Back Bay + 1 1. CLHMS Certified Luxury Home Marketing Specialist Buyers should budget for an amount that is 2% to 5% of the homes purchase price. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Try our amortization calculator to learn more. The word listing is also used to refer to the for-sale home itself. TRC Trash Compactor Brkf Breakfast Area They charge dues used to maintain common areas. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. END End Unit 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. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Learn more about HOAs here. FFE furniture, fixture, and equipment TRAD Traditional The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. Bb. SRO Single Room Occupancy PL/1 In-Ground Pool CRE Commercial Real Estate FFBR First Floor Bedroom One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. PVT Private FLR Floor Furnace WF Waterfront Cont Contemporary ATT Attached Garage Prepaid interest owed at closing, with one point representing 1% of the loan. PL -Swimming Pool 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. FMV Fair Market Value While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Here are a few examples of BB in action: Do you want to learn more internet slang terms? DWF, DWAC Deep Water/Access CFD Contract for Deed Not all Northwestern Mutual representatives are advisors. AMO Accredited Management Organization Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. PLAY Playground PRQ Parquet WHKP Washer Hookup HW Hot Water There is no MLS covering the whole country. AC Acre WTR Water That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. 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. 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. When a home listing touts its custom features, take care. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. LOI Letter of Intent BB. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. The property is sold and no longer available. Read more about, escalation clauses and making an offer on a home, An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. ATFN Attic Fan When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. Cbl,Cblh Cable/Hookup This is a statement a borrower will receive from their lender at least three days before closing on a home. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. PRO Internet Professional As-is : The owner is selling the home in its current condition and will not make any repairs or correct any flaws with the property. CCR Conditions, Covenants, and Restrictions MTG Mortgage PULL Pull-Down Attic Stair GRI Graduate REALTOR Institute CREA. Fha Forced Hot Air DK Deck Each lending institution sets its own prime rate. Read more about pre-qualification here. REC Recreation Room A deed is the legal document that establishes ownership of real property, and is also used to transfer the ownership of real property to another person or entity. 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. Real Estate Definition. The action you just performed triggered the security solution. MRSH Marsh Articles may contain affiliate links which enable us to share in the revenue of any purchases made. Affordability. COCR or CCR Cash on Cash Return Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. REI Real Estate Investing The four items include, repairs, vacancy loss, property management, and miscellaneous. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. HOA Homeowners Association TEN Tennis Court Used under license. Clus Cluster W/D HKUP Washer/Dryer hookup C/VAC Central vacuum 147.189.141.138 CRE Creative Real Estate One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. 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. Farm Farmhouse 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. 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. POA Power of Attorney NYSAR New York State Association of Realtors After the set time period your interest rate will change and so will your monthly payment. 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. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. LR Living Room Back Bay. Even though a sale is highly likely, some pending properties may still accept backups. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. RAD Radiant Heat We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. RELO Relocation office A buyers final inspection of a home before closing. POR, POR-S Porch/Screened Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. A property repossessed by a bank when the owner fails to make mortgage payments. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. SWR Sewer Essentially, "turnkey" means that . Terms Of Use Read, 42. If not, it could end up back on the market, so go ahead and inquire if youre interested. These abbreviations are typically written in all capital letters. Fixture:Anything of value that is permanently attached to or a part of real property. TOWN Town House Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. 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. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. How have you been?. SEW Sewer FDIC Federal Deposit Insurance Corporation LTV Loan to Value A portion of your monthly payment goes into the escrow account to cover taxes and insurance. 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:18 Big Storage Ideas to Steal from Tiny Homes. FML Formal COO or C of O Certificate of Occupancy G/A Garage, Attached Miscellaneous. A contingent statusmeans that the seller has accepted an offer and the home is under contract. HD, HDFL Hardwood floors 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 policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. A state in which an escrow agent is responsible for closing. MSN Masonry CRT. 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. 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. MLS:Multiple Listing Service. This means the propertys ownersare actively taking backup offers in case the first one falls through. RTO Rent to Own WAR Warranty Plan Press F to Pay Respects: What Does F Mean Online? NOO Non-Owner Occupied Try our affordability calculator to see how much house you might be able to afford. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . FPLC, FP, FRPLC Fireplace The. WIN Window/Wall Unit Read more about closing costs here. A property was withdrawn from the realty market. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. It is in fact a real word (but that doesn't mean . APR Annual Percentage Rate IRR Internal Rate of Return to see how much house you might be able to afford. What Does BB Mean, and How Do I Use It? 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 . I havent seen you in forever. Keep reading to learn more about this unique abbreviation. Performance & security by Cloudflare. A minimum requirement is often dictated by the loan type. RV PRKG RV Parking Have questions about buying, selling or renting during COVID-19? Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. A three-page document sent to an applicant three days after they apply for a home loan. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. BCH Beach All Rights Reserved. CVAC Central Vacuum 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. LLP Limited Liability Partnership It should return to active soon enough, so its certainly worth piping up if youre smitten. This means that aproperty is currently on the market and available for sale. STA State 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. P&S Purchase and Sale LOC Line of Credit FDR Formal dining room The components of a monthly mortgage payment. Bonus information may be placed in "Other" field. The seller has an agreed-upon contract with the potential buyer. Clap Clapboard Siding BLT Built-in No purchase is necessary to view U.S. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. The amount of the loan divided by the price of the house. Crprt Carport OVER Oversized Garage HDW, HWF, hdwd - This means there is hardwood flooring in the home. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. 2023 LoveToKnow Media. E Rng Electric Range Real estate terms to know when you've started house hunting. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. Usually, the realtor's website will give a good description without the real estate abbreviations. 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. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. Crystal R. Step 3: You then find tenants in 30-60 days to take over the two . Lo dues:Low homeowners association dues. When this happens, he or she risks the home heading into the foreclosure process. Best for: Buyer's agents looking to separate themselves from the rest of the field. FSBO For Sale By Owner FEMA Federal Emergency Management Agency 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. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. ALM Aluminum Siding Cnl Canal These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Before you start calling someone BB, you might need to establish ground rules. Related:12 Things Realtors Look For in Homes of Their Own. 1. AC or A/C Air conditioning 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. Canadian Real Estate Association, the national association for Canada. UTRM Utility Room GAR, GR Garage Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Home affordability takes into account your income, down payment, and monthly debts. This website is using a security service to protect itself from online attacks. 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. PL/A Above Ground Pool Active This means that a property is currently on the market and available for sale. Abbreviations on the list may have capitalization variations. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. F/BSMT Fully finished basement INGRD PL pool in ground pool F/A Ht, FAH Forced Air Heat A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. If you see a bathroom or kitchen described as vintage, that means theyre old. Not all mortgages. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. Cldsc Cul-de-sac 4B/2B:Four bedrooms and two bathrooms. Crwl Crawl Space An origination fee is not a single fee. WIC Walk-in closet, ARV After-Repaired Value Normally, a piece of property can be easily classified as either personal property or real property. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. RTO Rent To Own 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. Market conditions that exist when buyers outnumber homes for sale. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. What is BB meaning in Real Estate Advertising? MAR Marble GAR Garage MLSs are local or regional. Exr Exercise Room REF Refrigerator An MLS allows brokers to see one another's listings of. There are also a few other cultural definitions for BB. 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. ROI Return On Investment How to use real estate in a sentence. 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. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. DOS Due On Sale Clause OFF Off Street Parking 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. Check out our glossary of frequently-used mortgage terms. Prices are often higher than average. 7 meanings of BB abbreviation related to Real Estate: Real Estate. A certain portion of the homes purchase price that a buyer must pay. Zillow, Inc. holds real estate brokerage licenses in multiple states. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. APPLS Appliances Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. F-bmt Finished Basement Translation: This home is small. Be sure to read the fine print carefully. Cth Cathedral Ceiling 2. 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 . WBS Wood-Burning Stove 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. PMP Well Pump The action you just performed triggered the security solution. GRI Graduate Realtor Institute When you boil it down to the basics, real estate has a simple meaning. 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.
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