UPF, UPR Upper floor Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. GRT RM Great room Before you start calling someone BB, you might need to establish ground rules. 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. Back Bay + 1 1. Contact Us POF Proof of Funds 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. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Cloudflare Ray ID: 7a2835264c3fdd54 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. FFBR First Floor Bedroom Contingent vs. under contract? The price of borrowing money. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. 1 /8. INT Intercom SFR Single Family Residence W/D HKUP Washer/Dryer hookup SPAC Spacious Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. Dr -Dining Room GAR Garage CRE Creative Real Estate FRBO for rent by owner YD Yard SD/W Storm Doors & Windows One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. GAROP Garage Door Opener Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Zkratka ESG (z anglickho Environmental . Often, the listing will indicate which rooms have hardwood flooring. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. NBHD Neighborhood Buyers should budget for an amount that is 2% to 5% of the homes purchase price. After the set time period your interest rate will change and so will your monthly payment. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. OVER Oversized Garage Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. CAC Central air conditioning A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. BB Real Estate Abbreviation. Related:12 Things Realtors Look For in Homes of Their Own. E Rng Electric Range 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. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. A portion of your monthly payment goes into the. This abbreviation is a shorthand way of showing your affection to your partner. EIK Eat in kitchen 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. FDIC Federal Deposit Insurance Corporation RELATED: How to Stream U.S. Sports for Free Online. Read more about origination fees here. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. They charge dues used to maintain common areas. AMO Accredited Management Organization Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. BALC Balcony After the set time period your interest rate will change and so will your monthly payment. The owners bank must approve a lower listing price before the home can be sold. WBS Wood-Burning Stove All rights reserved. SAT Satellite Dish Care starts with culture. Bring vs. Take. A percentage of the homes value owned by the homeowner. During this time, the home is inspected and appraised, and the title searched for liens, etc. RVR River SHOP Workshop In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. Learn more about short sales here. CBR Certified Buyer Representative CDS Cul de sac Actv Active ASB Asbestos Siding FMV Fair Market Value Dsp Garbage Disposal BBbb. OA Owner Agent Chn Chain Link Fence PRV, PVCY FENCE Privacy Fence CNS Certified Negotiation Specialist Learn more about homeowners insurance 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. 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. CHMS Certified Home Marketing Specialist Your IP: This is a statement a borrower will receive from their lender at least three days before closing on a home. Read more about pre-qualification here. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. O/F Owner Finance HPWA Water/Air Ht Pump To meet client needs, to empower teammates, and to lift up communities. WINDT Window Treatment FDR/DR Dining room or a formal dining room CFan Ceiling Fan Read more about closing costs here. Market conditions that exist when homes for sale outnumber buyers. ERS exclusive right to sell The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. DCR, DSCR, DSR Debt Service Coverage Ratio A concrete point at which buying a home makes more financial sense than renting one. But the cap rate is not the only metric used to evaluate a real estate investment. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. There are four important items that must be included in a buyer's pro forma. 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. BR Bedroom Sub2 Subject to existing financing Classifying property is in part about age but should also consider things like affordability, amenities, and livability. CCR Conditions, Covenants, and Restrictions 147.189.141.138 glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. 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. IRA Individual Retirement Account Abbreviations on the list may have capitalization variations. CFD Contract for Deed One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. There are five main categories of real estate. NNN Triple Net Lease Homes can sit on the market for a long time, and prices tend to drop. UNO Unit Number is part of the U.S. Department of Housing and Urban Development. 1C, 2C 1 or 2 car Garage LTV Loan to Value Fees imposed by the state, county or municipality on transfer of title. MBRFP Master Bedroom w/FP It's anything that can be subject to ownership, except land. INGRD PL pool in ground pool REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. DEDRS Deed Restrictions SRO Single Room Occupancy You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. The act of paying off one loan by obtaining another. A database where real estate agents list properties for sale. TEN Tennis Court LOC Line of Credit TRAN Transitional Usually . Read more about escalation clauses and making an offer on a home. A contingent statusmeans that the seller has accepted an offer and the home is under contract. Privacy Policy Read our stress-free guide to getting a mortgage. P&S Purchase and sale SCRND PORCH Screened Porch Performance & security by Cloudflare. WTR PD Water paid Bedroom usually means a sleeping area with a window and a closetin some areas, laws define what a room needs to be called a bedroombut the definition varies in different places. 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. DLO Seller Disclosure CPT Carpet or Carport 1. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. BA; BTH : Bathroom. 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. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. SPDED Special Warranty Deed 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. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. Maximum loan amounts can vary by county. How to use real estate in a sentence. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Deco Decorative Fence DLM Seller Disclaimer Cldsc Cul-de-sac GRNO Ground Maintenance Your IP: Personal property is movable property. If they were not used, the ads for a home could get quite lengthy. 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. WSH Washer MOPOA Monthly POA Fee BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. W/D Washer/Dryer 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative 2-LV : Two living levels. PL, SP, S/P Swimming pool LR Living room It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. 4B/2B: Four bedrooms and two bathrooms. This was when the term exploded as a pet name between both lovers and friends. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. An encumbrance can create a cloud on the title of a real property. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. What Is a Short Sale? 2/1 2 bedrooms / 1 bathrooms This claim belongs to a third party, who can either be an organization or an individual. PITI Principal, Interest, Taxes, and Insurance UTRM Utility Room The Real Estate Commission: How Much Are Realtor Fees? RNCH Ranch STA State Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Home affordability takes into account your income, down payment, and monthly debts. A minimum requirement is often dictated by the loan type. 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. 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. BB Real Estate Abbreviation. 1C : One-car garage. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. NAR National Association of Realtors SPLT Split-Level OBO Or Best Offer Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. D/W Dishwasher . 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.. WLKIN Walk-in Closet A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. MAO Maximum Allowable Offer The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. RPAC Realtors Political Action Committee ARM Adjustable Rate Mortgage The status will show as pending until the closing. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. HVAC heating, ventilation and air conditioning 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. BCH Beach 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. You may want the retreat, but ask yourself if you're truly ready for all it entails. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. CCR Conditions, Covenants, and Restrictions Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Foyr Foyer There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Be sure to read the fine print carefully. CRB Certified Real Estate Broker 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. BB. HDW, HWF, hdwd - This means there is hardwood flooring in the home. MEIK Modern eat-in kitchen Learn more about HOAs here. GLFP Gas log fire place FXR Fixer Upper 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. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Bonus information may be placed in "Other" field. ATFN Attic Fan HI CEIL(S) High ceilings AC or A/C Air conditioning MLS Multiple Listing Service 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. Learn more about adjustable-rate mortgages here. AEK All electric kitchen If you wish to report an issue or seek an accommodation, please let us know. An encumbrance is a claim that limits how a property owner can use their property. 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. But if thats not what youre looking for, keep shopping. DOS Due On Sale Clause Back Bay. Det Detached Garage PCF Price to Cash Flow (ratio) Learn, The act of paying off one loan by obtaining another. Exr Exercise Room Copyright 2023 Acton Media Inc. All rights reserved. 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. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. PICK Picket Fence During this time, the home is inspected and appraised, and the title is searched for liens, etc. HUD Department of Housing and Urban Development A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. WHKP Washer Hookup 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. The number of days a property listing is considered active. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. A fee, charged by a broker or lender, to underwrite and process a home loan application. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. When a home listing touts its custom features, take care. G/A Garage, Attached WHF Whole House Fan GARB Garbage 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. APR Annual Percentage Rate This website is using a security service to protect itself from online attacks.

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