Tiny . Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Read more about PMI here. Bonus information may be placed in "Other" field. HI CEIL(S) High ceilings Sort. Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. INLW In-Law Suite It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. FR Family room CH Central heat This means that aproperty is currently on the market and available for sale. A concrete point at which buying a home makes more financial sense than renting one. PICK Picket Fence The amount of the loan divided by the price of the house. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Your IP: I/O Interest Only (loan) A rehabilitation loan backed by the federal government that permits home buyers to finance money into a mortgage to repair, improve or upgrade a home. FSBO For Sale By Owner Like other shorthand slang terms in text messages, this abbreviation is primarily written in the lowercase bb rather than the uppercase BB. On top of that, many acronyms use the uppercase BB, while the lowercase version almost exclusively refers to baby. BB is already an abbreviation of a fairly short word, so some people ditch the shorthand altogether and use baby or babe. Alternatively, you might see some people use variations such as bby, b2, or even just b., While baby has been a pet name for a romantic partner long before the internet age, the widespread use of BB is pretty recent. OSP Off-street parking is available How-To Geek is where you turn when you want experts to explain technology. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. If you wish to report an issue or seek an accommodation, please let us know. A three-quarter bathroom has a toilet, a sink and a shower. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". RPAC Realtors Political Action Committee An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home based on recently sold homes of similar condition, size, features and age that are located in the same area. 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 Tiny houses are a trend, for sure. NONQ Non-Qualifying 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. RDR Radiator A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. UNO Unit Number Have questions about buying, selling or renting during COVID-19? If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. REALTOR Member of the National Association of Realtors You can email the site owner to let them know you were blocked. Translation: This home is small. Translation: This home is small. Since we launched in 2006, our articles have been read billions of times. The fascinating story behind . NNN Triple Net Lease CFD Contract for Deed Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. KIT, KT Kitchen Title insurance:An insurance policy that protects a lenders or owners interest in real property from assorted types of unexpected or fraudulent claims of ownership. TRC Trash Compactor CDS Cul de sac How have you been?. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. This claim belongs to a third party, who can either be an organization or an individual. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Oftentimes, a seller will take a property off the market while they make home repairs or improvements., Under contract (UC):This statusalsoindicates thattheseller has acceptedan offer from a buyer, but the sale has not yet been completed. FML Formal Home MLS:Multiple Listing Service. Brokerage. GRMET KIT, GRMT KIT Gourmet kitchen *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. He's invested in internet culture, social media, and how people interact with the web. MAO Maximum Allowable Offer NBHD Neighborhood FSBO For Sale by Owner 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative Organizations can include local governments, utility companies, and homeowners associations. Read more about escalation clauses and making an offer on a home. PL/A Above Ground Pool The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. 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. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. PAN Pantry Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. LR Living Room Contact Us BCH Beach STR On Street Parking This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. The base rate is set by the Federal Reserve and then customized per borrower, based on credit score, down payment, property type and points the buyer pays to lower the rate. GAROP Garage Door Opener Learn more about pre-approval here. HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. When used in a real estate listing, the words "cozy" or "charming" aren't describing the ambiance of the space so much as the size. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. The reason for a botched sale could lie with the previous buyer, but you'll want to do your homework before you give the seller the benefit of the doubt. 1. That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. He also works as a digital marketer for a regional e-commerce website. 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. HW Hot Water Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. CVAC Central Vacuum BB. BR Bedroom Paying points, which are tax deductible, will lower the monthly mortgage payment. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. Here are a few examples of BB in action: Do you want to learn more internet slang terms? FIN LL Finished lower level I want to receive exclusive email updates from YourDictionary. GRM Gross Rent Multiplier 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). A property was withdrawn from the realty market. SEC SYS Security System DK Deck DLO Seller Disclosure When you boil it down to the basics, real estate has a simple meaning. It is in fact a real word (but that doesn't mean . County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Mstr Master bed room Repairs. SD/W Storm Doors & Windows 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. Yes! Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). CCR Conditions, Covenants, and Restrictions ARI Articles of Incorporation Notice, certificate. LOI Letter of Intent HUD Department of Housing and Urban Development Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. Try our affordability calculator to see how much house you might be able to afford. G/A Garage, Attached AC or A/C Air conditioning G-RNG Gas Range DOS Due On Sale Clause Its customary for the buyer to pay for the lenders title insurance policy. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. Essentially, "turnkey" means that . JTUB Jetted Tub There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. BB is most commonly used on the internet (and in text messages) as an abbreviated form of baby. However, baby in this context is used as a pet name or term of endearment for your romantic partner and not an infant child. The word listing is also used to refer to the for-sale home itself. PITI Principal, Interest, Taxes and Insurance Related:7 Features That Define the New American Home. Learn more about adjustable-rate mortgages here. MULTI 3+ Car Garage WHF Whole House Fan CPT Carpet or Carport It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal. It is for information purposes only, and any links provided are for the users convenience. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. Read more about FHA loans here. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Crwl Crawl Space Try. F-bmt Finished Basement Clus Cluster A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. U/G SPRK Underground Sprinkler 1C : One-car garage. At Truist, our purpose is to inspire and build better lives and communities. AJ Affidavit of Joint Tenant Deed. A minimum requirement is often dictated by the loan type. POF Proof of Funds Each lending institution sets its own prime rate. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. W/D WD Washer and dryer The document includes loan terms, monthly payment and closing costs. Read, 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. 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. SPC Drive parking spaces HUD Housing and Urban Development Related:The Best 10 Plants to Grow for Backyard Privacy. PRV, PVCY FENCE Privacy Fence Bidding wars are common. 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. Real property is immovable property - its land and anything attached to the land. FRBO for rent by owner When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. SRES Senior Real Estate Specialist, Additional Resources: As-is : The owner is selling the home in its current condition and will not make any repairs or correct any flaws with the property. 7 meanings of BB abbreviation related to Real Estate: Real Estate. Homes can sit on the market for a long time, and prices tend to drop. WBS Wood-Burning Stove After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. The components of a monthly mortgage payment. PWDR RM Powder room or half bath What sounds impressive on paper may look less appealing in person. A concrete point at which buying a home makes more financial sense than renting one. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. This means the propertys ownersare actively taking backup offers in case the first one falls through. Step 2: Through your cost estimation, you figure out that $30,000 of investment will bring the property to a rental-ready state over the next 4 months. What Does BB Mean, and How Do I Use It? Read, A ratio that compares a home buyers expenses to gross income. A certain portion of the homes purchase price that a buyer must pay. The governing body of a housing development, condo or townhome complex that sets rules and regulations. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . An MLS allows brokers to see one another's listings of. Learn more about down payments here. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. 2023 LoveToKnow Media. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Please switch to a supported browser or download one of our Mobile Apps. NOI Net Operating Income Banks, savings and loans, and credit unions. Privacy Policy Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Cnl Canal DOS Due On Sale Clause Since many phrases can be shortened to BB, this acronym might refer to other things online. That happens through real care to make things better. HSF Heated square feet Not all mortgages. When this happens, he or she risks the home heading into the foreclosure process. Windows 11: How Much RAM Can Your PC Have? IGSP In-Ground Sprinkler The owners bank must approve a lower listing price before the home can be sold. LFT Loft There are four important items that must be included in a buyer's pro forma. But the cap rate is not the only metric used to evaluate a real estate investment. CATH Cathedral ceilings MOPOA Monthly POA Fee The property is sold and no longer available. ATT Attached Garage Cer Ceramic Tile Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Col Colonial and However, the widespread use of BB started in the 2010s, with the rise of smartphones and chat apps becoming the primary form of communication between teenagers. Read more about back-end ratio here. C-fan Ceiling Fan You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Home affordability takes into account your income, down payment, and monthly debts. SRO Single Room Occupancy Before you buy, consider what the neighborhood will look like in the long term and if you want to live in a neighborhood that's still in the process of change. MSN Masonry SEW Sewer The owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Home affordability takes into account your income, down payment, and monthly debts. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. The action you just performed triggered the security solution. OFC Office By submitting your email, you agree to the Terms of Use and Privacy Policy. END End Unit O/F Owner Finance Abbreviations on the list may have capitalization variations. FLR Floor Furnace Learn more about foreclosure here. FMR Fair Market Rent The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. The ratio compares the borrowers monthly debt payments to gross income. Click to reveal Fees imposed by the state, county or municipality on transfer of title. . You can email the site owner to let them know you were blocked. NAR National Association of Realtors Look for this accreditation or something similar when shopping for a home inspector. Fp, Fpl, Fplc Fireplace LTV Loan to Value Cen Central Air There are also a few other cultural definitions for BB. GARD Garden STA State FHA loans are different from conventional loans because they can be approved for borrowers with lower credit scores and may allow for down payments as low as 3.5 percent of the total loan amount. Even though a sale is highly likely, some pending properties may still accept backups. Market conditions that exist when homes for sale outnumber buyers. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. MAO Maximum Allowable Offer BB Real Estate Abbreviation. Normally, a piece of property can be easily classified as either personal property or real property. Zkratka ESG (z anglickho Environmental . HVAC heating, ventilation and air conditioning Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. Related:18 Big Storage Ideas to Steal from Tiny Homes. FDIC Federal Deposit Insurance Corporation SPKLR Sprinkler Prepaid interest owed at closing, with one point representing 1% of the loan. Only those representatives with Advisor in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. 442-H New York Standard Operating Procedures New York Fair Housing NoticeTREC: Information about brokerage services, Consumer protection noticeCalifornia DRE #1522444Contact Zillow, Inc. MLS Multiple Listing Service OA Owner Agent ROI Return On Investment UTLVL Utility Room Level It may sound charming, but a house that's described as having lots of character could look just plain weird in person. POR, POR-S Porch/Screened BLDRS REDO Builders Renovation BKYD Backyard SLT Slate 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. BB Baseboard Heat Back Bay + 1 1. CLHMS Certified Luxury Home Marketing Specialist A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. Powered by webmasterWP.com. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. FXR Fixer Upper Farm Farmhouse An origination fee is not a single fee. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. Read, 42. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. FNCD YD Fenced Yard Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Fpgas Gas Fireplace 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. Fha Forced Hot Air APPLS Appliances If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. The "P" represents percent. AST Assessment Lien Lien, JTL. Read more about origination fees here. VYL Vinyl CAC Central air conditioning VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization GMT Kitchen Gourmet kitchen So if you adore what you see in thelisting, it certainly canthurt to inquire. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. CAP Capitalization Keep an eye out for seriousmaintenance issues that may be disguised by quick surface repairs, and call in a trusted home inspector to help you spot any hidden problems. Maximum loan amounts can vary by county. This browser is no longer supported. HPWA Water/Air Ht Pump Keep reading to learn more about this unique abbreviation. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. An encumbrance is a limit on how an owner can use real estate. Terms Of Use Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Read more about pre-qualification here. MLSs are local or regional. Property Records 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. BKPORCH Back Porch Read more about closing costs here. CRS. Deco Decorative Fence MCOA Min $ on Assumption BBbb. Zillow, Inc. holds real estate brokerage licenses in multiple states. 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. The act of paying off one loan by obtaining another. BA; BTH : Bathroom. FPLC, FP, FRPLC Fireplace SPDED Special Warranty Deed Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. SHOP Workshop This is the most popular NAR official designation and is relatively easy to get and maintain. What is BB meaning in Real Estate Advertising? All abbreviations on this list are typically written in all capital letters. 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. We select and review products independently. When offering a selling bonus to a selling broker, the listing broker must specify the terms of the bonus offer according to the following guideline code: B dollar amount/terms/expiration date of offer (if applies), Examples: B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013) B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . An encumbrance is a claim that limits how a property owner can use their property.
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