DCR, DSCR, DSR Debt Service Coverage Ratio Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. SRO Single Room Occupancy Not all products and services are available in all states. C-fan Ceiling Fan The number of days a property listing is considered active. HML Hard Money Lender OWN Owner Financing The governing body of a housing development, condo or townhome complex that sets rules and regulations. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. UPF, UPR Upper floor The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. INGRD PL pool in ground pool . Like, from the 50s. Paying points, which are tax deductible, will lower the monthly mortgage payment. SMP Sump Pump After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. 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. What is BB meaning in Real Estate? RELATED: How to Stream U.S. Sports for Free Online. 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. 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. This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. Translation: This home is small. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. BB Real Estate Abbreviation Meaning - All Acronyms SN Senior GRI Graduate REALTOR Institute 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.. Hi ceils - This is an abbreviation for "high ceilings.". The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). This is a statement a borrower will receive from their lender at least three days before closing on a home. "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 . OP Occupancy Permit AMO Accredited Management Organization All rights reserved. Canadian Real Estate Association, the national association for Canada. LTV Loan to Value LTV loan to value 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. You can email the site owner to let them know you were blocked. NAR National Association of Realtors PAR Partially Fenced What sounds impressive on paper may look less appealing in person. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. 1C, 2C 1 or 2 car Garage TXS Taxes PAN Pantry CCR Conditions, Covenants, and Restrictions Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. 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. PICK Picket Fence One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. I havent seen you in forever. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. 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). PITI Principal, Interest, Taxes, and Insurance Learn more about pre-approval here. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative TRC Trash Compactor F/BSMT Fully finished basement The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. OCN Ocean This means the propertys ownersare actively taking backup offers in case the first one falls through. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. The content on this site is not intended to provide legal, financial or real estate advice. W/D HKUP Washer/Dryer hookup The act of paying off one loan by obtaining another. Often, the listing will indicate which rooms have hardwood flooring. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Learn more about HOAs here. NNN Triple Net Lease Read more about escalation clauses and making an offer on a home. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. GLFP Gas log fire place Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. An encumbrance is a claim that limits how a property owner can use their property. Clap Clapboard Siding YD Yard It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. A full bathroom is a room with a toilet, a sink and a bathtub. But if thats not what youre looking for, keep shopping. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. BA; BTH : Bathroom. 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. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. WDSTV Wood-Burning Stove AEK All electric kitchen FDR Formal dining room A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. If you're still unclear what a shorthand is referring to, reach out to the listing agent. GRES Graduate Real Estate Society If thats your style, you're in luck. We select and review products independently. 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. HUD Department of Housing and Urban Development Large E-2 plan:This is one of several floor plans available in a specific building. You can email the site owner to let them know you were blocked. The ratio compares the borrowers monthly debt payments to gross income. P&S Purchase and Sale FRBO for rent by owner BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. But the cap rate is not the only metric used to evaluate a real estate investment. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . VWS, VW, VU View or views Cvga Converted Garage 18 Big Storage Ideas to Steal from Tiny Homes, The 12 Fall Home Maintenance Tasks You Can't Ignore, 7 Features That Define the New American Home, 9 Ways Your Neighbors Can Screw Up Your Home Sale, 10 Signs That Fixer-Upper Might Be a Money Pit, 12 Things Realtors Look For in Homes of Their Own, The Best 10 Plants to Grow for Backyard Privacy, 15 Warning Signs to Look for Before Making an Offer on a Property, Data Shows This Listing Trick Sells Homes for More Money, As-Is Real Estate: What Buyers and Sellers Need to Know, 15 Things Not to Say in Your Real Estate Listing, Watch Out for 12 Real Estate Tactics Designed to Make You Spend More, 11 Awful Real Estate PhotosAnd How to Make Yours Great, 12 Things You Don't Realize Are Annoying Your Neighbors. Personal property is movable property. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. FMR Fair Market Rent Class A, B, C, D Real Estate: A Guide to Property Class Types Prospective purchasers of an inn need to know exactly what they mean. The sale of a home by an owner who owes more on the home than its worth. REC Recreation Room Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. RV PRKG RV Parking 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. 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. The document includes loan terms, monthly payment and closing costs. HI CEIL(S) High ceilings Real property is immovable property - its land and anything attached to the land. If you wish to report an issue or seek an accommodation, please let us know. RAD Radiant Heat Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. What Does "BB" Mean, and How Do I Use It? - How-To Geek PWDR RM Powder room or half bath WHKP Washer Hookup 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. MK Modern kitchen Call it what you willjargon, shorthand, lingobut every industry, including the real estate world, has its own language, a collection of terms that are essential to understand if you hope to play ball. BOT Boat Slip LA Living area Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. What Does 'NNN' Mean in Commercial Real Estate? Miscellaneous. Since we launched in 2006, our articles have been read billions of times. ERS exclusive right to sell Not all Northwestern Mutual representatives are advisors. TRAN Transitional MBA Master Bedroom w/Bath 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. 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. CBR Certified Buyer Representative STA State Brokerage. He also works as a digital marketer for a regional e-commerce website. Ann Arbor Area Board of REALTORS - MLS Compensation Codes MLS Multiple Listing Service 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. Cont Contemporary A concrete point at which buying a home makes more financial sense than renting one. ALM Aluminum Siding SEW Sewer SAT Satellite Dish The price of a home, as set by the seller. Normally, a piece of property can be easily classified as either personal property or real property. 4B/2B: Four bedrooms and two bathrooms. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. DOT Deed of Trust These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. CHMS Certified Home Marketing Specialist E Rng Electric Range LRG Large Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Cen Central Air Read, 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. GRMET KIT, GRMT KIT Gourmet kitchen That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. BLT Built-in IRA Individual Retirement Account APPLS Appliances Title Records posts and articles. Terms Of Use So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. CMA Comparative Market Analysis There are five main categories of real estate. Bb. Home 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. You are not obligated to accept the loan just because you received a loan estimate. Real estate Definition & Meaning - Merriam-Webster Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. A certain portion of the homes purchase price that a buyer must pay. SMB Split Master Bedroom BRRRR refinance example. W/W CRPT Wall To Wall Carpet They charge dues used to maintain common areas. Used under license. F/A Ht, FAH Forced Air Heat 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 most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Powered by webmasterWP.com. CAP Capitalization DK Deck Real Estate Terms - B&B Team Repairs. Bsmt Basement A/G PL : Above-ground swimming pool. RELO Relocation office Here are a few examples of BB in action: Do you want to learn more internet slang terms? Read more about back-end ratio here. WD PNL Wood paneling FPLC, FP, FRPLC Fireplace 64 Real Estate Terms and Expressions You Should Know Your IP: The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Dsp Garbage Disposal Related:10 Signs That Fixer-Upper Might Be a Money Pit. Dbl Double A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. PRV, PVCY FENCE Privacy Fence Cer Ceramic Tile This browser is no longer supported. FHA Federal Housing Administration Real Estate: Definition, Types, How to Invest in It - Investopedia CMA:Comparative market analysis or competitive market analysis. L/O Lease Option DWF, DWAC Deep Water/Access PMP Well Pump HUD Housing and Urban Development CRT. Clbhs Clubhouse Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. FXR Fixer Upper Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Home affordability takes into account your income, down payment, and monthly debts. SMART Typically computer-controlled heating and cooling, alarms, lights etc. BKYD Backyard BBbb. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. APT Apartment LLC Limited Liability Company LLP Limited Liability Partnership And the real estate business is no different. All Rights Reserved, Hey bb! A property repossessed by a bank when the owner fails to make mortgage payments. END End Unit 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. Refinancing is generally done to secure better loan terms, such as a lower interest rate. WAR Warranty Plan SQ FT Square Feet Read more about closing costs here. Market conditions that exist when homes for sale outnumber buyers. 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. FSBO For Sale by Owner Clus Cluster When you purchase through our links we may earn a commission. The four items include, repairs, vacancy loss, property management, and miscellaneous. How-To Geek is where you turn when you want experts to explain technology. Keep reading to learn more about this unique abbreviation. The action you just performed triggered the security solution. ELE Electric DEDRS Deed Restrictions APR Annual Percentage Rate 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 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. FCRA Fair Credit Reporting Act AC or A/C Air conditioning CAC Central air conditioning This was when the term exploded as a pet name between both lovers and friends. This is the escrow period, when both buyer and seller are workingtoward a closing. OVER Oversized Garage BD Bedroom 4B/2B:Four bedrooms and two bathrooms. CVAC Central Vacuum So if you adore what you see in thelisting, it certainly canthurt to inquire. How have you been?. MLS:Multiple Listing Service. Zkratka ESG (z anglickho Environmental . is part of the U.S. Department of Housing and Urban Development. IRR Internal Rate of Return Fixtures are a frequent subject of buyer and seller disputes. 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. C/VAC Central vacuum BB Real Estate Abbreviation. HW Hot Water FMV Fair Market Value 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. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. REL Related to Seller Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used).
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