Privacy Policy. Check out our glossary of frequently-used mortgage terms. A/C Air Conditioning Ann Arbor Area Board of REALTORS - MLS Compensation Codes WDSTV Wood-Burning Stove CFan Ceiling Fan HD, HDFL Hardwood floors About Truist | Truist PAN Pantry There are five main categories of real estate. Crk Creek WAR Warranty Plan The meaning of REAL ESTATE is property in buildings and land. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. What is BB meaning in Real Estate? Prices are often higher than average. RV PRKG RV Parking KIT, KT Kitchen BCH Beach Actv Active OBO Or Best Offer 2. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. A/G PL : Above-ground swimming pool. If they were not used, the ads for a home could get quite lengthy. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. INLW In-Law Suite PICK Picket Fence The amount of the loan divided by the price of the house. Class A, B, C, D Real Estate: A Guide to Property Class Types 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. Inspection occurs when the home is under contract or in escrow. 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. GAR, GR Garage LRG Large PITI Principal, Interest, Taxes, and Insurance Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. HUD Housing and Urban Development If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. RTO Rent To Own Questions And Answers 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 . E Rng Electric Range SKY Skylights If you wish to report an issue or seek an accommodation, please let us know. APR Annual Percentage Rate G-RNG Gas Range 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. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. BOT Boat Slip Refinancing is generally done to secure better loan terms, such as a lower interest rate. Bidding wars are common. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Translation: This home is small. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. Fixtures are a frequent subject of buyer and seller disputes. A certain portion of the homes purchase price that a buyer must pay. Bulk Bulkhead AJ Affidavit of Joint Tenant Deed. A concrete point at which buying a home makes more financial sense than renting one. HDW, HWF, hdwd - This means there is hardwood flooring in the home. O/F Owner Finance Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. BB. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. TRC Trash Compactor The document includes loan terms, monthly payment and closing costs. SEW Sewer BKYD Backyard A concrete point at which buying a home makes more financial sense than renting one. PRV, PVCY FENCE Privacy Fence HRS Horses Allowed Copyright 2023 Acton Media Inc. All rights reserved. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. D/D Dishwasher and a garbage disposal The owners bank must approve a lower listing price before the home can be sold. CLHMS Certified Luxury Home Marketing Specialist LFT Loft SHNG Shingle Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. HI CEIL(S) High ceilings How to use real estate in a sentence. REALTOR Member of the National Association of Realtors P&S Purchase and sale An encumbrance can create a cloud on the title of a real property. LLC Limited Liability Company Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. FCRA Fair Credit Reporting Act 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. The ratio compares the borrowers monthly debt payments to gross income. 1. Cap rates can provide valuable insight into a property. TEN Tennis Court MYOB Mind Your Own Business TIL Truth In Lending, A/G PL Above-ground Pool Dry Clothes Dryer After all, you wouldn't want to get stuck with a money pit. Bring vs. Take. WDSTV Wood Burn Stove WIC Walk-in closet, ARV After-Repaired Value SQ FT Square Feet LOC Line of Credit A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. PMI Private mortgage insurance Guide To REO Properties And How To Buy Them | Quicken Loans 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. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. Not all real estate agents are REALTORS. FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation "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 . MIC Mint Condition (like new or new) MRSH Marsh 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. LR Living room Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). SPDED Special Warranty Deed Read more about escalation clauses and making an offer on a home. It is for information purposes only, and any links provided are for the users convenience. JTUB Jetted Tub An origination fee is not a single fee. What Does "BB" Mean, and How Do I Use It? - How-To Geek You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. VWS, VW, VU View or views G/A Garage, Attached WTR PD Water paid Sub2 Subject to existing financing Learn more about down payments here. OVER Oversized Garage UTCL Utility Closet Learn more. Banks, savings and loans, and credit unions. WTR Water LTV Loan to Value Real Estate Acronyms By cnyREALTOR GARB Garbage 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. NBHD Neighborhood There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. 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. 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. SD/W Storm Doors & Windows 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. Both words imply motion, but the difference may b. Defenestration. LTV loan to value Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Business Not all mortgages carry a prepayment penalty. He's invested in internet culture, social media, and how people interact with the web. Clus Cluster Cloudflare Ray ID: 7a28359a3f44c34a Large E-2 plan:This is one of several floor plans available in a specific building. What Does BB Mean, and How Do I Use It? Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. Be sure to read the fine print carefully. MSN Masonry Clap Clapboard Siding GRI Graduate REALTOR Institute 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. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. The components of a monthly mortgage payment. Q POS Available for quick possession But the cap rate is not the only metric used to evaluate a real estate investment. MLS Multiple Listing Service Closing costs are generally paid through escrow. Since we launched in 2006, our articles have been read billions of times. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. DET Detached garage Real Estate Abbreviations And Acronyms - U.S. Title Records This list of real estate investing abbreviations is useful for real estate brokers. Usually, the realtor's website will give a good description without the real estate abbreviations. After the set time period your interest rate will change and so will your monthly payment. SRO Single Room Occupancy POA Power of Attorney Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. Normally, a piece of property can be easily classified as either personal property or real property. LPOA Limited Power of Attorney There are often additional notes with details that don't fit into the standard listing formula. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. 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. 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, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. This means the propertys ownersare actively taking backup offers in case the first one falls through. Sort. Try our affordability calculator to see how much house you might be able to afford. FMR Fair Market Rent In-law potl:Potential for a separate apartment, subject to local zoning restrictions. Crprt Carport FFE furniture, fixture, and equipment SN Senior A minimum requirement is often dictated by the loan type. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. The Real Estate Terms to Know When You're Looking at Home Listings 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. The status will show as pending until the closing. 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. 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). Cen Central Air NAT GS HT Natural gas heat REF Refrigerator RTO Rent to Own SEC Security System Refinancing is generally done to secure better loan terms, such as a lower interest rate. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. W/D HKUP Washer/Dryer hookup LR with Fplc? The sale of a home by an owner who owes more on the home than its worth. AC Acre PGS Propane Since many phrases can be shortened to BB, this acronym might refer to other things online. FPLC, FP, FRPLC Fireplace A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. You can email the site owner to let them know you were blocked. This was when the term exploded as a pet name between both lovers and friends. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. CDS Cul de sac Try. 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. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. MLS - Multiple Listing Service; database of real estate for sale, Smart -a computer controls some electronic devices like heating, alarms, and lights, CCIM Certified Commercial Investment Member, PITI principal, interest, taxes and insurance, CCR conditions, covenants, and restrictions, ACRP - Association of Commercial Real Estate Professionals, CHMS Certified Home Marketing Specialist, CLHMS Certified Luxury Home Marketing Specialist, FDIC Federal Deposit Insurance Corporation, FEMA Federal Emergency Management Agency, FHLMC Freddie Mac (Federal Home Loan Mortgage Corporation), GNMA Ginnie Mae (Government National Mortgage Association), REALTOR Member of the National Association of Realtors. These abbreviations are typically written in all capital letters. OFF Off Street Parking Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. FDIC Federal Deposit Insurance Corporation How have you been?. ASM Assumptions 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. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. MAO Maximum Allowable Offer UPF, UPR Upper floor PL/1 In-Ground Pool GRI Graduate Realtor Institute A full bathroom is a room with a toilet, a sink and a bathtub. Related:12 Ideas to Steal from Vintage Kitchens. The seller has an agreed-upon contract with the potential buyer. GRNO Ground Maintenance FHA Federal Housing Administration MOPOA Monthly POA Fee 8 Real Estate Terms to Watch Out For - Bob Vila CPT Carpet or Carport DOT Deed of Trust GRMET KIT, GRMT KIT Gourmet kitchen MO Month Cont Contemporary 1C, 2C 1 or 2 car Garage The four items include, repairs, vacancy loss, property management, and miscellaneous. If thats your style, you're in luck. REIA Real Estate Investors Association 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. COO or C of O Certificate of Occupancy An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. SWR Sewer The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. 2/1 2 bedrooms / 1 bathrooms In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Read more about PMI here. and Real Estate Definition. HUD Department of Housing and Urban Development POR, POR-S Porch/Screened This is important, as identifying a property's class can predict how the asset might perform. What Is Real Estate? A Definition And A Guide | Rocket Mortgage If you're still unclear what a shorthand is referring to, reach out to the listing agent. OFC Office Please switch to a supported browser or download one of our Mobile Apps. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. DOS Due On Sale Clause Related:12 Things Realtors Look For in Homes of Their Own. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. PL, SP, S/P Swimming pool W/D Washer/Dryer SMART Typically computer-controlled heating and cooling, alarms, lights etc. SMB Split Master Bedroom SPLT Split-Level HDWD Hardwood Contact Us Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records Related:18 Big Storage Ideas to Steal from Tiny Homes. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Market conditions that exist when buyers outnumber homes for sale. Try our debt-to-income calculator to learn more. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. 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. All Rights Reserved. SPKLR Sprinkler Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. 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. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. You can email the site owner to let them know you were blocked. W/W CRPT Wall To Wall Carpet A database where real estate agents list properties for sale. Get the top BB abbreviation related to Real Estate. Read more about closing costs here. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. DEDRS Deed Restrictions Real Estate Certification: Different Kinds and What You NEED - UpNest Zkratka ESG (z anglickho Environmental . It may sound charming, but a house that's described as having lots of character could look just plain weird in person. An encumbrance is a claim that limits how a property owner can use their property. Windows 11: How Much RAM Can Your PC Have? The Real Estate Commission: How Much Are Realtor Fees? 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. GRM Gross Rent Multiplier . You can use BB to mean basketball, especially in internet communities dedicated to the sport. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Col Colonial Cvga Converted Garage MAR Marble BA Bath Click to reveal Anne Miller lives in New York and writes real estate news and advice stories. Multiple Listing Service (MLS): Definition, Benefits, and Fees This abbreviation is a shorthand way of showing your affection to your partner. HSF Heated square feet WBS Wood-Burning Stove MBRFP Master Bedroom w/FP Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Look for this accreditation or something similar when shopping for a home inspector.