L/O Lease Option 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 . CVAC Central Vacuum Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions All Rights Reserved. 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. Not all real estate agents are REALTORS. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. He also works as a digital marketer for a regional e-commerce website. Windows 11: How Much RAM Can Your PC Have? You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Refinancing is generally done to secure better loan terms, such as a lower interest rate. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. A security deposit made by the buyer to assure the seller of his or her intent to purchase. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. The status will show as pending until the closing. CAP Capitalization One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. A property was withdrawn from the realty market. Learn more about short sales here. The seller has an agreed-upon contract with the potential buyer. SEC SYS Security System GAR Garage Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. We select and review products independently. ARI Articles of Incorporation Notice, certificate. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Individuals could include neighbors or other people who have a right of way. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. PAT Patio Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Back Bay. SRES Senior Real Estate Specialist, Additional Resources: APR Annual Percentage Rate What Does FS Mean, and How Do You Use It? A property repossessed by a bank when the owner fails to make mortgage payments. Organizations can include local governments, utility companies, and homeowners associations. property in buildings and land; space, capacity See the full definition . Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. APT Apartment ATT Attached Garage Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Used under license. Example: P30 (3% offered) Related:7 Features That Define the New American Home. NAR National Association of Realtors PGS Propane SN Senior 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. Title Records posts and articles. 1C, 2C 1 or 2 car Garage Each lending institution sets its own prime rate. 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. Learn more about foreclosure here. GLFP Gas log fire place Try our affordability calculator to see how much house you might be able to afford. All rights reserved. MIC Mint Condition (like new or new) CPT Carpet or Carport A/G PL : Above-ground swimming pool. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". ELE Electric Crk Creek The action you just performed triggered the security solution. O/F Owner Finance The difference between the two is usually fairly . TRSH Trash Pickup UTRM Utility Room The owners bank must approve a lower listing price before the home can be sold. An encumbrance is a claim that limits how a property owner can use their property. Inspection occurs when the home is under contract or in escrow. Usually . OFC Office/Study Cozy Charm. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Sort. HIST Historical District Bung Bungalow Cth Cathedral Ceiling 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). MBA Master Bedroom w/Bath INLW In-Law Suite 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. 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. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. DTI Debt to Income Ratio LTV loan to value This is important, as identifying a property's class can predict how the asset might perform. Each lending institution sets its own prime rate. Cap rates can provide valuable insight into a property. SFR Single Family Residence MK Modern kitchen The price of borrowing money. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Its customary for the buyer to pay for the lenders title insurance policy. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. DWF, DWAC Deep Water/Access Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Zillow, Inc. holds real estate brokerage licenses in multiple states. If its back on the market, theres a reason why the original sale fell through. O/F Owner Finance LFT Loft SLT Slate Try our amortization calculator to learn more. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. F/A Ht, FAH Forced Air Heat Foyr Foyer BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. FFBR First Floor Bedroom FMR Fair Market Rent WINDT Window Treatment DLM Seller Disclaimer PWDR RM Powder room or half bath Related:The Best 10 Plants to Grow for Backyard Privacy. A three-page document sent to an applicant three days after they apply for a home loan. A property that has come back on the marketafter a pending sale. IRA Individual Retirement Account 2/1 2 bedrooms / 1 bathrooms Bsmt Basement 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. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. MWV Microwave Oven Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. SPDED Special Warranty Deed This is the most popular NAR official designation and is relatively easy to get and maintain. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Our belief in better is at the core of everything that we do, every day. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. LTV Loan to Value The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. 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. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Clap Clapboard Siding Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. W/D HKUP Washer/Dryer hookup The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. What is BB meaning in Real Estate? Q POS Available for quick possession FXR Fixer Upper CBR Certified Buyer Representative 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. HML Hard Money Lender DEDRS Deed Restrictions Fpgas Gas Fireplace New real estate investors may wonder what the terms Class A, B, C, and D property mean. OSP Off-street parking is available One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. Try. AST Assessment Lien Lien, JTL. Related:12 Ideas to Steal from Vintage Kitchens. A loan estimate can help borrowers shop and compare costs of loans with lenders. Cdrcl Cedar Closet 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. SEW Sewer GARD Garden R/OPT Rent w/Opt-Buy REL Related to Seller TRAD Traditional Keep this five-part guide handy youll be fluent in the language of home buying before you know it. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. E Rng Electric Range Not all Northwestern Mutual representatives are advisors. 