No purchase is necessary to view U.S. TEN Tennis Court How-To Geek is where you turn when you want experts to explain technology. WIN Window/Wall Unit If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Your IP: That happens through real care to make things better. So if you adore what you see in thelisting, it certainly canthurt to inquire. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. PITI Principal, Interest, Taxes and Insurance Dk Deck What Does BB Mean, and How Do I Use It? Bidding wars are common. ELE Electric The number of days a property listing is considered active. WDSTV Wood-Burning Stove Clus Cluster Banks, savings and loans, and credit unions. AST Assessment Lien Lien, JTL. Closing costs are generally paid through escrow. Cloudflare Ray ID: 7a28359a3f44c34a 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. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. PRO Internet Professional Title Records posts and articles. An origination fee is not a single fee. 27. While any seller can entertainbackup offers as a precautionary measure as long as this is made clear in the contract, this term most often crops up with short sales, since they can often fall through, and it can be helpful if a secondbuyer is waiting in the wings. Listing:An agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owners home. When you purchase through our links we may earn a commission. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. BLT Built-in A state in which an escrow agent is responsible for closing. JTUB Jetted Tub If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. O/F Owner Finance AG Agreement Agreement Comm. What Is a Short Sale? LTV loan to value FXR Fixer Upper OFC Office Bung Bungalow Cvga Converted Garage LRG Large DCR, DSCR, DSR Debt Service Coverage Ratio Det Detached Garage When this happens, he or she risks the home heading into the foreclosure process. NAT GS HT Natural gas heat What sounds impressive on paper may look less appealing in person. MSN Masonry TRSH Trash Pickup 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. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. CVAC Central Vacuum If its back on the market, theres a reason why the original sale fell through. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. An encumbrance is a limit on how an owner can use real estate. GARD Garden 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. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. BD Bedroom 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 RPAC Realtors Political Action Committee CLTV Combined Loan To Value Our advisors will help to answer your questions and share knowledge you never knew you needed to get you to your next goal, and the next. The meaning of REAL ESTATE is property in buildings and land. Read more about closing costs here. A fee, charged by a broker or lender, to underwrite and process a home loan application. Actv Active Both words imply motion, but the difference may b. Defenestration. 7 meanings of BB abbreviation related to Real Estate: Real Estate. 2023 All Rights Reserved. Crk Creek RV PRKG RV Parking 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. RELATED: How to Stream U.S. Sports for Free Online. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Each lending institution sets its own prime rate. Not all mortgages. SUN Sun Room W/W CRPT Wall To Wall Carpet G/A Garage, Attached Personal property is movable property. FSBO For Sale by Owner CPT Carpet or Carport PULL Pull-Down Attic Stair A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. CRB Certified Real Estate Broker 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. 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. GAR Garage Learn more about HOAs here. New real estate investors may wonder what the terms Class A, B, C, and D property mean. Read, A ratio that compares a home buyers expenses to gross income. The word listing is also used to refer to the for-sale home itself. 4B/2B:Four bedrooms and two bathrooms. WLKIN Walk-in Closet DOS Due On Sale Clause 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. OBO Or Best Offer 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. The seller has an agreed-upon contract with the potential buyer. CPM Certified Property Manager These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Cnl Canal D/D Dishwasher and a garbage disposal Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. The act of paying off one loan by obtaining another. 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. Read more about the Buy-Rent Breakeven Horizon here. CCR Conditions, Covenants, and Restrictions SLT Slate The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. PRV, PVCY FENCE Privacy Fence REI Real Estate Investing BOT Boat Slip MAO Maximum Allowable Offer But unlike an AWC, the property is no longer available forshowings., Whileabbreviations and acronymsfor property descriptionsvary by listingand source,thetermsbelow canbe used as a general guide to help you translateanything unfamiliar.If youre still unclear whata shorthand is referring to,reach out to the listing agent., As-is:Theowner is selling the home in its current condition and willnot makeanyrepairs orcorrect any flaws with the property., OLREA:Owner is a licensed real estate agent. 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. Before you start calling someone BB, you might need to establish ground rules. 3/4 Bath toilet + sink + shower or tub 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. 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). Zillow, Inc. holds real estate brokerage licenses in multiple states. 147.189.141.138 Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. TXS Taxes The price of a home, as set by the seller. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. is part of the U.S. Department of Housing and Urban Development. SEC Security System Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. A concrete point at which buying a home makes more financial sense than renting one. A full bathroom is a room with a toilet, a sink and a bathtub. These structures can be both above and under the ground. SFH Single Family House An MLS allows brokers to see one another's listings of. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. By submitting your email, you agree to the Terms of Use and Privacy Policy. Usually, the realtor's website will give a good description without the real estate abbreviations. Tiny houses are a trend, for sure. This is a statement a borrower will receive from their lender at least three days before closing on a home. WTR PD Water paid MWV Microwave Oven You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. 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. F-bmt Finished Basement HUD Department of Housing and Urban Development You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. PILE Pilings Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. Crystal R. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. But if thats not what youre looking for, keep shopping. PITI Principal, Interest, Taxes, and Insurance Paying points, which are tax deductible, will lower the monthly mortgage payment. 2-LV : Two living levels. COO or C of O Certificate of Occupancy A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. FEMA Federal Emergency Management Agency 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. There is no MLS covering the whole country. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. Used under license. Translation: This home is small. There are often additional notes with details that don't fit into the standard listing formula. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). DLO Seller Disclosure FSBO For Sale by Owner POA Power of Attorney Copyright 2023 Acton Media Inc. All rights reserved. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. DOT Deed of Trust 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. MO Month You can use BB to mean basketball, especially in internet communities dedicated to the sport. BB Real Estate Abbreviation. 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. The document includes loan terms, monthly payment and closing costs. Questions And Answers Read, 42. There are five main categories of real estate. Example: P30 (3% offered) to see how much house you might be able to afford. LOI Letter of Intent This browser is no longer supported. A/C Air Conditioning SD/W Storm Doors & Windows MBA Master Bedroom w/Bath BR Bedroom The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. AJ Affidavit of Joint Tenant Deed. ASG Assessment Assessment. 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. UNO Unit Number 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. All abbreviations on this list are typically written in all capital letters. Try our debt-to-income calculator to learn more. Allow us to clear things up, by explaining what these things really mean in plain old English. BR Bedroom The "P" represents percent. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. A property that has come back on the marketafter a pending sale. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. FDR/DR Dining room or a formal dining room SWR Sewer After all, you wouldn't want to get stuck with a money pit. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. SEW Sewer Buying a Flipped House: Is It Right for You? FFBR First Floor Bedroom A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. CLHMS Certified Luxury Home Marketing Specialist The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. PROP HT Propane Heat Prices are often higher than average. EMC Earnest money contract RDR Radiator MK Modern kitchen RELO Relocation office PLAY Playground 2. Bonus information may be placed in "Other" field. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). If you wish to report an issue or seek an accommodation, please let us know. OVER Oversized Garage Back Bay. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. All of these abbreviations are commonly used to describe the features of a house or commercial property. DhkpP Dryer Hookup NGS Natural Gas HDWD Hardwood APR Annual Percentage Rate NOI Net Operating Income Each lending institution sets its own prime rate. PWDR RM Powder room or half bath W/D WD Washer and dryer This was when the term exploded as a pet name between both lovers and friends. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. REO Real Estate Owned 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. 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. W/D Washer/Dryer Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. SFR Single Family Residence Not all real estate agents are REALTORS. 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. ROI Return On Investment The components of a monthly mortgage payment. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Repairs. OWN Owner Financing VWS, VW, VU View or views MLS multiple listing service TRAN Transitional Read more about pre-qualification here. L/O Lease Option WD PNL Wood paneling Tiny . Fpgas Gas Fireplace UTCL Utility Closet He also works as a digital marketer for a regional e-commerce website. 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. CFan Ceiling Fan Step 3: You then find tenants in 30-60 days to take over the two . STA State Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Cth Cathedral Ceiling Exr Exercise Room Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. FDIC Federal Deposit Insurance Corporation END End Unit Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. SPAC Spacious Read, more about the Buy-Rent Breakeven Horizon here, The sale of a home by an owner who owes more on the home than its worth. CATH Cathedral ceilings Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. O/F Owner Finance APT Apartment Updated from an earlier version on realtor.com. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Powered by webmasterWP.com. Sort. The governing body of a housing development, condo or townhome complex that sets rules and regulations. Maximum loan amounts can vary by county. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. property in buildings and land; space, capacity See the full definition . 4 Misconceptions Buyers and Sellers Have About the Housing Market, 10 Hottest Housing Markets of 2023, and What to Know if Youre Shopping in One, 13 Home-Buying Myths to Unlearn Right Now, 10 Hottest Housing Markets of 2023, and What to Know if You're Shopping in One, Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures. Fha Forced Hot Air NNN Triple Net Lease FDR Formal dining room Cent h/a Central Heat&Air C-fan Ceiling Fan 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. Learn more here. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. An origination fee is not a single fee. LFT Loft This means that aproperty is currently on the market and available for sale. MAO Maximum Allowable Offer BB. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. AMO Accredited Management Organization Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Go now! Resources Learn more. An encumbrance can create a cloud on the title of a real property. It's anything that can be subject to ownership, except land. Translation: This home is small. Not all mortgages carry a prepayment penalty. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. All Rights Reserved. This claim belongs to a third party, who can either be an organization or an individual. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Learn, The act of paying off one loan by obtaining another. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. HOA Homeowners Association FCRA Fair Credit Reporting Act REC Recreation Room HB Half Bath (toilet + sink) Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . These institutions underwrite as well as set home loan pricing in-house. Best for: Buyer's agents looking to separate themselves from the rest of the field. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). WF Waterfront If a place is advertised as needing TLC then its likely a bona fide fixer-upper. HBR Harbor I havent seen you in forever. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. Cldsc Cul-de-sac FR Family room The Real Estate Commission: How Much Are Realtor Fees? Essentially, "turnkey" means that . 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. We select and review products independently. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. Press F to Pay Respects: What Does F Mean Online? 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. BB Real Estate Abbreviation. KIT, KT Kitchen Look for this accreditation or something similar when shopping for a home inspector. Lo dues:Low homeowners association dues. 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. BB Baseboard Heat Check out our glossary of frequently-used mortgage terms. Related:10 Signs That Fixer-Upper Might Be a Money Pit. Real estate abbreviations are important to save time and money. Brk Brick Related:7 Features That Define the New American Home. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. LR with Fplc? MULTI 3+ Car Garage CNS Certified Negotiation Specialist Usually . NONQ Non-Qualifying Read, A property repossessed by a bank when the owner fails to make mortgage payments. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. If you see a bathroom or kitchen described as vintage, that means theyre old. When a home listing touts its custom features, take care. RAD Radiant Heat Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. OCN Ocean Contingent vs. under contract? Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. The status will show as pending until the closing. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity.
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