You can email the site owner to let them know you were blocked. 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. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. DBA Doing Business As Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. PAR Partially Fenced You can use BB to mean basketball, especially in internet communities dedicated to the sport. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. During this time, the home is inspected and appraised, and the title is searched for liens, etc. There are also a few other cultural definitions for BB. RAD Radiant Heat Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? PRQ Parquet Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. Tiny . Large E-2 plan:This is one of several floor plans available in a specific building. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. Related:12 Things Realtors Look For in Homes of Their Own. WIC Walk-in closet, ARV After-Repaired Value O/F Owner Finance MEIK Modern eat-in kitchen Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. RTO Rent to Own The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). SD Security Deposit Fp, Fpl, Fplc Fireplace Personal property is movable property. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). W/W CRPT Wall To Wall Carpet Inspection occurs when the home is under contract or in escrow. NONQ Non-Qualifying On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. 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. He's invested in internet culture, social media, and how people interact with the web. 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. MAO Maximum Allowable Offer Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. PUD Planned Unit Development Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. 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). Anne Miller lives in New York and writes real estate news and advice stories. CRB Certified Real Estate Broker BB Baseboard Heat Deco Decorative Fence DEDRS Deed Restrictions If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. OFC Office A buyers final inspection of a home before closing. WDSTV Wood-Burning Stove 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. RELATED: What Does "TMI" Mean, and How Do You Use It? CRE Creative Real Estate This abbreviation is a shorthand way of showing your affection to your partner. Real Estate Definition. Be sure to read the fine print carefully. FRBO for rent by owner These abbreviations are typically written in all capital letters. Click to reveal However, the widespread use of BB started in the 2010s, with the rise of smartphones and chat apps becoming the primary form of communication between teenagers. MOPOA Monthly POA Fee What Does 'NNN' Mean in Commercial Real Estate? What is BB meaning in Real Estate? APR Annual Percentage Rate And the real estate business is no different. TRAD Traditional AEK All electric kitchen Real Estate Terms - B&B Team LLC Limited Liability Company This is important, as identifying a property's class can predict how the asset might perform. Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. C/VAC Central vacuum F-bmt Finished Basement One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. 1 /8. 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. Learn more about pre-approval here. The fascinating story behind . CCR Conditions, Covenants, and Restrictions INLW In-Law Suite 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. 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. Tiny houses are a trend, for sure. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. A database where real estate agents list properties for sale. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. COF Cost of Funds A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. CRE Commercial Real Estate FHA Federal Housing Administration What sounds impressive on paper may look less appealing in person. Fha Forced Hot Air D/W Dishwasher This claim belongs to a third party, who can either be an organization or an individual. 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. ASM Assumptions A state in which an escrow agent is responsible for closing. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. Prepaid interest owed at closing, with one point representing 1% of the loan. CRS. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. UNO Unit Number HI CEIL(S) High ceilings If thats your style, you're in luck. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Read, An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. SRO Single Room Occupancy HUD Department of Housing and Urban Development SMART Typically computer-controlled heating and cooling, alarms, lights etc. SPDED Special Warranty Deed Is A House Considered Real Estate? - Ascent Law Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . What Does "Default" Mean In Real Estate? - Inman Banks, savings and loans, and credit unions. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. Bidding wars are common. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. We select and review products independently. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Home Read, A property repossessed by a bank when the owner fails to make mortgage payments. All Rights Reserved. PL -Swimming Pool Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Read more about closing costs here. SD/W Storm Doors & Windows A contingent statusmeans that the seller has accepted an offer and the home is under contract. L/O Lease Option Clus Cluster You are not obligated to accept the loan just because you received a loan estimate. The ratio compares the borrowers monthly debt payments to gross income. NGS Natural Gas A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Contact Us Have questions about your home financingpaperwork? The Real Estate Terms to Know When You're Looking at Home Listings Cbl,Cblh Cable/Hookup G/A Garage, Attached This was when the term exploded as a pet name between both lovers and friends. OBO Or Best Offer WINDT Window Treatment CDS Cul de sac What Does FS Mean, and How Do You Use It? AJ Affidavit of Joint Tenant Deed. Are You Confused With These Real Estate Abbreviations? A loan estimate can help borrowers shop and compare costs of loans with lenders. An encumbrance is a limit on how an owner can use real estate. Each lending institution sets its own prime rate. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Ann Arbor Area Board of REALTORS - MLS Compensation Codes Learn more about refinancing here. 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. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Lo dues:Low homeowners association dues. MWV Microwave Oven There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Bung Bungalow Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Before you start calling someone BB, you might need to establish ground rules. This abbreviation is a shorthand way of showing your affection to your partner. POA Power of Attorney HDW, HWF, hdwd - This means there is hardwood flooring in the home. SWR Sewer I want to receive exclusive email updates from YourDictionary. HVAC heating, ventilation and air conditioning Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. PWDR RM Powder room or half bath BD Bedroom When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. A/G PL : Above-ground swimming pool. 2. ARI Articles of Incorporation Notice, certificate. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. REALTOR Member of the National Association of Realtors Decoding an MLS Listing - Weichert How to use real estate in a sentence. Actv Active ARM Adjustable Rate Mortgage A minimum requirement is often dictated by the loan type. Yes! MRSH Marsh 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. CAC Central Air Conditioning Cent h/a Central Heat&Air Keep an eye out for seriousmaintenance issues that may be disguised by quick surface repairs, and call in a trusted home inspector to help you spot any hidden problems. to see how much house you might be able to afford. Those real estate terms and definitions should give you a good start when it comes to understanding your real estate agent and the listings they . CATH Cathedral ceilings VWS, VW, VU View or views TXS Taxes 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative Real estate Definition & Meaning - Merriam-Webster PL/1 In-Ground Pool MO Month A minimum requirement is often dictated by the loan type. 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. BB Real Estate Abbreviation. Zillow, Inc. holds real estate brokerage licenses in multiple states. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. F/A Ht, FAH Forced Air Heat POR, POR-S Porch/Screened Click to reveal BRRRR refinance example. Real estate terms to know when you've started house hunting. Read our stress-free guide to getting a mortgage. I havent seen you in forever. Q POS Available for quick possession When a home listing touts its custom features, take care. HTUB Hot Tub Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. IRA Individual Retirement Account Cldsc Cul-de-sac FSBO For Sale by Owner We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. AST Assessment Lien Lien, JTL. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. 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. Fpgas Gas Fireplace It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. WLKIN Walk-in Closet STR On Street Parking Check out our glossary of frequently-used mortgage terms. Crk Creek What Is Real Estate? A Definition And A Guide | Rocket Mortgage So if you adore what you see in thelisting, it certainly canthurt to inquire. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Try. FR Family room A property that has come back on the marketafter a pending sale. WBS Wood-Burning Stove UTCL Utility Closet SAT Satellite Dish 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. This website is using a security service to protect itself from online attacks. If not, it could end up back on the market, so go ahead and inquire if youre interested. An FDR with a DK? 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. AG Agreement Agreement Comm. But the cap rate is not the only metric used to evaluate a real estate investment. Bb. DET Detached garage Baseboard Heat + 2. Business, Property, Real Estate Advertising. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. Learn more about adjustable-rate mortgages here. If you see a bathroom or kitchen described as vintage, that means theyre old. The property is sold and no longer available. All Rights Reserved, Hey bb! Mstr Master bed room Your IP: This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . 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. O/F Owner Finance E Rng Electric Range Since we launched in 2006, our articles have been read billions of times. It's anything that can be subject to ownership, except land. Real Estate: Definition, Types, How to Invest in It - Investopedia 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. BB Real Estate Advertising Abbreviation Meaning - All Acronyms PRTL Partial Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. FMR Fair Market Rent It may also give the breakdown of the number of floors, size of the rooms and their location within the home. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. FSBO For Sale by Owner 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. ATFN Attic Fan The owners bank must approve a lower listing price before the home can be sold. NAT GS HT Natural gas heat Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. 3/4 Bath toilet + sink + shower or tub Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. STA State CPM Certified Property Manager Hi ceils - This is an abbreviation for "high ceilings.". GRNO Ground Maintenance NNN Triple Net Lease Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Cer Ceramic Tile WBFP Wood Burning Fireplace Your IP: AC Acre If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Title Records posts and articles. CFD Contract for Deed Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. CFan Ceiling Fan Margaret Heidenry is a writer living in Brooklyn, NY. DOS Due On Sale Clause PMI Private mortgage insurance Dk Deck BLT Built-in 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 Cen Central Air FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation SN Senior Learn more about down payments here. They charge dues used to maintain common areas. Market conditions that exist when buyers outnumber homes for sale. When you boil it down to the basics, real estate has a simple meaning. Refinancing is generally done to secure better loan terms, such as a lower interest rate. What Does BB Mean, and How Do I Use It? 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. SEW Sewer SPLT Split-Level The "P" represents percent. 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. 8 Real Estate Terms to Watch Out For - Bob Vila The four items include, repairs, vacancy loss, property management, and miscellaneous. HOA Homeowners Association Market conditions that exist when homes for sale outnumber buyers. HWH Hot water heater DLO Seller Disclosure Real property is immovable property - its land and anything attached to the land. The word listing is also used to refer to the for-sale home itself. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. R/OPT Rent w/Opt-Buy After the set time period your interest rate will change and so will your monthly payment. Fixtures are a frequent subject of buyer and seller disputes. 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 Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). MBA Master Bedroom w/Bath FAG Forced air gas 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. 64 Real Estate Terms and Expressions You Should Know 4B/2B:Four bedrooms and two bathrooms. 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. Read more about the Buy-Rent Breakeven Horizon here. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. A property repossessed by a bank when the owner fails to make mortgage payments. SPAC Spacious Closing costs are generally paid through escrow. GAR, GR Garage Usually, the realtor's website will give a good description without the real estate abbreviations. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. 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. Learn more about short sales here. FDIC Federal Deposit Insurance Corporation Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. FPLC, FP, FRPLC Fireplace Crwl Crawl Space GRI Graduate Realtor Institute Col Colonial A full bathroom is a room with a toilet, a sink and a bathtub. Bring vs. Take. PLAY Playground CCIM Certified Commercial Investment Member Buying a Flipped House: Is It Right for You? Related:7 Features That Define the New American Home. DCR, DSCR, DSR Debt Service Coverage Ratio PMI Private Mortgage Insurance Used under license. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Read more about escalation clauses and making an offer on a home. MIC Mint Condition (like new or new) 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.

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