FEMA Federal Emergency Management Agency The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. P&S Purchase and sale Cnl Canal BB. 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. MAO Maximum Allowable Offer You are not obligated to accept the loan just because you received a loan estimate. UTRM Utility Room FAG Forced air gas Fees associated with the purchase of a home that are due at the end of the sales transaction. FDIC Federal Deposit Insurance Corporation RTO Rent to Own A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 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. When you purchase through our links we may earn a commission. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Homes can sit on the market for a long time, and prices tend to drop. BA; BTH : Bathroom. What Is a Short Sale? Its customary for the buyer to pay for the lenders title insurance policy. HPWA Water/Air Ht Pump So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. Lo dues:Low homeowners association dues. 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. RNCH Ranch WTR PD Water paid Fixtures are a frequent subject of buyer and seller disputes. Performance & security by Cloudflare. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. MLSs are local or regional. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Like, from the 50s. TRC Trash Compactor 1. Read, 42. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). OSP Off-street parking is available A property that has come back on the marketafter a pending sale. SPAC Spacious DBA Doing Business As REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Prospective purchasers of an inn need to know exactly what they mean. JV Joint Venture 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. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. is part of the U.S. Department of Housing and Urban Development. Crystal R. Bonus information may be placed in "Other" field. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Buying a Flipped House: Is It Right for You? Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. A concrete point at which buying a home makes more financial sense than renting one. No purchase is necessary to view U.S. NYSAR New York State Association of Realtors Each lending institution sets its own prime rate. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. BB Real Estate Abbreviation. REL Related to Seller Baseboard Heat + 2. Business, Property, Real Estate Advertising. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. 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. DCR, DSCR, DSR Debt Service Coverage Ratio Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. If you see a bathroom or kitchen described as vintage, that means theyre old. CVAC Central Vacuum RELATED: What Does "TMI" Mean, and How Do You Use It? APR Annual Percentage Rate RAD Radiant Heat LR Living room SPC Drive parking spaces Sort. and PERM Perm Attic Stairs GARB Garbage 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 definition varies in different places. Learn, The act of paying off one loan by obtaining another. Oftentimes, a seller will take a property off the market while they make home repairs or improvements., Under contract (UC):This statusalsoindicates thattheseller has acceptedan offer from a buyer, but the sale has not yet been completed. Your IP: A not-for-profit professional association that sets and promotes standards for property inspections. AEK All electric kitchen Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions ROI Return On Investment I/O Interest Only (loan) CP Carport PRV, PVCY FENCE Privacy Fence to see how much house you might be able to afford. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. Inspection occurs when the home is under contract or in escrow. Learn more here. Not all mortgages. GAROP Garage Door Opener WSH Washer It should return to active soon enough, so its certainly worth piping up if youre smitten. That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. Since many phrases can be shortened to BB, this acronym might refer to other things online. UTCL Utility Closet Sub2 Subject to existing financing WAR Warranty Plan IRR Internal Rate of Return 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. This claim belongs to a third party, who can either be an organization or an individual. Related:The Best 10 Plants to Grow for Backyard Privacy. GARD Garden An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Questions And Answers LR with Fplc? Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. ELV Elevator Privacy Policy. ATT Attached Garage Have questions about buying, selling or renting during COVID-19? Miscellaneous. Bulk Bulkhead RTO Rent To Own The "P" represents percent. 2-LV : Two living levels. An origination fee is not a single fee. Bidding wars are common. This list of real estate investing abbreviations is useful for real estate brokers. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. These abbreviations are typically written in all capital letters. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. An encumbrance is a claim that limits how a property owner can use their property. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. You can email the site owner to let them know you were blocked. WIC Walk-in closet, ARV After-Repaired Value VWS, VW, VU View or views Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. YD Yard Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. 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. PROP HT Propane Heat A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. TRAN Transitional FR Family room OO Owner Occupied In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. 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. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. 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. Since we launched in 2006, our articles have been read billions of times. Bung Bungalow After all, you wouldn't want to get stuck with a money pit. SEC SYS Security System A percentage of the homes value owned by the homeowner. BKYD Backyard 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. CCR Conditions, Covenants, and Restrictions Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Read more about escalation clauses and making an offer on a home. 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. Cdrcl Cedar Closet 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. PAN Pantry NNN Triple Net Lease REI Real Estate Investing INGRD PL pool in ground pool This was when the term exploded as a pet name between both lovers and friends. TIL Truth In Lending, A/G PL Above-ground Pool BR Bedroom 3/4 Bath toilet + sink + shower or tub Not all products and services are available in all states. ASM Assumptions Powered by webmasterWP.com. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Fp, Fpl, Fplc Fireplace 1C : One-car garage. REALTOR Member of the National Association of Realtors 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 that aproperty is currently on the market and available for sale. BALC Balcony Title Records posts and articles. MO Month 2023 All Rights Reserved. PAR Partially Fenced CAP Capitalization 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. Not all Northwestern Mutual representatives are advisors. AJ Affidavit of Joint Tenant Deed. 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. PWDR RM Powder room or half bath NONQ Non-Qualifying He's invested in internet culture, social media, and how people interact with the web. Repairs. Usually . What is BB meaning in Real Estate? BA Bath We select and review products independently. All Rights Reserved. The status will show as pending until the closing. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. ASB Asbestos Siding Privacy Policy CRB Certified Real Estate Broker Prepaid interest owed at closing, with one point representing 1% of the loan. How have you been?. GLF Golf Course MEIK Modern eat-in kitchen In-law potl:Potential for a separate apartment, subject to local zoning restrictions. BKPORCH Back Porch MIC Mint Condition (like new or new) Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. I want to receive exclusive email updates from YourDictionary. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. E Rng Electric Range You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. If you wish to report an issue or seek an accommodation, please let us know. DLO Seller Disclosure Mstr Master bed room Clap Clapboard Siding Real Estate Definition. FDR/DR Dining room or a formal dining room POA Power of Attorney SHNG Shingle Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. If its back on the market, theres a reason why the original sale fell through. LA Living area Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Abbreviations on the list may have capitalization variations. 