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. Crwl Crawl Space 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 . Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. Inspection occurs when the home is under contract or in escrow. Learn more about foreclosure here. UTLVL Utility Room Level The four items include, repairs, vacancy loss, property management, and miscellaneous. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. This is the escrow period, when both buyer and seller are workingtoward a closing. REALTOR Member of the National Association of Realtors Check out our glossary of frequently-used mortgage terms. A property that has come back on the marketafter a pending sale. CCIM Certified Commercial Investment Member FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation SUN Sun Room Home Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. After all, you wouldn't want to get stuck with a money pit. MSN Masonry 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. CRE Creative Real Estate MAO Maximum Allowable Offer A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. The seller has an accepted offer but is waiting to see if the buyers bank will agree to it, says Realtor Dawn Rivera with Realty World-Viking Realty in Fremont, CA. RELO Relocation office FFE furniture, fixture, and equipment Read, A property repossessed by a bank when the owner fails to make mortgage payments. WD PNL Wood paneling Dk Deck REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. MCOA Min $ on Assumption If they were not used, the ads for a home could get quite lengthy. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. Performance & security by Cloudflare. A three-page document sent to an applicant three days after they apply for a home loan. Maximum loan amounts can vary by county. When you boil it down to the basics, real estate has a simple meaning. RELATED: What Does "TMI" Mean, and How Do You Use It? Personal property is movable property. Terms Of Use WIC Walk-in closet, ARV After-Repaired Value CHMS Certified Home Marketing Specialist A lien is a security interest that can give a creditor the right to take possession of a property secured by a loan, such as a mortgage, when the borrower defaults on the loan obligations. and This is the most popular NAR official designation and is relatively easy to get and maintain. BALC Balcony 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. Cnl Canal Its customary for the buyer to pay for the lenders title insurance policy. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. PGS Propane There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Farm Farmhouse FSBO For Sale by Owner How-To Geek is where you turn when you want experts to explain technology. PL/A Above Ground Pool It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. SPC Drive parking spaces Essentially, "turnkey" means that . GLF Golf Course Try our affordability calculator to see how much house you might be able to afford. 67.211.219.14 CREA. CRB Certified Real Estate Broker All abbreviations on this list are typically written in all capital letters. PUD Planned Unit Development If you see a bathroom or kitchen described as vintage, that means theyre old. 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. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Banks, savings and loans, and credit unions. VWS, VW, VU View or views HUD Department of Housing and Urban Development REIA Real Estate Investors Association KIT, KT Kitchen If you hang around social media circles and forums that talk about TV, BB might also stand for Big Brother, a prominent reality show franchise involving a group of strangers living together in the same house. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. 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.. A concrete point at which buying a home makes more financial sense than renting one. UTCL Utility Closet Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. 2-LV : Two living levels. Bsmt Basement 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. The "P" represents percent. "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 . Cvga Converted Garage HB Half Bath (toilet + sink) 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). Related:The Best 10 Plants to Grow for Backyard Privacy. 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. CBR Certified Buyer Representative Brk Brick RAD Radiant Heat WBS Wood-Burning Stove Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. 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. To meet client needs, to empower teammates, and to lift up communities. NBHD Neighborhood ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. MIC Mint Condition (like new or new) All Rights Reserved. to cover taxes and insurance. FMV Fair Market Value BA; BTH : Bathroom. DEDRS Deed Restrictions 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative ROI Return On Investment ELE Electric LFT Loft REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Translation: This home is small. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. SRES Senior Real Estate Specialist, Additional Resources: What Does FS Mean, and How Do You Use It? That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. PITI Principal, Interest, Taxes, and Insurance Repairs. INT Intercom The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. HDW, HWF, hdwd - This means there is hardwood flooring in the home. Read more about escalation clauses and making an offer on a home. APR Annual Percentage Rate It's anything that can be subject to ownership, except land. Real estate terms to know when you've started house hunting. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. NONQ Non-Qualifying If you're still unclear what a shorthand is referring to, reach out to the listing agent. ASM Assumptions ARI Articles of Incorporation Notice, certificate. 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). The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. CMA:Comparative market analysis or competitive market analysis. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Real estate abbreviations are important to save time and money. PL, SP, S/P Swimming pool Homes can sit on the market for a long time, and prices tend to drop. Cldsc Cul-de-sac All rights reserved. TIL Truth In Lending, A/G PL Above-ground Pool Updated from an earlier version on realtor.com. REO Real Estate Owned Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Used under license. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Market conditions that exist when buyers outnumber homes for sale. Bb. Not all Northwestern Mutual representatives are advisors. LOC Line of Credit U/G SPRK Underground Sprinkler If not, it could end up back on the market, so go ahead and inquire if youre interested. Before you start calling someone BB, you might need to establish ground rules. RV PRKG RV Parking A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. SHOP Workshop Col Colonial Cozy Charm. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. DOS Due On Sale Clause A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. OFF Off Street Parking 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Questions And Answers 1C : One-car garage. VYL Vinyl Have questions about your home financingpaperwork? AC or A/C Air conditioning 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. RTO Rent To Own This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. A loan estimate can help borrowers shop and compare costs of loans with lenders. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. LOI Letter of Intent Yes! HW Hot Water I/O Interest Only (loan) So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. CMA Comparative Market Analysis The owners bank must approve a lower listing price before the home can be sold. 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. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. You can email the site owner to let them know you were blocked. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Learn more about adjustable-rate mortgages here. 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. RTO Rent to Own Home affordability takes into account your income, down payment, and monthly debts. These structures can be both above and under the ground. Translation: This home is small. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. ALM Aluminum Siding FMR Fair Market Rent Business HVAC heating, ventilation and air conditioning O/F Owner Finance A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Det Detached Garage When this happens, he or she risks the home heading into the foreclosure process. 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. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . LR with Fplc? 4B/2B:Four bedrooms and two bathrooms. Home affordability takes into account your income, down payment, and monthly debts. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. BKPORCH Back Porch 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. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. CNS Certified Negotiation Specialist A combination of loans bundled to avoid private mortgage insurance. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. CLTV Combined Loan To Value MLSs are local or regional. Back Bay. 1C, 2C 1 or 2 car Garage RDR Radiator Suggest. This abbreviation is a shorthand way of showing your affection to your partner. Read our stress-free guide to getting a mortgage. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. W/W CRPT Wall To Wall Carpet 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. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. Read more about mortgage insurance. BCH Beach CRE Commercial Real Estate TRAN Transitional BB. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. TRC Trash Compactor Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Since we launched in 2006, our articles have been read billions of times. Fees imposed by the state, county or municipality on transfer of title. PMP Well Pump A certain portion of the homes purchase price that a buyer must pay. OA Owner Agent HRS Horses Allowed Related:7 Features That Define the New American Home. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. JTUB Jetted Tub Read, A ratio that compares a home buyers expenses to gross income. FHA Federal Housing Administration Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). NOI Net Operating Income Back Bay + 1 1. This claim belongs to a third party, who can either be an organization or an individual. DET Detached garage 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. DLM Seller Disclaimer The seller has an agreed-upon contract with the potential buyer. If you have the money to hire a handyman for every household woe, go ahead. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. An encumbrance can create a cloud on the title of a real property. Privacy Policy. GAR, GR Garage Lo dues:Low homeowners association dues. Learn more. to see how much house you might be able to afford. BB Real Estate Abbreviation. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. FPLC, FP, FRPLC Fireplace ARM Adjustable Rate Mortgage This website is using a security service to protect itself from online attacks. 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. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. FFBR First Floor Bedroom In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. FR Family room While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends.