Home affordability takes into account your income, down payment, and monthly debts. EA exclusive agency MTG Mortgage CRB Certified Real Estate Broker Related:10 Signs That Fixer-Upper Might Be a Money Pit. 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. TRC Trash Compactor The seller has an accepted offer but is waiting to see if the buyers bank will agree to it, says Realtor Dawn Rivera with Realty World-Viking Realty in Fremont, CA. Windows 11: How Much RAM Can Your PC Have? A concrete point at which buying a home makes more financial sense than renting one. Learn more about refinancing here. Not all mortgages carry a prepayment penalty. P&S Purchase and sale REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. LOI Letter of Intent Banks, savings and loans, and credit unions. A combination of loans bundled to avoid private mortgage insurance. PULL Pull-Down Attic Stair 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 . RTO Rent to Own Have questions about your home financingpaperwork? FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation 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. 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. GARB Garbage So if you adore what you see in thelisting, it certainly canthurt to inquire. 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. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. HSF Heated square feet Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Fpgas Gas Fireplace Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Related:18 Big Storage Ideas to Steal from Tiny Homes. 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. This is important, as identifying a property's class can predict how the asset might perform. WIN Window/Wall Unit SMB Split Master Bedroom A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. PRTL Partial Fees associated with the purchase of a home that are due at the end of the sales transaction. . Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. All Rights Reserved, Hey bb! There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Like, from the 50s. Questions And Answers MULTI 3+ Car Garage 2-LV : Two living levels. Get the top BB abbreviation related to Real Estate. Real estate abbreviations are important to save time and money. 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. 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. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 3/4 Bath toilet + sink + shower or tub Read more about PMI here. HBR Harbor 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. SPKLR Sprinkler The amount of the loan divided by the price of the house. 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. You may want the retreat, but ask yourself if you're truly ready for all it entails. CRE Commercial Real Estate 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. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. The fascinating story behind . SHNG Shingle New real estate investors may wonder what the terms Class A, B, C, and D property mean. That doesnt mean that its a done deal by any means, however (more on that next). FCRA Fair Credit Reporting Act MBA Master Bedroom w/Bath It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. This list of real estate investing abbreviations is useful for real estate brokers. A three-page document sent to an applicant three days after they apply for a home loan. Det Detached Garage LR Living Room Our belief in better is at the core of everything that we do, every day. Fp, Fpl, Fplc Fireplace A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. The content on this site is not intended to provide legal, financial or real estate advice. Back Bay. RVR River OFC Office/Study FEMA Federal Emergency Management Agency OCN Ocean CAP Capitalization Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. COF Cost of Funds ARM Adjustable Rate Mortgage Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Terms Of Use CRS. U/G SPRK Underground Sprinkler Translation: This home is small. How-To Geek is where you turn when you want experts to explain technology. A database where real estate agents list properties for sale. 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. MLS:Multiple Listing Service. 4B/2B: Four bedrooms and two bathrooms. SFR Single Family Residence 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. A property repossessed by a bank when the owner fails to make mortgage payments. LFT Loft 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. An encumbrance is a limit on how an owner can use real estate. LTV Loan to Value Brokerage. A full bathroom is a room with a toilet, a sink and a bathtub. Prices are often higher than average. There are five main categories of real estate. Suggest. This abbreviation is a shorthand way of showing your affection to your partner. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. Your IP: CFan Ceiling Fan BA Bathroom 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. Before you start calling someone BB, you might need to establish ground rules. WLKIN Walk-in Closet This website is using a security service to protect itself from online attacks. Foyr Foyer CMA Comparative Market Analysis MAR Marble RAD Radiant Heat 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. This happens when the catcher manages to catch four pitches that classify as a ball, and the batter gets to move to first base without the danger of going out. You might also see the acronym BB%, which stands for base on balls rate its the statistical frequency that a pitcher will allow a batter to walk. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". He's invested in internet culture, social media, and how people interact with the web. 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. DCR, DSCR, DSR Debt Service Coverage Ratio CRS Certified Residential Specialist A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Bonus information may be placed in "Other" field. WF Waterfront The "P" represents percent. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. OFC Office If you hang around social media circles and forums that talk about TV, BB might also stand for Big Brother, a prominent reality show franchise involving a group of strangers living together in the same house. Try our affordability calculator to see how much house you might be able to afford. VYL Vinyl FIN LL Finished lower level Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. LR with Fplc? FPLC, FP, FRPLC Fireplace DWF, DWAC Deep Water/Access Learn more about adjustable-rate mortgages here. A concrete point at which buying a home makes more financial sense than renting one. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. HVAC heating, ventilation and air conditioning GMT Kitchen Gourmet kitchen MSN Masonry ELV Elevator AEK All electric kitchen NAT GS HT Natural gas heat Home affordability takes into account your income, down payment, and monthly debts. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. CHMS Certified Home Marketing Specialist SD/W Storm Doors & Windows Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. OA Owner Agent 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. 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. 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. A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. Read, 42. BLDRS REDO Builders Renovation Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. 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. BB Real Estate Abbreviation. An origination fee is not a single fee. All of these abbreviations are commonly used to describe the features of a house or commercial property. This is the escrow period, when both buyer and seller are workingtoward a closing. JV Joint Venture Miscellaneous. 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. What is BB meaning in Real Estate Advertising? You can email the site owner to let them know you were blocked. PRV, PVCY FENCE Privacy Fence 1. TOWN Town House Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). L/O Lease Option EMC Earnest money contract Cbl,Cblh Cable/Hookup When a home listing touts its custom features, take care. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Prospective purchasers of an inn need to know exactly what they mean. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. BALC Balcony AC or A/C Air conditioning Dsp Garbage Disposal Property Records MCOA Min $ on Assumption What Does BB Mean, and How Do I Use It? MBRFP Master Bedroom w/FP 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. 1C, 2C 1 or 2 car Garage The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). 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. Hi ceils - This is an abbreviation for "high ceilings.". Bung Bungalow Canadian Real Estate Association, the national association for Canada. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. Tiny . ALM Aluminum Siding WTR PD Water paid 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. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. 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. 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. A contingent statusmeans that the seller has accepted an offer and the home is under contract. 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. 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 GRES Graduate Real Estate Society END End Unit A property that has come back on the marketafter a pending sale. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. TXS Taxes The property is sold and no longer available. E Rng Electric Range IGSP In-Ground Sprinkler to cover taxes and insurance. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. What sounds impressive on paper may look less appealing in person. A not-for-profit professional association that sets and promotes standards for property inspections. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. NGS Natural Gas IRR Internal Rate of Return Keep reading to learn more about this unique abbreviation. This abbreviation is a shorthand way of showing your affection to your partner. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. This claim belongs to a third party, who can either be an organization or an individual. All Rights Reserved. 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. PRO Internet Professional FDR Formal dining room PMI Private Mortgage Insurance One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 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 . REIA Real Estate Investors Association CLTV Combined Loan To Value If you're still unclear what a shorthand is referring to, reach out to the listing agent. APT Apartment Fixture:Anything of value that is permanently attached to or a part of real property. It is for information purposes only, and any links provided are for the users convenience. FFBR First Floor Bedroom In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. 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. PGS Propane The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. ELE Electric UNO Unit Number The act of paying off one loan by obtaining another. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer.
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