HOA Homeowners association RELATED: What Does "TMI" Mean, and How Do You Use It? Try our amortization calculator to learn more. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. Dk Deck WDSTV Wood Burn Stove END End Unit DLM Seller Disclaimer Cloudflare Ray ID: 7a28359a3f44c34a Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. ERS exclusive right to sell Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Real estate terms to know when you've started house hunting. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. RPAC Realtors Political Action Committee What is BB meaning in Real Estate Advertising? Click to reveal Its customary for the buyer to pay for the lenders title insurance policy. W/D WD Washer and dryer Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. CCR Conditions, Covenants, and Restrictions SN Senior A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. TIL Truth In Lending, A/G PL Above-ground Pool You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. ASB Asbestos Siding These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Read our stress-free guide to getting a mortgage. A/C Air Conditioning Personal property is movable property. 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. CRE Commercial Real Estate The number of days a property listing is considered active. OP Occupancy Permit U/G SPRK Underground Sprinkler FPLC, FP, FRPLC Fireplace There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. All Rights Reserved, Hey bb! This was when the term exploded as a pet name between both lovers and friends. BR Bedroom HWH Hot water heater FR Family room VYL Vinyl The. 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. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Try. 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. 2/1 2 bedrooms / 1 bathrooms 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 . property in buildings and land; space, capacity See the full definition . Brkf Breakfast Area 2023 All Rights Reserved. POR, POR-S Porch/Screened 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. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. BALC Balcony P&S Purchase and sale AC Acre This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. BKPORCH Back Porch Best for: Buyer's agents looking to separate themselves from the rest of the field. SAT Satellite Dish MLS multiple listing service There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. ELE Electric Abbreviations on the list may have capitalization variations. SD/W Storm Doors & Windows LFT Loft Click to reveal CMA Comparative Market Analysis Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. The content on this site is not intended to provide legal, financial or real estate advice. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. 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. Since we launched in 2006, our articles have been read billions of times. Mstr Master bed room So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. 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. Privacy Policy. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. 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. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. D/W Dishwasher It may also give the breakdown of the number of floors, size of the rooms and their location within the home. to see how much house you might be able to afford. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. FRBO for rent by owner Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. REO Real Estate Owned Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. INT Intercom 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. The price of a home, as set by the seller. Be sure to read the fine print carefully. All abbreviations on this list are typically written in all capital letters. VWS, VW, VU View or views Tiny houses are a trend, for sure. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. I want to receive exclusive email updates from YourDictionary. OVER Oversized Garage The property is sold and no longer available. Related:10 Signs That Fixer-Upper Might Be a Money Pit. PILE Pilings RVR River At Truist, our purpose is to inspire and build better lives and communities. Refund Policy, U.S. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. After the set time period your interest rate will change and so will your monthly payment. PAR Partially Fenced POF Proof of Funds A three-quarter bathroom has a toilet, a sink and a shower. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. MBRFP Master Bedroom w/FP Even though a sale is highly likely, some pending properties may still accept backups. Organizations can include local governments, utility companies, and homeowners associations. This is the escrow period, when both buyer and seller are workingtoward a closing. CRS Certified Residential Specialist Both words imply motion, but the difference may b. Defenestration. A property was withdrawn from the realty market. 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. Addendum to Purchase Agreement COVID-19 EVENT EXTENSION, AA Public Schools - Attendance Area by Street directory, Presenting and Negotiating Multiple Offers, Washtenaw County Resources & Millage Rates, How to Pick the Best Home Inspectors and Appraisers, P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000), B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013), B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). HUD Department of Housing and Urban Development Read more about escalation clauses and making an offer on a home. Translation: This home is small. 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 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. PMI Private Mortgage Insurance The ratio compares the borrowers monthly debt payments to gross income. 