When a home listing touts its custom features, take care. REI Real Estate Investing BALC Balcony CFD Contract for Deed EMC Earnest money contract Principal, interest, property taxes and homeowners insurance (PITI), A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Miscellaneous. 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. LA Living area And the real estate business is no different. SAT Satellite Dish During this time, the home is inspected and appraised, and the title is searched for liens, etc. WF Waterfront Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations There are also a few other cultural definitions for BB. WHF Whole House Fan Related:The Best 10 Plants to Grow for Backyard Privacy. AC or A/C Air conditioning Cont Contemporary We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. TRAD Traditional 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. STOR Assigned Storage 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. 147.189.141.138 Not all Northwestern Mutual representatives are advisors. FSBO For Sale by Owner What Is a Short Sale? - Ramsey - Ramsey Solutions The components of a monthly mortgage payment. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. WDSTV Wood Burn Stove Individuals could include neighbors or other people who have a right of way. 1 /8. SKY Skylights ATT Attached Garage R/OPT Rent w/Opt-Buy Its customary for the buyer to pay for the lenders title insurance policy. FHA Federal Housing Administration Suggest. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Cvga Converted Garage PL/1 In-Ground Pool F/A Ht, FAH Forced Air Heat OVER Oversized Garage Real Estate: Definition, Types, How to Invest in It - Investopedia Read more about PMI here. OA Owner Agent SUN Sun Room 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. RELATED: How to Stream U.S. Sports for Free Online. SN Senior Updated from an earlier version on realtor.com. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. 1. 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. HWH Hot water heater 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). Translation: This home is small. Back Bay. Cloudflare Ray ID: 7a28359a3f44c34a FCRA Fair Credit Reporting Act L/O Lease Option GARD Garden BA Bath That doesnt mean that its a done deal by any means, however (more on that next). Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. CH Central heat Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Please switch to a supported browser or download one of our Mobile Apps. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. D/W Dishwasher MAR Marble HIST Historical District Be sure to read the fine print carefully. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Cozy Charm. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. RAD Radiant Heat CCR Conditions, Covenants, and Restrictions CLTV Combined Loan To Value TRAN Transitional RNCH Ranch Learn more about adjustable-rate mortgages here. To meet client needs, to empower teammates, and to lift up communities. What Does "Default" Mean In Real Estate? - Inman There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Keep reading to learn more about this unique abbreviation. A loan estimate can help borrowers shop and compare costs of loans with lenders. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. This happens when the catcher manages to catch four pitches that classify as a ball, and the batter gets to move to first base without the danger of going out. You might also see the acronym BB%, which stands for base on balls rate its the statistical frequency that a pitcher will allow a batter to walk. An origination fee is not a single fee. How to use real estate in a sentence. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. YD Yard Cldsc Cul-de-sac The four items include, repairs, vacancy loss, property management, and miscellaneous. INGRD PL pool in ground pool FXR Fixer Upper It's anything that can be subject to ownership, except land. Even though a sale is highly likely, some pending properties may still accept backups. The BRRRR method explained in 5 simple steps - Hemlane This is a statement a borrower will receive from their lender at least three days before closing on a home. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. WHKP Washer Hookup You are not obligated to accept the loan just because you received a loan estimate. PERM Perm Attic Stairs Crystal R. Real estate terms to know when you've started house hunting. I want to receive exclusive email updates from YourDictionary. But the cap rate is not the only metric used to evaluate a real estate investment. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. HI CEIL(S) High ceilings PMI Private mortgage insurance SMP Sump Pump MBRFP Master Bedroom w/FP Organizations can include local governments, utility companies, and homeowners associations. BR Bedroom A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. Read, A ratio that compares a home buyers expenses to gross income. 2. SCRND PORCH Screened Porch Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. The seller has an agreed-upon contract with the potential buyer. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? By submitting your email, you agree to the Terms of Use and Privacy Policy. We select and review products independently. Copyright 2023 Acton Media Inc. All rights reserved. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. 