A property repossessed by a bank when the owner fails to make mortgage payments. Related:7 Features That Define the New American Home. Fixture:Anything of value that is permanently attached to or a part of real property. NAR National Association of Realtors Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. CMA Comparative Market Analysis Sort. IRA Individual Retirement Account VWS, VW, VU View or views MAO Maximum Allowable Offer STOR Assigned Storage Buyers should budget for an amount that is 2% to 5% of the homes purchase price. The ratio compares the borrowers monthly debt payments to gross income. Related:18 Big Storage Ideas to Steal from Tiny Homes. A combination of loans bundled to avoid private mortgage insurance. FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation TRSH Trash Pickup Each lending institution sets its own prime rate. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. UTCL Utility Closet A buyers final inspection of a home before closing. GLFP Gas log fire place W/D WD Washer and dryer The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. SN Senior To meet client needs, to empower teammates, and to lift up communities. No purchase is necessary to view U.S. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. MO Month Best for: Buyer's agents looking to separate themselves from the rest of the field. CCR Conditions, Covenants, and Restrictions OFC Office SMP Sump Pump It is for information purposes only, and any links provided are for the users convenience. SD Security Deposit This is important, as identifying a property's class can predict how the asset might perform. DOS Due On Sale Clause PITI Principal, Interest, Taxes, and Insurance LFT Loft The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Learn, The act of paying off one loan by obtaining another. GRM Gross Rent Multiplier Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. FNCD YD Fenced Yard Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. 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. to see how much house you might be able to afford. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Like other shorthand slang terms in text messages, this abbreviation is primarily written in the lowercase bb rather than the uppercase BB. On top of that, many acronyms use the uppercase BB, while the lowercase version almost exclusively refers to baby. BB is already an abbreviation of a fairly short word, so some people ditch the shorthand altogether and use baby or babe. Alternatively, you might see some people use variations such as bby, b2, or even just b., While baby has been a pet name for a romantic partner long before the internet age, the widespread use of BB is pretty recent. REF Refrigerator A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Cth Cathedral Ceiling WTR Water All Rights Reserved. PMI Private Mortgage Insurance Inspection occurs when the home is under contract or in escrow. CREA. 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. A certain portion of the homes purchase price that a buyer must pay. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. 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. REALTOR Member of the National Association of Realtors GARD Garden Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. OVER Oversized Garage BKYD Backyard The four items include, repairs, vacancy loss, property management, and miscellaneous. A percentage of the homes value owned by the homeowner. GAR, GR Garage ELV Elevator PILE Pilings The components of a monthly mortgage payment. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. 4B/2B:Four bedrooms and two bathrooms. CRE Creative Real Estate APR Annual Percentage Rate Q POS Available for quick possession FIN LL Finished lower level CRS Certified Residential Specialist You can email the site owner to let them know you were blocked. Maximum loan amounts can vary by county. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. SMB Split Master Bedroom 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.. WDSTV Wood-Burning Stove Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Bung Bungalow UTLVL Utility Room Level W/W CRPT Wall To Wall Carpet The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. AMO Accredited Management Organization Click to reveal After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. Cap rates can provide valuable insight into a property. PMP Well Pump Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). This list of real estate investing abbreviations is useful for real estate brokers. Press F to Pay Respects: What Does F Mean Online? Usually, the realtor's website will give a good description without the real estate abbreviations. DK Deck The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. DET Detached garage SAT Satellite Dish O/F Owner Finance 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. This website is using a security service to protect itself from online attacks. FDR/DR Dining room or a formal dining room Dsp Garbage Disposal PICK Picket Fence There are four important items that must be included in a buyer's pro forma. Cer Ceramic Tile Bulk Bulkhead Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. We select and review products independently. NOI Net Operating Income BKPORCH Back Porch Prepaid interest owed at closing, with one point representing 1% of the loan. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Real property is immovable property - its land and anything attached to the land. They charge dues used to maintain common areas. MSN Masonry Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. The status will show as pending until the closing. NNN Triple Net Lease Exr Exercise Room 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. After all, you wouldn't want to get stuck with a money pit. Step 3: You then find tenants in 30-60 days to take over the two . NBHD Neighborhood HI CEIL(S) High ceilings Please switch to a supported browser or download one of our Mobile Apps. Suggest. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Try. A three-quarter bathroom has a toilet, a sink and a shower. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. A minimum requirement is often dictated by the loan type. RELATED: How to Stream U.S. Sports for Free Online. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. This claim belongs to a third party, who can either be an organization or an individual. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Related:10 Signs That Fixer-Upper Might Be a Money Pit. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. LLP Limited Liability Partnership Go now! PL/1 In-Ground Pool In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. FRBO for rent by owner Cbl,Cblh Cable/Hookup Read more about pre-qualification here. HDW, HWF, hdwd - This means there is hardwood flooring in the home. A/G PL : Above-ground swimming pool. VYL Vinyl Before you start calling someone BB, you might need to establish ground rules. Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. PAT Patio 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. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. 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. BB. AG Agreement Agreement Comm. HB Half Bath (toilet + sink) 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. MAR Marble GRI Graduate Realtor Institute HIST Historical District Cozy Charm. A state in which an escrow agent is responsible for closing. