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. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. DEDRS Deed Restrictions 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. SHNG Shingle 147.189.141.138 Read more about mortgage insurance. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. POA Power of Attorney So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. REC Recreation Room A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. PL/A Above Ground Pool HW Hot Water FDR Formal dining room Refinancing is generally done to secure better loan terms, such as a lower interest rate. LLC Limited Liability Company MRSH Marsh A property was withdrawn from the realty market. Learn more about down payments here. DOS Due On Sale Clause Repairs. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. Fp, Fpl, Fplc Fireplace OFC Office Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Fixture:Anything of value that is permanently attached to or a part of real property. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. Try our affordability calculator to see how much house you might be able to afford. No purchase is necessary to view U.S. In many listings, the term is used to describe to an area that's in the process of transition. The components of a monthly mortgage payment. Copyright 2022 Ann Arbor Area Board of REALTORS. Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. A half bathroom or powder room has only a toilet and a sink. MAO Maximum Allowable Offer If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. Not all real estate agents are REALTORS. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. 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.. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. BCH Beach Learn more. RTO Rent to Own ASG Assessment Assessment. CRT. All abbreviations on this list are typically written in all capital letters. This abbreviation is a shorthand way of showing your affection to your partner. Cap rates can provide valuable insight into a property. LR Living Room Cloudflare Ray ID: 7a2835264c3fdd54 27. APR Annual Percentage Rate LLP Limited Liability Partnership A fee, charged by a broker or lender, to underwrite and process a home loan application. New real estate investors may wonder what the terms Class A, B, C, and D property mean. These institutions underwrite as well as set home loan pricing in-house. NOO Non-Owner Occupied Usually . SFR Single Family Residence Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Before you start calling someone BB, you might need to establish ground rules. Cldsc Cul-de-sac Real estate terms to know when you've started house hunting. 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. Q POS Available for quick possession Back Bay + 1 1. FR Family room MCOA Min $ on Assumption Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Fpgas Gas Fireplace Be sure to read the fine print carefully. ELV Elevator LOC Line of Credit LTV Loan to Value Maximum loan amounts can vary by county. Sort. to cover taxes and insurance. DLM Seller Disclaimer A concrete point at which buying a home makes more financial sense than renting one. "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 . You can email the site owner to let them know you were blocked. 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. Both words imply motion, but the difference may b. Defenestration. Keep reading to learn more about this unique abbreviation. Yes! This is the escrow period, when both buyer and seller are workingtoward a closing. PMP Well Pump Zkratka ESG (z anglickho Environmental . An encumbrance can create a cloud on the title of a real property. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. IRR Internal Rate of Return Not all products and services are available in all states. DOS Due On Sale Clause FIN LL Finished lower level You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Read more about PMI here. Since many phrases can be shortened to BB, this acronym might refer to other things online. 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. HUD Department of Housing and Urban Development NBHD Neighborhood Privacy Policy Fixtures are a frequent subject of buyer and seller disputes. Dr -Dining Room Clbhs Clubhouse POF Proof of Funds In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. FMR Fair Market Rent The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". Cozy Charm. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Brkf Breakfast Area SEC SYS Security System A contingent statusmeans that the seller has accepted an offer and the home is under contract. How-To Geek is where you turn when you want experts to explain technology. Learn more about refinancing here. 2023 All Rights Reserved. The price of a home, as set by the seller. 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. AJ Affidavit of Joint Tenant Deed. Translation: This home is small. A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage. You can use BB to mean basketball, especially in internet communities dedicated to the sport. STR On Street Parking Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. Real property is immovable property - its land and anything attached to the land. If you see a bathroom or kitchen described as vintage, that means theyre old. JTUB Jetted Tub Prepaid interest owed at closing, with one point representing 1% of the loan. KIT, KT Kitchen PRO Internet Professional The "P" represents percent. ATFN Attic Fan When this happens, he or she risks the home heading into the foreclosure process. The ratio compares the borrowers monthly debt payments to gross income. There are five main categories of real estate. FDR/DR Dining room or a formal dining room Usually, the realtor's website will give a good description without the real estate abbreviations. 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. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative SPDED Special Warranty Deed 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. This browser is no longer supported. After the set time period your interest rate will change and so will your monthly payment. CAC Central air conditioning LR with Fplc? What Does BB Mean, and How Do I Use It? GARB Garbage SLT Slate The document includes loan terms, monthly payment and closing costs. Related:7 Features That Define the New American Home. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. CCIM Certified Commercial Investment Member MAR Marble Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. When you purchase through our links we may earn a commission. FHA Federal Housing Administration Related:12 Things Realtors Look For in Homes of Their Own. A three-quarter bathroom has a toilet, a sink and a shower. Clap Clapboard Siding SPAC Spacious A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. TOWN Town House HOA Homeowners association MTG Mortgage SCRND PORCH Screened Porch REIA Real Estate Investors Association Miscellaneous. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. Brk Brick Closing costs are generally paid through escrow. SMB Split Master Bedroom In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. What Is a Short Sale? FFBR First Floor Bedroom Care starts with culture. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. OCN Ocean OP Occupancy Permit These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Brokerage. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. MLSs are local or regional. NONQ Non-Qualifying One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. GRI Graduate Realtor Institute Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. BB. Not all Northwestern Mutual representatives are advisors. MWV Microwave Oven VYL Vinyl Bonus information may be placed in "Other" field. When you boil it down to the basics, real estate has a simple meaning. TEN Tennis Court If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. Refund Policy, U.S. HIST Historical District Market conditions that exist when homes for sale outnumber buyers. A concrete point at which buying a home makes more financial sense than renting one. So if you adore what you see in thelisting, it certainly canthurt to inquire. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Hi ceils - This is an abbreviation for "high ceilings.". 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. This website is using a security service to protect itself from online attacks. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. The content on this site is not intended to provide legal, financial or real estate advice. CH Central heat BKPORCH Back Porch Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. 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. SWR Sewer LTV loan to value Learn more about foreclosure here. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. Read more about the Buy-Rent Breakeven Horizon here. MBA Master Bedroom w/Bath E Rng Electric Range 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. is part of the U.S. Department of Housing and Urban Development. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. 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. WIN Window/Wall Unit Cbl,Cblh Cable/Hookup Please switch to a supported browser or download one of our Mobile Apps. Back Bay. FMV Fair Market Value BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. RELO Relocation office Copyright 2023 Acton Media Inc. All rights reserved. Tiny . Dbl Double F/A Ht, FAH Forced Air Heat PLAY Playground When a home listing touts its custom features, take care. Normally, a piece of property can be easily classified as either personal property or real property. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. 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. What is BB meaning in Real Estate Advertising? GMT Kitchen Gourmet kitchen A portion of your monthly payment goes into the. 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. Cent h/a Central Heat&Air PMI Private Mortgage Insurance Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. BB Real Estate Abbreviation. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. GRT RM Great room An FDR with a DK? The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. Resources Performance & security by Cloudflare. I/O Interest Only (loan) Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. TIL Truth In Lending, A/G PL Above-ground Pool This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. OFC Office/Study This was when the term exploded as a pet name between both lovers and friends. If its back on the market, theres a reason why the original sale fell through. 1. The sale of a home by an owner who owes more on the home than its worth. 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). Our belief in better is at the core of everything that we do, every day. CNS Certified Negotiation Specialist ROI Return On Investment Try our amortization calculator to learn more. All Rights Reserved, Hey bb! The action you just performed triggered the security solution. BLDRS REDO Builders Renovation GLFP Gas log fire place A percentage of the homes value owned by the homeowner. Have questions about buying, selling or renting during COVID-19? Crk Creek . Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. FRBO for rent by owner It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. This is the most popular NAR official designation and is relatively easy to get and maintain. Property Records Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. CMA:Comparative market analysis or competitive market analysis. BR Bedroom CLHMS Certified Luxury Home Marketing Specialist and Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. Performance & security by Cloudflare. Title Records posts and articles. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. Crprt Carport When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. 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. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. During this time, the home is inspected and appraised, and the title is searched for liens, etc. 4B/2B:Four bedrooms and two bathrooms. Buying a Flipped House: Is It Right for You? Personal property is movable property. BB Real Estate Abbreviation. Like, from the 50s. 1 /8. Zillow, Inc. holds real estate brokerage licenses in multiple states. Active This means that a property is currently on the market and available for sale. 3/4 Bath toilet + sink + shower or tub 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. 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. MAO Maximum Allowable Offer How to use real estate in a sentence. Try. TXS Taxes These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. ARM Adjustable Rate Mortgage A buyers final inspection of a home before closing. NNN Triple Net Lease Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. 2/1 2 bedrooms / 1 bathrooms Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. The. BA; BTH : Bathroom. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. A full bathroom is a room with a toilet, a sink and a bathtub. GAROP Garage Door Opener It may also give the breakdown of the number of floors, size of the rooms and their location within the home. SQ FT Square Feet If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Fees associated with the purchase of a home that are due at the end of the sales transaction. These abbreviations are typically written in all capital letters. Market conditions that exist when buyers outnumber homes for sale. GRMET KIT, GRMT KIT Gourmet kitchen FAG Forced air gas YD Yard STOR Assigned Storage Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. UPF, UPR Upper floor It may sound charming, but a house that's described as having lots of character could look just plain weird in person. Bsmt Basement 1C : One-car garage. LA Living area A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. ALM Aluminum Siding The owners bank must approve a lower listing price before the home can be sold. PERM Perm Attic Stairs 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. PITI Principal, Interest, Taxes and Insurance HBR Harbor Often, the listing will indicate which rooms have hardwood flooring. These abbreviations are typically written in all capital letters. During this time, the home is inspected and appraised, and the title searched for liens, etc. Dsp Garbage Disposal CVAC Central Vacuum 2. 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 . UTRM Utility Room After all, you wouldn't want to get stuck with a money pit. 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. 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. Organizations can include local governments, utility companies, and homeowners associations. W/W CRPT Wall To Wall Carpet WAR Warranty Plan There are four important items that must be included in a buyer's pro forma. Check out our glossary of frequently-used mortgage terms. TRAN Transitional EIK Eat in kitchen Be sure to read the fine print carefully. 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. WIC Walk-in closet, ARV After-Repaired Value Learn more about pre-approval here. CAC Central Air Conditioning We select and review products independently. 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. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. NYSAR New York State Association of Realtors Since we launched in 2006, our articles have been read billions of times. MK Modern kitchen COO or C of O Certificate of Occupancy Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. RVR River C/VAC Central vacuum CRE Creative Real Estate Read, A ratio that compares a home buyers expenses to gross income. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. FSBO For Sale By Owner Translation: This home is small. 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. These structures can be both above and under the ground. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. The price of borrowing money. HDW, HWF, hdwd - This means there is hardwood flooring in the home. HTUB Hot Tub Sub2 Subject to existing financing 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. WINDT Window Treatment A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. Foyr Foyer Cont Contemporary PWDR RM Powder room or half bath Bring vs. Take. 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. 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. LR Living room To meet client needs, to empower teammates, and to lift up communities. Press F to Pay Respects: What Does F Mean Online? A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. COCR or CCR Cash on Cash Return GRNO Ground Maintenance Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. SEC Security System It's anything that can be subject to ownership, except land. LOI Letter of Intent Click to reveal Cnl Canal WBS Wood-Burning Stove 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. Read more about origination fees here. Suggest. 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. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Prospective purchasers of an inn need to know exactly what they mean. Home affordability takes into account your income, down payment, and monthly debts. POA Power of Attorney There are also a few other cultural definitions for BB. CP Carport SRES Senior Real Estate Specialist, Additional Resources: Contact Us 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. 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. An origination fee is not a single fee. But if thats not what youre looking for, keep shopping. A/C Air Conditioning RNCH Ranch I want to receive exclusive email updates from YourDictionary. DOT Deed of Trust 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 Privacy Policy. The CRS designation indicates a triple threat - on average, these agents have been in business three times longer, have three times the amount of transactions, and generate three times more sales revenue than the average . An encumbrance is a limit on how an owner can use real estate. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. property in buildings and land; space, capacity See the full definition . The Real Estate Commission: How Much Are Realtor Fees?