A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. 27. Not all mortgages carry a prepayment penalty. The word listing is also used to refer to the for-sale home itself. Actv Active 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. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. POF Proof of Funds SFR Single Family Residence CRT. AST Assessment Lien Lien, JTL. PGS Propane CAC Central Air Conditioning PMP Well Pump PAR Partially Fenced REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. COCR or CCR Cash on Cash Return MBA Master Bedroom w/Bath I/O Interest Only (loan) Learn more about refinancing here. A property was withdrawn from the realty market. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". W/W CRPT Wall To Wall Carpet OCN Ocean A database where real estate agents list properties for sale. Performance & security by Cloudflare. BALC Balcony DEDRS Deed Restrictions Affordability. 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.. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. COF Cost of Funds One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. F/A Ht, FAH Forced Air Heat 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. MK Modern kitchen Cloudflare Ray ID: 7a2835264c3fdd54 Repairs. APPLS Appliances PERM Perm Attic Stairs MWV Microwave Oven County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. CCR Conditions, Covenants, and Restrictions Maximum loan amounts can vary by county. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Cen Central Air 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. WBS Wood-Burning Stove Learn more about pre-approval here. 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. GRMET KIT, GRMT KIT Gourmet kitchen On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. BLT Built-in MLS multiple listing service Baseboard Heat + 2. Business, Property, Real Estate Advertising. A portion of your monthly payment goes into the. A three-page document sent to an applicant three days after they apply for a home loan. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). It is for information purposes only, and any links provided are for the users convenience. If you see a bathroom or kitchen described as vintage, that means theyre old. Before you start calling someone BB, you might need to establish ground rules. Cap rates can provide valuable insight into a property. 4B/2B: Four bedrooms and two bathrooms. Real property is immovable property - its land and anything attached to the land. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Usually . Its customary for the buyer to pay for the lenders title insurance policy. The fascinating story behind . is part of the U.S. Department of Housing and Urban Development. SN Senior RTO Rent to Own WHKP Washer Hookup Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. INGRD PL pool in ground pool Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. 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. 2-LV : Two living levels. The act of paying off one loan by obtaining another. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. An origination fee is not a single fee. SPAC Spacious PILE Pilings If they were not used, the ads for a home could get quite lengthy. DK Deck SEC SYS Security System A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. IRA Individual Retirement Account OBO Or Best Offer HPWA Water/Air Ht Pump MO Month GRM Gross Rent Multiplier The Real Estate Commission: How Much Are Realtor Fees? This is the escrow period, when both buyer and seller are workingtoward a closing. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. Learn more about foreclosure here. Allow us to clear things up, by explaining what these things really mean in plain old English. The owners bank must approve a lower listing price before the home can be sold. What is BB meaning in Real Estate Advertising? The price of a home, as set by the seller. When a home listing touts its custom features, take care. CRB Certified Real Estate Broker 147.189.141.138 Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. BA; BTH : Bathroom. It's anything that can be subject to ownership, except land. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. Have questions about your home financingpaperwork? There are often additional notes with details that don't fit into the standard listing formula. HI CEIL(S) High ceilings 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. REIA Real Estate Investors Association 2. Real estate agents and other real estate professionals often need to have specific certifications and may work with or belong to different associations or groups. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. ALM Aluminum Siding A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. CATH Cathedral ceilings Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). 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). property in buildings and land; space, capacity See the full definition . This website is using a security service to protect itself from online attacks. SUN Sun Room PRQ Parquet SMART Typically computer-controlled heating and cooling, alarms, lights etc. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. The action you just performed triggered the security solution. 4/3 4 bedrooms / 3 bathrooms Check out our glossary of frequently-used mortgage terms. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Active This means that a property is currently on the market and available for sale. 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. Related:12 Things Realtors Look For in Homes of Their Own. That happens through real care to make things better. Read more about PMI here. U/G SPRK Underground Sprinkler Read more about closing costs here. Col Colonial Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. An FDR with a DK? Learn more about adjustable-rate mortgages here. It is in fact a real word (but that doesn't mean . A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. UTCL Utility Closet Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Market conditions that exist when homes for sale outnumber buyers. Related:18 Big Storage Ideas to Steal from Tiny Homes. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. 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. Banks, savings and loans, and credit unions. This is a statement a borrower will receive from their lender at least three days before closing on a home. 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. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. MLS Multiple Listing Service This means that the home fell out of escrow,perhaps due to contract issues, says Tania Matthews, an agent with Keller Williams Classic III Realtyin Central Florida. FSBO For Sale by Owner Brokerage. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. SPKLR Sprinkler A property that has come back on the marketafter a pending sale. This is the most popular NAR official designation and is relatively easy to get and maintain. MAO Maximum Allowable Offer I havent seen you in forever. Have questions about buying, selling or renting during COVID-19? If a place is advertised as needing TLC then its likely a bona fide fixer-upper. OFF Off Street Parking 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. OO Owner Occupied Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. STR On Street Parking ERS exclusive right to sell Go now! No purchase is necessary to view U.S. CCIM Certified Commercial Investment Member A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. Learn more here. Lock box:Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Closing costs are generally paid through escrow. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. 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. 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. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Paying points, which are tax deductible, will lower the monthly mortgage payment. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. 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. 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. Performance & security by Cloudflare. BB Real Estate Abbreviation. PUD Planned Unit Development They charge dues used to maintain common areas. FEMA Federal Emergency Management Agency If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. MAR Marble Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). EA exclusive agency PL/A Above Ground Pool HVAC heating, ventilation and air conditioning LOC Line of Credit 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. Please switch to a supported browser or download one of our Mobile Apps. GAR, GR Garage SQ FT Square Feet Fees associated with the purchase of a home that are due at the end of the sales transaction. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. What Is a Short Sale? All of these abbreviations are commonly used to describe the features of a house or commercial property. TEN Tennis Court In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. WBFP Wood Burning Fireplace Home affordability takes into account your income, down payment, and monthly debts. Sort. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. An encumbrance can create a cloud on the title of a real property. NOO Non-Owner Occupied HP Heat Pump MYOB Mind Your Own Business Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. GARB Garbage A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. CDS Cul de sac If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Example: P30 (3% offered) This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. Canadian Real Estate Association, the national association for Canada. FCRA Fair Credit Reporting Act ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. DOS Due On Sale Clause FIN LL Finished lower level OWN Owner Financing Normally, a piece of property can be easily classified as either personal property or real property. CPT Carpet or Carport Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. PMI Private Mortgage Insurance Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Cth Cathedral Ceiling Your IP: REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. 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. A state in which an escrow agent is responsible for closing. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. A half bathroom or powder room has only a toilet and a sink. PITI Principal, Interest, Taxes, and Insurance The seller has an agreed-upon contract with the potential buyer. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. In many listings, the term is used to describe to an area that's in the process of transition. 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. Get the top BB abbreviation related to Real Estate. Business BA Bathroom OFC Office/Study Home Learn, A home loan not guaranteed by a government agency, such as the FHA or the VA. Read, A certain portion of the homes purchase price that a buyer must pay. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. PVT Private Tiny . C-fan Ceiling Fan Large E-2 plan:This is one of several floor plans available in a specific building. REC Recreation Room "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 . RELO Relocation office SD/W Storm Doors & Windows BCH Beach All rights reserved. Dsp Garbage Disposal After the set time period your interest rate will change and so will your monthly payment. FM RM Family Room GNMA Ginnie Mae or Government National Mortgage Association It may sound charming, but a house that's described as having lots of character could look just plain weird in person. 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. GMT Kitchen Gourmet kitchen FFE furniture, fixture, and equipment How-To Geek is where you turn when you want experts to explain technology. Click to reveal LOI Letter of Intent Dr -Dining Room FFBR First Floor Bedroom There are four important items that must be included in a buyer's pro forma. DTI Debt to Income Ratio REL Related to Seller The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Be sure to read the fine print carefully. RNCH Ranch CH Central heat Crystal R. 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. BD Bedroom GLF Golf Course REO Real Estate Owned Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. 2. 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. 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. Clbhs Clubhouse DWF, DWAC Deep Water/Access That doesnt mean that its a done deal by any means, however (more on that next). MRSH Marsh PCF Price to Cash Flow (ratio) HW Hot Water It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. CLHMS Certified Luxury Home Marketing Specialist VYL Vinyl MULTI 3+ Car Garage RDR Radiator FSBO For Sale By Owner MCOA Min $ on Assumption Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. 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. APT Apartment Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. If you're still unclear what a shorthand is referring to, reach out to the listing agent. and Not all products and services are available in all states. GAROP Garage Door Opener Read more about escalation clauses and making an offer on a home. If you wish to report an issue or seek an accommodation, please let us know. The price of borrowing money. Exr Exercise Room COO or C of O Certificate of Occupancy Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. The four items include, repairs, vacancy loss, property management, and miscellaneous. WSH Washer RELATED: What Does "TMI" Mean, and How Do You Use It? UNO Unit Number Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? 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. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. RAD Radiant Heat The "P" represents percent. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . But if thats not what youre looking for, keep shopping. PWDR RM Powder room or half bath Cbl,Cblh Cable/Hookup LLC Limited Liability Company And the real estate business is no different. Personal property is movable property. The action you just performed triggered the security solution. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. MEIK Modern eat-in kitchen Learn more about HOAs here. A certain portion of the homes purchase price that a buyer must pay. Related:7 Features That Define the New American Home.

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