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 . The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. WD PNL Wood paneling The number of days a property listing is considered active. You can use BB to mean basketball, especially in internet communities dedicated to the sport. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. EMC Earnest money contract Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. W/D WD Washer and dryer CCR Conditions, Covenants, and Restrictions 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. An encumbrance can create a cloud on the title of a real property. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Crwl Crawl Space It may sound charming, but a house that's described as having lots of character could look just plain weird in person. Example: P30 (3% offered) Normally, a piece of property can be easily classified as either personal property or real property. There are also a few other cultural definitions for BB. Click to reveal This website is using a security service to protect itself from online attacks. 1. Cvga Converted Garage FMR Fair Market Rent MSN Masonry Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. HRS Horses Allowed OWN Owner Financing 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. GRT RM Great room The amount of the loan divided by the price of the house. Dk Deck The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. BOT Boat Slip Care starts with culture. PITI Principal, Interest, Taxes, and Insurance VYL Vinyl Business 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. Deco Decorative Fence MAR Marble DOS Due On Sale Clause OVER Oversized Garage Learn more about down payments here. SD/W Storm Doors & Windows Cth Cathedral Ceiling CPT Carpet or Carport AMO Accredited Management Organization A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. ASG Assessment Assessment. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. Prices are often higher than average. Click to reveal Learn more about homeowners insurance here. MOPOA Monthly POA Fee 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. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Learn more about adjustable-rate mortgages here. HSF Heated square feet Q POS Available for quick possession NOI Net Operating Income HOA Homeowners Association OA Owner Agent LRG Large JTUB Jetted Tub A three-page document sent to an applicant three days after they apply for a home loan. APPLS Appliances In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. A minimum requirement is often dictated by the loan type. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. Home Read more about mortgage insurance. Bb. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). A full bathroom is a room with a toilet, a sink and a bathtub. An encumbrance is a limit on how an owner can use real estate. 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. Try. The act of paying off one loan by obtaining another. Fpgas Gas Fireplace The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. Please switch to a supported browser or download one of our Mobile Apps. What Does FS Mean, and How Do You Use It? Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. After the set time period your interest rate will change and so will your monthly payment. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. SPLT Split-Level Tiny houses are a trend, for sure. 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. FRBO for rent by owner END End Unit Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. The "P" represents percent. F/A Ht, FAH Forced Air Heat Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. Read more about FHA loans here. BB Baseboard Heat Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. WINDT Window Treatment DWF, DWAC Deep Water/Access Clus Cluster SKY Skylights This is the most popular NAR official designation and is relatively easy to get and maintain. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Learn more about foreclosure here. FDR Formal dining room One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. SEC Security System When this happens, he or she risks the home heading into the foreclosure process. 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. 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. 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. Learn more about short sales here. DK Deck Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Brkf Breakfast Area They charge dues used to maintain common areas. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. SRES Senior Real Estate Specialist, Additional Resources: ARI Articles of Incorporation Notice, certificate. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. TOWN Town House COO or C of O Certificate of Occupancy SFH Single Family House 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 closing costs here. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. PRO Internet Professional 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. PL/A Above Ground Pool Performance & security by Cloudflare. MLS multiple listing service 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. 1C, 2C 1 or 2 car Garage RDR Radiator PAT Patio Real property is immovable property - its land and anything attached to the land. Maximum loan amounts can vary by county. MBA Master Bedroom w/Bath ELE Electric MYOB Mind Your Own Business EIK Eat in kitchen This means the propertys ownersare actively taking backup offers in case the first one falls through. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. C/VAC Central vacuum D/W Dishwasher 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. Read, A ratio that compares a home buyers expenses to gross income. Here are a few examples of BB in action: Do you want to learn more internet slang terms? You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. 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. Before you start calling someone BB, you might need to establish ground rules. HOA Homeowners association HVAC heating, ventilation and air conditioning The price of a home, as set by the seller. Related:7 Features That Define the New American Home. 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. TRSH Trash Pickup In many listings, the term is used to describe to an area that's in the process of transition. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Try our affordability calculator to see how much house you might be able to afford. A ratio that compares a home buyers expenses to gross income. Be sure to read the fine print carefully. And the real estate business is no different. TEN Tennis Court A fee, charged by a broker or lender, to underwrite and process a home loan application. When you boil it down to the basics, real estate has a simple meaning. PMP Well Pump GRMET KIT, GRMT KIT Gourmet kitchen A property repossessed by a bank when the owner fails to make mortgage payments. Try our debt-to-income calculator to learn more. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. LTV loan to value The owners bank must approve a lower listing price before the home can be sold. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. They charge dues used to maintain common areas. HB Half Bath (toilet + sink) An MLS allows brokers to see one another's listings of. LPOA Limited Power of Attorney Market conditions that exist when buyers outnumber homes for sale. The components of a monthly mortgage payment. HBR Harbor Organizations can include local governments, utility companies, and homeowners associations. PILE Pilings BLT Built-in You can email the site owner to let them know you were blocked. Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. CPM Certified Property Manager Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Dr -Dining Room Cldsc Cul-de-sac WTR Water O/F Owner Finance The content on this site is not intended to provide legal, financial or real estate advice. Even though a sale is highly likely, some pending properties may still accept backups. Resources Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. If you have the money to hire a handyman for every household woe, go ahead. HWH Hot water heater Cent h/a Central Heat&Air BR Bedroom Canadian Real Estate Association, the national association for Canada. 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.