged to borrowers who make a down payment that is less than 20% of the homes value. The action you just performed triggered the security solution. Prospective purchasers of an inn need to know exactly what they mean. GRES Graduate Real Estate Society Deco Decorative Fence 2. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. All Rights Reserved, Hey bb! GLFP Gas log fire place If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. GMT Kitchen Gourmet kitchen The property is sold and no longer available. PL -Swimming Pool The "P" represents percent. Actv Active Active This means that a property is currently on the market and available for sale. BALC Balcony Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Used under license. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. SQ FT Square Feet SPDED Special Warranty Deed When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. Powered by webmasterWP.com. GRM Gross Rent Multiplier Cer Ceramic Tile SPLT Split-Level Market conditions that exist when homes for sale outnumber buyers. STOR Assigned Storage STR On Street Parking EMC Earnest money contract The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). is part of the U.S. Department of Housing and Urban Development. AC or A/C Air conditioning SD Security Deposit What sounds impressive on paper may look less appealing in person. When youre well-established enough to give each other pet names, you might want to try calling them baby or babe in person before you start calling them bb in chat. Each lending institution sets its own prime rate. APPLS Appliances Be sure to read the fine print carefully. LR Living Room Lock box:Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. Cap rates can provide valuable insight into a property. PROP HT Propane Heat REC Recreation Room Foyr Foyer Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). Learn more about short sales here. LTV loan to value I/O Interest Only (loan) BB Real Estate Abbreviation. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. Cont Contemporary INT Intercom Margaret Heidenry is a writer living in Brooklyn, NY. This is a statement a borrower will receive from their lender at least three days before closing on a home. This website is using a security service to protect itself from online attacks. Copyright 2023 Acton Media Inc. All rights reserved. OP Occupancy Permit REL Related to Seller An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. CAP Capitalization REIA Real Estate Investors Association Copyright 2022 Ann Arbor Area Board of REALTORS. OA Owner Agent Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. OCN Ocean Each lending institution sets its own prime rate. He's invested in internet culture, social media, and how people interact with the web. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. 1 /8. REO Real Estate Owned The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. HOA Homeowners association W/D Washer/Dryer ATT Attached Garage MAO Maximum Allowable Offer LFT Loft Canadian Real Estate Association, the national association for Canada. INLW In-Law Suite The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. Be sure to read the fine print carefully. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Clap Clapboard Siding SEW Sewer SMB Split Master Bedroom Cth Cathedral Ceiling The components of a monthly mortgage payment. These abbreviations are typically written in all capital letters. If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Homes can sit on the market for a long time, and prices tend to drop. Crk Creek SAT Satellite Dish 4/3 4 bedrooms / 3 bathrooms BRRRR refinance example. Prepaid interest owed at closing, with one point representing 1% of the loan. After all, you wouldn't want to get stuck with a money pit. 2. ERS exclusive right to sell Maximum loan amounts can vary by county. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. The CRS designation indicates a triple threat - on average, these agents have been in business three times longer, have three times the amount of transactions, and generate three times more sales revenue than the average . OBO Or Best Offer Bsmt Basement Home affordability takes into account your income, down payment, and monthly debts. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Cozy Charm. Try our debt-to-income calculator to learn more. Read, A ratio that compares a home buyers expenses to gross income. PILE Pilings A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. 27. Crprt Carport FPLC, FP, FRPLC Fireplace WBFP Wood Burning Fireplace We select and review products independently. An MLS allows brokers to see one another's listings of. GRI Graduate REALTOR Institute New real estate investors may wonder what the terms Class A, B, C, and D property mean. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Read, A property repossessed by a bank when the owner fails to make mortgage payments. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Learn more about pre-approval here. 2/1 2 bedrooms / 1 bathrooms Bedroom usually means a sleeping area with a window and a closetin some areas, laws define what a room needs to be called a bedroombut the definition varies in different places. Not all mortgages. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. TOWN Town House LLP Limited Liability Partnership If not, it could end up back on the market, so go ahead and inquire if youre interested. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. Not all Northwestern Mutual representatives are advisors. GARB Garbage JV Joint Venture HRS Horses Allowed The ratio compares the borrowers monthly debt payments to gross income. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. This means that aproperty is currently on the market and available for sale. Read more about, escalation clauses and making an offer on a home, An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. There are five main categories of real estate. A three-page document sent to an applicant three days after they apply for a home loan. E Rng Electric Range CVAC Central Vacuum But if thats not what youre looking for, keep shopping. HIST Historical District C/VAC Central vacuum FFE furniture, fixture, and equipment But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. AG Agreement Agreement Comm. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. The trademarks MLS, Multiple Listing Service and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. FSBO For Sale by Owner 7 meanings of BB abbreviation related to Real Estate: Real Estate. Cbl,Cblh Cable/Hookup When this happens, he or she risks the home heading into the foreclosure process. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. FEMA Federal Emergency Management Agency Contingent vs. under contract? Keep reading to learn more about this unique abbreviation. Affordability. Performance & security by Cloudflare. APT Apartment The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". HB Half Bath (toilet + sink) One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. SN Senior 2023 LoveToKnow Media. MAR Marble That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. Updated from an earlier version on realtor.com. WIN Window/Wall Unit CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. A lien is a security interest that can give a creditor the right to take possession of a property secured by a loan, such as a mortgage, when the borrower defaults on the loan obligations. 3/4 Bath toilet + sink + shower or tub BOT Boat Slip "Bedroom" usually means a sleeping area with a window and a closetin some areas, laws define what a room needs to be called a bedroombut the . Even though a sale is highly likely, some pending properties may still accept backups. LPOA Limited Power of Attorney MTG Mortgage There are also a few other cultural definitions for BB. Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. BB Baseboard Heat Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. and HTUB Hot Tub Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. LTV Loan to Value SCRND PORCH Screened Porch Bung Bungalow I havent seen you in forever. After the set time period your interest rate will change and so will your monthly payment. After the set time period your interest rate will change and so will your monthly payment. A combination of loans bundled to avoid private mortgage insurance. But if not, you'll want to factor in the cost ofrenovationsbefore deciding if this home is both in your budget and worth a visit. Most real estate agents use similar abbreviations as part ofreal estate lingo, so once you get the jist, you can read any listing with confidence. Read, 42. PWDR RM Powder room or half bath GNMA Ginnie Mae or Government National Mortgage Association Suggest. SD/W Storm Doors & Windows Lo dues:Low homeowners association dues. ASM Assumptions INGRD PL pool in ground pool RELATED: How to Stream U.S. Sports for Free Online. PAT Patio Before you jump on a house with a "too good to be true" price, you need to understand how the short sale process works and connect with your real estate agent for more details. NAR National Association of Realtors The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. BLT Built-in In the event there is a DUAL commission split the two digits would be followed by a letter code: Example: P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000). RTO Rent To Own Go now! FCRA Fair Credit Reporting Act Market conditions that exist when buyers outnumber homes for sale. MAO Maximum Allowable Offer The fascinating story behind . MCOA Min $ on Assumption G-RNG Gas Range PICK Picket Fence The act of paying off one loan by obtaining another. Read more about closing costs here. COF Cost of Funds Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. You can email the site owner to let them know you were blocked. Look for this accreditation or something similar when shopping for a home inspector. Essentially, "turnkey" means that . Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Read more about escalation clauses and making an offer on a home. We Let ChatGPT Create AI Art, Heres What It Made, The New Outlook for Windows Is Opening Up to More People, How to Optimize Your Steam Deck for a Longer Lasting Battery, 2023 LifeSavvy Media. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. PGS Propane AJ Affidavit of Joint Tenant Deed. A visual evaluation performed by a licensed home inspector to look for any potential defects or items of note related to the property, building(s), and the systems in a home. When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. TXS Taxes In-law potl:Potential for a separate apartment, subject to local zoning restrictions. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Step 3: You then find tenants in 30-60 days to take over the two . Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). MLS multiple listing service What is BB meaning in Real Estate? You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. NAR National Association of Realtors Dbl Double Please switch to a supported browser or download one of our Mobile Apps. Learn more about HOAs here. Large E-2 plan:This is one of several floor plans available in a specific building. The first entry for this abbreviation on Urban Dictionary was made in 2006 and referred to it as Netspeak for baby, normally placed at the end of a text.. Learn more about adjustable-rate mortgages here. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. It is for information purposes only, and any links provided are for the users convenience. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Learn more here. POA Power of Attorney CAC Central Air Conditioning And the real estate business is no different. Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. HP Heat Pump ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. POF Proof of Funds DOS Due On Sale Clause There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Bidding wars are common. REALTOR Member of the National Association of Realtors MULTI 3+ Car Garage You may want the retreat, but ask yourself if you're truly ready for all it entails. to cover taxes and insurance. That happens through real care to make things better. NGS Natural Gas ATFN Attic Fan The Real Estate Commission: How Much Are Realtor Fees? FIN LL Finished lower level Usually . HOA Homeowners Association MLS - Multiple Listing Service; database of real estate for sale, Smart -a computer controls some electronic devices like heating, alarms, and lights, CCIM Certified Commercial Investment Member, PITI principal, interest, taxes and insurance, CCR conditions, covenants, and restrictions, ACRP - Association of Commercial Real Estate Professionals, CHMS Certified Home Marketing Specialist, CLHMS Certified Luxury Home Marketing Specialist, FDIC Federal Deposit Insurance Corporation, FEMA Federal Emergency Management Agency, FHLMC Freddie Mac (Federal Home Loan Mortgage Corporation), GNMA Ginnie Mae (Government National Mortgage Association), REALTOR Member of the National Association of Realtors.
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