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. DK Deck TOWN Town House OFF Off Street Parking Agents use this status to indicate that the seller is open toreceivingbackup offersbecause the sale may not go through., Back onthemarket (BOM):The propertyhas becomeactive again,afterrecentlybeingtaken offthemarket., Closed (CL):The property has been sold and is no longer available., Expired:The property is no longer available for saletypically because the seller could not find a buyer., Pending:Thepropertyis under contract and all contingencies have beenfulfilled, but the settlement still needs to take place., Temporarily off market (TOM):The home is not currently available for saleandshowings arenotallowed,butitwillsoon beback on the market. I havent seen you in forever. BD Bedroom If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. But if thats not what youre looking for, keep shopping. BB Real Estate Abbreviation Meaning - All Acronyms It should return to active soon enough, so its certainly worth piping up if youre smitten. HBR Harbor CHMS Certified Home Marketing Specialist Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. What Is Real Estate? A Definition And A Guide | Rocket Mortgage CAC Central air conditioning VYL Vinyl Prepaid interest owed at closing, with one point representing 1% of the loan. NYSAR New York State Association of Realtors In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Learn more about foreclosure here. Go now! ELV Elevator COF Cost of Funds Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). These abbreviations are typically written in all capital letters. SHNG Shingle POA Power of Attorney Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Learn, A home loan not guaranteed by a government agency, such as the FHA or the VA. Read, A certain portion of the homes purchase price that a buyer must pay. Real Estate Certification: Different Kinds and What You NEED - UpNest Learn more here. PRO Internet Professional Powered by webmasterWP.com. INT Intercom Performance & security by Cloudflare. CAP Capitalization What is BB meaning in Real Estate? 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. BOT Boat Slip You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). The property is sold and no longer available. Chn Chain Link Fence UTRM Utility Room PRQ Parquet GAR Garage CRB Certified Real Estate Broker What Does 'NNN' Mean in Commercial Real Estate? GMT Kitchen Gourmet kitchen Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. U/G SPRK Underground Sprinkler All Rights Reserved, Hey bb! APR Annual Percentage Rate The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). A buyers final inspection of a home before closing. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. Real estate agents and other real estate professionals often need to have specific certifications and may work with or belong to different associations or groups. NBHD Neighborhood Crk Creek This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . OBO Or Best Offer MEIK Modern eat-in kitchen Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. property in buildings and land; space, capacity See the full definition . On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. PMI Private Mortgage Insurance The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. These structures can be both above and under the ground. Learn more. A minimum requirement is often dictated by the loan type. Fha Forced Hot Air ELE Electric Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. LR Living room NONQ Non-Qualifying DOS Due On Sale Clause RELATED: What Does "TMI" Mean, and How Do You Use It? HDWD Hardwood You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Disclosure: BobVila.com participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for publishers to earn fees by linking to Amazon.com and affiliated sites. Title Records Corp.160 Greentree DriveDover, DE [email protected], #ustitlerecords #ustitlerecords #ustitlerecords. Deco Decorative Fence BKYD Backyard Questions And Answers GRT RM Great room PMP Well Pump END End Unit Tiny . SMB Split Master Bedroom The "P" represents percent. All Rights Reserved. Real Estate Acronyms By cnyREALTOR The sale of a home by an owner who owes more on the home than its worth. Related:18 Big Storage Ideas to Steal from Tiny Homes. BB Baseboard Heat Cent h/a Central Heat&Air Cloudflare Ray ID: 7a2835264c3fdd54 HD, HDFL Hardwood floors 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. STA State This abbreviation is a shorthand way of showing your affection to your partner. A three-quarter bathroom has a toilet, a sink and a shower. Home affordability takes into account your income, down payment, and monthly debts. A Short Guide to Real Estate Lingo - realtor.com A database where real estate agents list properties for sale. SLT Slate OSP Off-street parking is available CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. A half bathroom or powder room has only a toilet and a sink. 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. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. GRES Graduate Real Estate Society A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Actv Active A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Business This means that aproperty is currently on the market and available for sale. 67.211.219.14 REIA Real Estate Investors Association LLC Limited Liability Company Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. 64 Real Estate Terms and Expressions You Should Know CVAC Central Vacuum Both words imply motion, but the difference may b. Defenestration. Investment advisory and trust services are offered through Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee, WI, a subsidiary of NM and a federal savings bank. INLW In-Law Suite OCN Ocean Related:12 Ideas to Steal from Vintage Kitchens. Canadian Real Estate Association, the national association for Canada. Since many phrases can be shortened to BB, this acronym might refer to other things online. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. NGS Natural Gas WSH Washer JTUB Jetted Tub A full bathroom is a room with a toilet, a sink and a bathtub. G/A Garage, Attached 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. The document includes loan terms, monthly payment and closing costs. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. UTLVL Utility Room Level SRO Single Room Occupancy When this happens, he or she risks the home heading into the foreclosure process. Since we launched in 2006, our articles have been read billions of times. Crprt Carport 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.. The "P" represents percent. SPAC Spacious Bonus information may be placed in "Other" field. GLF Golf Course The Real Estate Commission: How Much Are Realtor Fees? An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. COCR or CCR Cash on Cash Return DWF, DWAC Deep Water/Access All Rights Reserved. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. FR Family room Here are a few examples of BB in action: Do you want to learn more internet slang terms? RVR River The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. Investment brokerage services are offered through Northwestern Mutual Investment Services, LLC (NMIS) a subsidiary of NM, brokerdealer, registered investment advisor, and member FINRA and SIPC. POR, POR-S Porch/Screened SEC Security System Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Bulk Bulkhead UTCL Utility Closet Like, from the 50s. All of these abbreviations are commonly used to describe the features of a house or commercial property. Dsp Garbage Disposal CREA. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. DhkpP Dryer Hookup Privacy Policy. 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. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Zillow, Inc. holds real estate brokerage licenses in multiple states. FM RM Family Room The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. Repairs. What sounds impressive on paper may look less appealing in person. Homes can sit on the market for a long time, and prices tend to drop. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Lenders reward lower LTV ratios. Try our affordability calculator to see how much house you might be able to afford. Try our amortization calculator to learn more. Real property is immovable property - its land and anything attached to the land. UPF, UPR Upper floor The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. SEC SYS Security System BA; BTH : Bathroom. CLHMS Certified Luxury Home Marketing Specialist Affordability. ASG Assessment Assessment. Often, the listing will indicate which rooms have hardwood flooring. Look for this accreditation or something similar when shopping for a home inspector. BCH Beach FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation Home affordability takes into account your income, down payment, and monthly debts. 4B/2B:Four bedrooms and two bathrooms. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. OWN Owner Financing These abbreviations are typically written in all capital letters. This website is using a security service to protect itself from online attacks. Read more about escalation clauses and making an offer on a home. Not all mortgages. MYOB Mind Your Own Business MAO Maximum Allowable Offer Press F to Pay Respects: What Does F Mean Online? If its back on the market, theres a reason why the original sale fell through. Are You Confused With These Real Estate Abbreviations? PAT Patio All abbreviations on this list are typically written in all capital letters. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. GRM Gross Rent Multiplier TXS Taxes AG Agreement Agreement Comm. Cen Central Air Learn more about down payments here. TRC Trash Compactor CMA:Comparative market analysis or competitive market analysis. SEW Sewer 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. The meaning of REAL ESTATE is property in buildings and land. 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. OP Occupancy Permit IGSP In-Ground Sprinkler If not, it could end up back on the market, so go ahead and inquire if youre interested. A portion of your monthly payment goes into the. APT Apartment County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Real estate owned (REO) properties are homes that have fallen under the ownership of a mortgage lender or investor, typically because the property failed to sell at auction. SQ FT Square Feet 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. All rights reserved. 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. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. 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. This means the propertys ownersare actively taking backup offers in case the first one falls through. DLO Seller Disclosure Those real estate terms and definitions should give you a good start when it comes to understanding your real estate agent and the listings they . Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. KIT, KT Kitchen A percentage of the homes value owned by the homeowner. 8 Real Estate Designations That Will Actually Make You Money GRI Graduate Realtor Institute G-RNG Gas Range Your IP: BB Real Estate Abbreviation. to see how much house you might be able to afford. PULL Pull-Down Attic Stair 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. CRE Creative Real Estate Maximum loan amounts can vary by county. DET Detached garage That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. Addendum to Purchase Agreement COVID-19 EVENT EXTENSION, AA Public Schools - Attendance Area by Street directory, Presenting and Negotiating Multiple Offers, Washtenaw County Resources & Millage Rates, How to Pick the Best Home Inspectors and Appraisers, P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000), 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). Try. DBA Doing Business As Maximum loan amounts can vary by county. A certain portion of the homes purchase price that a buyer must pay. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. The Real Estate Terms to Know When You're Looking at Home Listings PWDR RM Powder room or half bath RPAC Realtors Political Action Committee RELO Relocation office SD/W Storm Doors & Windows A deed is the legal document that establishes ownership of real property, and is also used to transfer the ownership of real property to another person or entity. FDIC Federal Deposit Insurance Corporation Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. HOA Homeowners Association A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Clap Clapboard Siding 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. The difference between the two is usually fairly . PL/A Above Ground Pool Decoding an MLS Listing - Weichert About Truist | Truist A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home.