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. PERM Perm Attic Stairs It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. NOO Non-Owner Occupied BR Bedroom 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. HDW, HWF, hdwd - This means there is hardwood flooring in the home. D/D Dishwasher and a garbage disposal GRI Graduate REALTOR Institute Clbhs Clubhouse Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. FCRA Fair Credit Reporting Act Cap rates can provide valuable insight into a property. NONQ Non-Qualifying Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. An encumbrance can create a cloud on the title of a real property. What Does BB Mean, and How Do I Use It? 1C : One-car garage. Keep reading to learn more about this unique abbreviation. This browser is no longer supported. MULTI 3+ Car Garage If you see a bathroom or kitchen described as vintage, that means theyre old. SPC Drive parking spaces Allow us to clear things up, by explaining what these things really mean in plain old English. WBFP Wood Burning Fireplace If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. After all, you wouldn't want to get stuck with a money pit. Read more about PMI here. BRRRR refinance example. FHA Federal Housing Administration DOT Deed of Trust LLP Limited Liability Partnership 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. GARB Garbage UPF, UPR Upper floor Chn Chain Link Fence WLKIN Walk-in Closet Dr -Dining Room ATFN Attic Fan 1. IRA Individual Retirement Account UNO Unit Number Cer Ceramic Tile PL/A Above Ground Pool AMO Accredited Management Organization REI Real Estate Investing Learn, The act of paying off one loan by obtaining another. Resources These abbreviations are typically written in all capital letters. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. 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. 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 Brokerage. GLF Golf Course The owners bank must approve a lower listing price before the home can be sold. After the set time period your interest rate will change and so will your monthly payment. Prices are often higher than average. Read more about pre-qualification here. Fixtures are a frequent subject of buyer and seller disputes. 4B/2B:Four bedrooms and two bathrooms. BBbb. SRES Senior Real Estate Specialist, Additional Resources: Have questions about buying, selling or renting during COVID-19? DET Detached garage 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 used in a real estate listing, the words "cozy" or "charming" aren't describing the ambiance of the space so much as the size. If not, it could end up back on the market, so go ahead and inquire if youre interested. PITI Principal, Interest, Taxes, and Insurance Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. A/G PL : Above-ground swimming pool. Each lending institution sets its own prime rate. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. Not all mortgages carry a prepayment penalty. NAR National Association of Realtors IGSP In-Ground Sprinkler Farm Farmhouse DLO Seller Disclosure Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. Copyright 2023 Acton Media Inc. All rights reserved. Not all real estate agents are REALTORS. They charge dues used to maintain common areas. Cloudflare Ray ID: 7a2835264c3fdd54 Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Often, the listing will indicate which rooms have hardwood flooring. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Bulk Bulkhead SMB Split Master Bedroom MAR Marble Performance & security by Cloudflare. 1. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Home affordability takes into account your income, down payment, and monthly debts. 1C, 2C 1 or 2 car Garage I havent seen you in forever. Try our affordability calculator to see how much house you might be able to afford. Cont Contemporary Go now! GRI Graduate Realtor Institute MLS Multiple Listing Service Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. HD, HDFL Hardwood floors Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. CAC Central air conditioning The difference between the two is usually fairly . C/VAC Central vacuum SPKLR Sprinkler And the real estate business is no different. The four items include, repairs, vacancy loss, property management, and miscellaneous. 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. POA Power of Attorney Each lending institution sets its own prime rate. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. 442-H New York Standard Operating Procedures New York Fair Housing NoticeTREC: Information about brokerage services, Consumer protection noticeCalifornia DRE #1522444Contact Zillow, Inc. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. Active This means that a property is currently on the market and available for sale. SKY Skylights CMA:Comparative market analysis or competitive market analysis. WIC Walk-in closet, ARV After-Repaired Value Agents use this status to indicate that the seller is open toreceivingbackup offersbecause the sale may not go through., Back onthemarket (BOM):The propertyhas becomeactive again,afterrecentlybeingtaken offthemarket., Closed (CL):The property has been sold and is no longer available., Expired:The property is no longer available for saletypically because the seller could not find a buyer., Pending:Thepropertyis under contract and all contingencies have beenfulfilled, but the settlement still needs to take place., Temporarily off market (TOM):The home is not currently available for saleandshowings arenotallowed,butitwillsoon beback on the market. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. HVAC heating, ventilation and air conditioning Get the top BB abbreviation related to Real Estate. The meaning of REAL ESTATE is property in buildings and land. If you have the money to hire a handyman for every household woe, go ahead. RV PRKG RV Parking HTUB Hot Tub 2-LV : Two living levels. UTLVL Utility Room Level Anne Miller lives in New York and writes real estate news and advice stories. Zkratka ESG (z anglickho Environmental . Contact Us The owners bank must approve a lower listing price before the home can be sold. REL Related to Seller 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. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. BB Real Estate Abbreviation. When offering a selling bonus to a selling broker, the listing broker must specify the terms of the bonus offer according to the following guideline code: B dollar amount/terms/expiration date of offer (if applies), Examples: B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013) B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). SRO Single Room Occupancy NBHD Neighborhood This is important, as identifying a property's class can predict how the asset might perform. This website is using a security service to protect itself from online attacks. Sort. BD Bedroom Bring vs. Take. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. DCR, DSCR, DSR Debt Service Coverage Ratio CAP Capitalization Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. A concrete point at which buying a home makes more financial sense than renting one. BA Bathroom The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. WBS Wood-Burning Stove You can use BB to mean basketball, especially in internet communities dedicated to the sport. LOC Line of Credit MAO Maximum Allowable Offer Banks, savings and loans, and credit unions. PRO Internet Professional The action you just performed triggered the security solution. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). BB Real Estate Abbreviation. EMC Earnest money contract 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. Brk Brick DEDRS Deed Restrictions Det Detached Garage A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Lenders reward lower LTV ratios. Closing costs are generally paid through escrow. FMR Fair Market Rent Related:The Best 10 Plants to Grow for Backyard Privacy. PL -Swimming Pool Learn more about pre-approval here. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. 2. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. 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. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. Sub2 Subject to existing financing The status will show as pending until the closing. FAG Forced air gas OSP Off-street parking is available 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. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Fp, Fpl, Fplc Fireplace . Classifying property is in part about age but should also consider things like affordability, amenities, and livability. 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. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Related:12 Things Realtors Look For in Homes of Their Own. L/O Lease Option BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Bonus information may be placed in "Other" field. TRSH Trash Pickup If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. BLT Built-in He also works as a digital marketer for a regional e-commerce website. PAT Patio A concrete point at which buying a home makes more financial sense than renting one. 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. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. OFC Office A full bathroom is a room with a toilet, a sink and a bathtub. Property Records Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Refinancing is generally done to secure better loan terms, such as a lower interest rate. 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. DhkpP Dryer Hookup Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. This means that even though theres an accepted offer on the home, the seller is looking for backup offers in case the primary buyerfalls through. Large E-2 plan:This is one of several floor plans available in a specific building. MRSH Marsh The governing body of a housing development, condo or townhome complex that sets rules and regulations. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. 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 HOAs here. WDSTV Wood-Burning Stove Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Our belief in better is at the core of everything that we do, every day. PITI Principal, Interest, Taxes and Insurance FM RM Family Room Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. HB Half Bath (toilet + sink) The price of borrowing money. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. NGS Natural Gas CHMS Certified Home Marketing Specialist NOI Net Operating Income Cvga Converted Garage WINDT Window Treatment One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. 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). A percentage of the homes value owned by the homeowner. 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. An FDR with a DK? Canadian Real Estate Association, the national association for Canada. OFF Off Street Parking 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. REF Refrigerator SFH Single Family House Learn more. You can email the site owner to let them know you were blocked. Dbl Double Business C-fan Ceiling Fan HPWA Water/Air Ht Pump Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. As-is : The owner is selling the home in its current condition and will not make any repairs or correct any flaws with the property. MLS:Multiple Listing Service. 4/3 4 bedrooms / 3 bathrooms OFC Office/Study Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. PRQ Parquet A fee, charged by a broker or lender, to underwrite and process a home loan application. 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. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. STOR Assigned Storage TXS Taxes They provide clues to what is included in the purchase price. RELO Relocation office CPM Certified Property Manager MCOA Min $ on Assumption ASG Assessment Assessment. Normally, a piece of property can be easily classified as either personal property or real property. BB Baseboard Heat TRC Trash Compactor But the cap rate is not the only metric used to evaluate a real estate investment.