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. RDR Radiator It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. MRSH Marsh CP Carport PLAY Playground SCRND PORCH Screened Porch FHA Federal Housing Administration Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. When you purchase through our links we may earn a commission. GRT RM Great room They charge dues used to maintain common areas. 147.189.141.138 NONQ Non-Qualifying SPAC Spacious CCR Conditions, Covenants, and Restrictions BB is most commonly used on the internet (and in text messages) as an abbreviated form of baby. However, baby in this context is used as a pet name or term of endearment for your romantic partner and not an infant child. Market conditions that exist when homes for sale outnumber buyers. PL/1 In-Ground Pool UNO Unit Number In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. REI Real Estate Investing Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. FDR/DR Dining room or a formal dining room A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. Related:10 Signs That Fixer-Upper Might Be a Money Pit. The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. P&S Purchase and Sale When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. CHMS Certified Home Marketing Specialist Your IP: Large E-2 plan:This is one of several floor plans available in a specific building. CLHMS Certified Luxury Home Marketing Specialist 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. Cldsc Cul-de-sac Resources After the set time period your interest rate will change and so will your monthly payment. A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. If you wish to report an issue or seek an accommodation, please let us know. MAO Maximum Allowable Offer Allow us to clear things up, by explaining what these things really mean in plain old English. A full bathroom is a room with a toilet, a sink and a bathtub. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. The four items include, repairs, vacancy loss, property management, and miscellaneous. 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. Bb. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. If not, it could end up back on the market, so go ahead and inquire if youre interested. Market conditions that exist when buyers outnumber homes for sale. 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. DOT Deed of Trust INGRD PL pool in ground pool FRBO for rent by owner NNN Triple Net Lease 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. A percentage of the homes value owned by the homeowner. Read more about PMI here. LR Living room PMI Private Mortgage Insurance PERM Perm Attic Stairs 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. Bulk Bulkhead 2-LV : Two living levels. BKYD Backyard Cent h/a Central Heat&Air BALC Balcony Home affordability takes into account your income, down payment, and monthly debts. PUD Planned Unit Development LRG Large 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. By submitting your email, you agree to the Terms of Use and Privacy Policy. Privacy Policy You are not obligated to accept the loan just because you received a loan estimate. 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 have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal. Suggest. 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. INT Intercom C/VAC Central vacuum An encumbrance can create a cloud on the title of a real property. AG Agreement Agreement Comm. HTUB Hot Tub Copyright 2022 Ann Arbor Area Board of REALTORS. Actv Active Learn, The act of paying off one loan by obtaining another. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. CAC Central air conditioning G/A Garage, Attached There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. CH Central heat OBO Or Best Offer Lo dues:Low homeowners association dues. SHNG Shingle Learn more here. The meaning of REAL ESTATE is property in buildings and land. Performance & security by Cloudflare. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. PVT Private Bonus information may be placed in "Other" field. ASG Assessment Assessment. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Updated from an earlier version on realtor.com. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. PITI Principal, Interest, Taxes and Insurance HI CEIL(S) High ceilings The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. This website is using a security service to protect itself from online attacks. The word listing is also used to refer to the for-sale home itself. TOWN Town House NOO Non-Owner Occupied 2023 All Rights Reserved. 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 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. 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 base rate is set by the Federal Reserve and then customized per borrower, based on credit score, down payment, property type and points the buyer pays to lower the rate. RELATED: What Does "TMI" Mean, and How Do You Use It? The "P" represents percent. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. SMART Typically computer-controlled heating and cooling, alarms, lights etc. Bidding wars are common. The ratio compares the borrowers monthly debt payments to gross income. SAT Satellite Dish The "P" represents percent. BKPORCH Back Porch CFan Ceiling Fan LOC Line of Credit Dr -Dining Room FHA Federal Housing Administration A portion of your monthly payment goes into the. Crwl Crawl Space WTR PD Water paid MO Month Performance & security by Cloudflare. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. 3/4 Bath toilet + sink + shower or tub Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Affordability. F-bmt Finished Basement You can email the site owner to let them know you were blocked. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). The price of a home, as set by the seller. Fees associated with the purchase of a home that are due at the end of the sales transaction. BR Bedroom The amount of the loan divided by the price of the house. GARB Garbage Anne Miller lives in New York and writes real estate news and advice stories. 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. Be sure to read the fine print carefully. ERS exclusive right to sell REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. SPKLR Sprinkler HDWD Hardwood There are also a few other cultural definitions for BB. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Care starts with culture. This browser is no longer supported. He's invested in internet culture, social media, and how people interact with the web. FSBO For Sale by Owner CRT. GLF Golf Course County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. A not-for-profit professional association that sets and promotes standards for property inspections.

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