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Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. F/A Ht, FAH Forced Air Heat Example: P30 (3% offered) DhkpP Dryer Hookup LOI Letter of Intent One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Copyright 2022 Ann Arbor Area Board of REALTORS. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. 18 Big Storage Ideas to Steal from Tiny Homes, The 12 Fall Home Maintenance Tasks You Can't Ignore, 7 Features That Define the New American Home, 9 Ways Your Neighbors Can Screw Up Your Home Sale, 10 Signs That Fixer-Upper Might Be a Money Pit, 12 Things Realtors Look For in Homes of Their Own, The Best 10 Plants to Grow for Backyard Privacy, 15 Warning Signs to Look for Before Making an Offer on a Property, Data Shows This Listing Trick Sells Homes for More Money, As-Is Real Estate: What Buyers and Sellers Need to Know, 15 Things Not to Say in Your Real Estate Listing, Watch Out for 12 Real Estate Tactics Designed to Make You Spend More, 11 Awful Real Estate PhotosAnd How to Make Yours Great, 12 Things You Don't Realize Are Annoying Your Neighbors. ATT Attached Garage Exr Exercise Room FEMA Federal Emergency Management Agency BA Bathroom 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 portion of your monthly payment goes into the escrow account to cover taxes and insurance. UTRM Utility Room FCRA Fair Credit Reporting Act 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. 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. If you have the money to hire a handyman for every household woe, go ahead. Try our amortization calculator to learn more. 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. A database where real estate agents list properties for sale. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. WHF Whole House Fan WDSTV Wood-Burning Stove EMC Earnest money contract GRI Graduate Realtor Institute CCR Conditions, Covenants, and Restrictions SHOP Workshop Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. MAO Maximum Allowable Offer W/D HKUP Washer/Dryer hookup 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. Press F to Pay Respects: What Does F Mean Online? DOS Due On Sale Clause Individuals could include neighbors or other people who have a right of way. Cer Ceramic Tile ELE Electric REI Real Estate Investing Related:The Best 10 Plants to Grow for Backyard Privacy. to cover taxes and insurance. CH Central heat LTV loan to value BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. A ratio that compares a home buyers expenses to gross income. 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. When you boil it down to the basics, real estate has a simple meaning. All abbreviations on this list are typically written in all capital letters. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. NBHD Neighborhood A three-page document sent to an applicant three days after they apply for a home loan. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. DBA Doing Business As COO or C of O Certificate of Occupancy Call it what you willjargon, shorthand, lingobut every industry, including the real estate world, has its own language, a collection of terms that are essential to understand if you hope to play ball. CREA. 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. OCN Ocean WDSTV Wood Burn Stove IRA Individual Retirement Account Fp, Fpl, Fplc Fireplace That happens through real care to make things better. 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. CLHMS Certified Luxury Home Marketing Specialist Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. You are not obligated to accept the loan just because you received a loan estimate. How-To Geek is where you turn when you want experts to explain technology. The action you just performed triggered the security solution. Real property is immovable property - its land and anything attached to the land. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Click to reveal REF Refrigerator BRRRR refinance example. Anne Miller lives in New York and writes real estate news and advice stories. GARB Garbage AJ Affidavit of Joint Tenant Deed. IRR Internal Rate of Return Learn more about adjustable-rate mortgages here. RTO Rent to Own 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. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. 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. Often, the listing will indicate which rooms have hardwood flooring. 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. GARD Garden Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. LFT Loft RELO Relocation office WLKIN Walk-in Closet Dsp Garbage Disposal LR Living Room Articles may contain affiliate links which enable us to share in the revenue of any purchases made. SFR Single Family Residence This website is using a security service to protect itself from online attacks. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. Zkratka ESG (z anglickho Environmental . 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. Home affordability takes into account your income, down payment, and monthly debts. PROP HT Propane Heat Homes can sit on the market for a long time, and prices tend to drop. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. 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. Dk Deck PRTL Partial BB. MYOB Mind Your Own Business RELATED: What Does "TMI" Mean, and How Do You Use It? FRBO for rent by owner EA exclusive agency Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). CRT. Business Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. OVER Oversized Garage F-bmt Finished Basement Organizations can include local governments, utility companies, and homeowners associations. This abbreviation is a shorthand way of showing your affection to your partner. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. VWS, VW, VU View or views BLT Built-in Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. 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. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. HSF Heated square feet MLSs are local or regional. MLS multiple listing service 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. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. When you purchase through our links we may earn a commission. APT Apartment 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. The action you just performed triggered the security solution. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. A portion of your monthly payment goes into the. PWDR RM Powder room or half bath REO Real Estate Owned MRSH Marsh The trademarks MLS, Multiple Listing Service and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. The number of days a property listing is considered active. How have you been?. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. Even though a sale is highly likely, some pending properties may still accept backups. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. MLS Multiple Listing Service OSP Off-street parking is available Actv Active Fixture:Anything of value that is permanently attached to or a part of real property. APPLS Appliances PMI Private Mortgage Insurance 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. FDR/DR Dining room or a formal dining room If not, it could end up back on the market, so go ahead and inquire if youre interested. What is BB meaning in Real Estate? TRAN Transitional Typically, most consumers mortgage interest rate is going to be higher than the prime rate. RPAC Realtors Political Action Committee A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Learn more about down payments here. 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. Baseboard Heat + 2. Business, Property, Real Estate Advertising. Home affordability takes into account your income, down payment, and monthly debts. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Best for: Buyer's agents looking to separate themselves from the rest of the field. DWF, DWAC Deep Water/Access What sounds impressive on paper may look less appealing in person. WINDT Window Treatment Bonus information may be placed in "Other" field. Cent h/a Central Heat&Air Learn more about HOAs here. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 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. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative 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. 1C, 2C 1 or 2 car Garage ARI Articles of Incorporation Notice, certificate. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. ERS exclusive right to sell MO Month 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. An origination fee is not a single fee. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. UTCL Utility Closet POA Power of Attorney DLM Seller Disclaimer MULTI 3+ Car Garage JV Joint Venture 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. DET Detached garage BA Bath UPF, UPR Upper floor COCR or CCR Cash on Cash Return Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Canadian Real Estate Association, the national association for Canada. A minimum requirement is often dictated by the loan type. Care starts with culture. SD Security Deposit ASG Assessment Assessment. MEIK Modern eat-in kitchen This browser is no longer supported. Related:12 Things Realtors Look For in Homes of Their Own. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. REL Related to Seller Not all Northwestern Mutual representatives are advisors. FLR Floor Furnace DOS Due On Sale Clause If its back on the market, theres a reason why the original sale fell through. POF Proof of Funds Clbhs Clubhouse PLAY Playground Margaret Heidenry is a writer living in Brooklyn, NY. 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. 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. SHNG Shingle Sub2 Subject to existing financing After the set time period your interest rate will change and so will your monthly payment. SMP Sump Pump A half bathroom or powder room has only a toilet and a sink. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Sort. PMI Private mortgage insurance 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. OP Occupancy Permit 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. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. After all, you wouldn't want to get stuck with a money pit. 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. FR Family room SPC Drive parking spaces CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Miscellaneous. This abbreviation is a shorthand way of showing your affection to your partner. A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. Learn more about refinancing here. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. PMP Well Pump Not all real estate agents are REALTORS. SRO Single Room Occupancy HI CEIL(S) High ceilings POA Power of Attorney and HOA Homeowners Association Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Bidding wars are common. Brokerage. Translation: This home is small. GAR, GR Garage "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 . How to use real estate in a sentence. Crystal R. NAT GS HT Natural gas heat CVAC Central Vacuum Keep reading to learn more about this unique abbreviation. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. Repairs. 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. Terms Of Use Learn more about pre-approval here. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. YD Yard CNS Certified Negotiation Specialist TRAD Traditional P&S Purchase and sale REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. A property repossessed by a bank when the owner fails to make mortgage payments. A combination of loans bundled to avoid private mortgage insurance. D/W Dishwasher OFF Off Street Parking A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. Essentially, "turnkey" means that . If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. DTI Debt to Income Ratio Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). ATFN Attic Fan The document includes loan terms, monthly payment and closing costs. Learn more about homeowners insurance here. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. STR On Street Parking You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Real estate terms to know when you've started house hunting. CFD Contract for Deed SPDED Special Warranty Deed It should return to active soon enough, so its certainly worth piping up if youre smitten. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. G-RNG Gas Range Classifying property is in part about age but should also consider things like affordability, amenities, and livability. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. BB Real Estate Abbreviation. We select and review products independently. Performance & security by Cloudflare. These institutions underwrite as well as set home loan pricing in-house. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. TIL Truth In Lending, A/G PL Above-ground Pool Deco Decorative Fence These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. 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. PUD Planned Unit Development There are five main categories of real estate. Bung Bungalow GRES Graduate Real Estate Society PVT Private After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. Yes! On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. WBS Wood-Burning Stove County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. If you see a bathroom or kitchen described as vintage, that means theyre old. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . NYSAR New York State Association of Realtors MOPOA Monthly POA Fee Fha Forced Hot Air Our advisors will help to answer your questions and share knowledge you never knew you needed to get you to your next goal, and the next. PRQ Parquet This list of real estate investing abbreviations is useful for real estate brokers.