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. FMR Fair Market Rent Not all Northwestern Mutual representatives are advisors. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Anne Miller lives in New York and writes real estate news and advice stories. FEMA Federal Emergency Management Agency What Does FS Mean, and How Do You Use It? This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . ASG Assessment Assessment. UNO Unit Number 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. If you wish to report an issue or seek an accommodation, please let us know. Clap Clapboard Siding 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. Abbreviations on the list may have capitalization variations. Paying points, which are tax deductible, will lower the monthly mortgage payment. HTUB Hot Tub This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. FXR Fixer Upper You are not obligated to accept the loan just because you received a loan estimate. 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. TIL Truth In Lending, A/G PL Above-ground Pool Learn more here. 2. You can email the site owner to let them know you were blocked. A concrete point at which buying a home makes more financial sense than renting one. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. P&S Purchase and Sale Home affordability takes into account your income, down payment, and monthly debts. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. He's invested in internet culture, social media, and how people interact with the web. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. Click to reveal You can use BB to mean basketball, especially in internet communities dedicated to the sport. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. GRI Graduate REALTOR Institute POF Proof of Funds ALM Aluminum Siding A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. These institutions underwrite as well as set home loan pricing in-house. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. TXS Taxes An origination fee is not a single fee. END End Unit Copyright 2023 Acton Media Inc. All rights reserved. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Cvga Converted Garage Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. If its back on the market, theres a reason why the original sale fell through. Performance & security by Cloudflare. Crprt Carport Sub2 Subject to existing financing 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. HWH Hot water heater RELO Relocation office What Is a Short Sale? EMC Earnest money contract Like, from the 50s. WLKIN Walk-in Closet By submitting your email, you agree to the Terms of Use and Privacy Policy. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Fpgas Gas Fireplace An MLS allows brokers to see one another's listings of. 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 COCR or CCR Cash on Cash Return Keep this five-part guide handy youll be fluent in the language of home buying before you know it. 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. After the set time period your interest rate will change and so will your monthly payment. HP Heat Pump DWF, DWAC Deep Water/Access CFan Ceiling Fan Bsmt Basement 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. FPLC, FP, FRPLC Fireplace LPOA Limited Power of Attorney That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. WAR Warranty Plan Real estate owned (REO) properties are homes that have fallen under the ownership of a mortgage lender or investor, typically because the property failed to sell at auction. 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. Actv Active The sale of a home by an owner who owes more on the home than its worth. BA Bath NGS Natural Gas Foyr Foyer Have questions about buying, selling or renting during COVID-19? Not all real estate agents are REALTORS. Terms Of Use HUD Housing and Urban Development Chn Chain Link Fence I havent seen you in forever. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. 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. L/O Lease Option RDR Radiator ATFN Attic Fan Keep reading to learn more about this unique abbreviation. Clbhs Clubhouse 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. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Refund Policy, U.S. 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. GAROP Garage Door Opener Cloudflare Ray ID: 7a28359a3f44c34a JV Joint Venture That doesnt mean that its a done deal by any means, however (more on that next). At Truist, our purpose is to inspire and build better lives and communities. I/O Interest Only (loan) Windows 11: How Much RAM Can Your PC Have? Updated from an earlier version on realtor.com. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Typically, putting away 5% of the rent . GAR Garage Classifying property is in part about age but should also consider things like affordability, amenities, and livability. RTO Rent To Own Cdrcl Cedar Closet Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. CRT. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. Our belief in better is at the core of everything that we do, every day. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. F/BSMT Fully finished basement A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. Read more about FHA loans here. That happens through real care to make things better. Banks, savings and loans, and credit unions. Dr -Dining Room LR with Fplc? Learn more about HOAs here. If they were not used, the ads for a home could get quite lengthy. KIT, KT Kitchen AC Acre When this happens, he or she risks the home heading into the foreclosure process. Get the top BB abbreviation related to Real Estate. Brokerage. 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. 2023 All Rights Reserved. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. BB Real Estate Abbreviation. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. 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. SPKLR Sprinkler How to use real estate in a sentence. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions CMA:Comparative market analysis or competitive market analysis. CP Carport FAG Forced air gas PMI Private mortgage insurance Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. TOWN Town House So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Not all mortgages. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. Allow us to clear things up, by explaining what these things really mean in plain old English. 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). RAD Radiant Heat 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. Copyright 2022 Ann Arbor Area Board of REALTORS. "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 . PGS Propane TEN Tennis Court DCR, DSCR, DSR Debt Service Coverage Ratio 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. Learn more. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. A/C Air Conditioning Home affordability takes into account your income, down payment, and monthly debts. CNS Certified Negotiation Specialist P&S Purchase and sale A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. WD PNL Wood paneling This means the propertys ownersare actively taking backup offers in case the first one falls through. 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.