Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). DCR, DSCR, DSR Debt Service Coverage Ratio Dk Deck Anne Miller lives in New York and writes real estate news and advice stories. The seller has an agreed-upon contract with the potential buyer. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. But unlike an AWC, the property is no longer available forshowings., Whileabbreviations and acronymsfor property descriptionsvary by listingand source,thetermsbelow canbe used as a general guide to help you translateanything unfamiliar.If youre still unclear whata shorthand is referring to,reach out to the listing agent., As-is:Theowner is selling the home in its current condition and willnot makeanyrepairs orcorrect any flaws with the property., OLREA:Owner is a licensed real estate agent. Miscellaneous. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. You are not obligated to accept the loan just because you received a loan estimate. Brokerage. Before you start calling someone BB, you might need to establish ground rules. CLHMS Certified Luxury Home Marketing Specialist Related:The Best 10 Plants to Grow for Backyard Privacy. D/W Dishwasher Your IP: 64 Real Estate Terms and Expressions You Should Know 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. 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. MAO Maximum Allowable Offer This list of real estate investing abbreviations is useful for real estate brokers. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. HB Half Bath (toilet + sink) FR Family room A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. 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. A loan estimate can help borrowers shop and compare costs of loans with lenders. BCH Beach A Short Guide to Real Estate Lingo - realtor.com Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Go now! SFH Single Family House WIN Window/Wall Unit 1. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. 1 /8. He's invested in internet culture, social media, and how people interact with the web. During this time, the home is inspected and appraised, and the title searched for liens, etc. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. 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 ratio that compares a home buyers expenses to gross income. SMP Sump Pump The action you just performed triggered the security solution. Abbreviations on the list may have capitalization variations. Refund Policy, U.S. The. Individuals could include neighbors or other people who have a right of way. A database where real estate agents list properties for sale. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. UPF, UPR Upper floor Read more about escalation clauses and making an offer on a home. Deco Decorative Fence Learn more. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? Related:10 Signs That Fixer-Upper Might Be a Money Pit. What is BB meaning in Real Estate Advertising? That happens through real care to make things better. PUD Planned Unit Development EA exclusive agency A certain portion of the homes purchase price that a buyer must pay. Prices are often higher than average. 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. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. 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. NAR National Association of Realtors TRSH Trash Pickup 7 meanings of BB abbreviation related to Real Estate: Real Estate. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Tiny houses are a trend, for sure. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Agents use this status to indicate that the seller is open toreceivingbackup offersbecause the sale may not go through., Back onthemarket (BOM):The propertyhas becomeactive again,afterrecentlybeingtaken offthemarket., Closed (CL):The property has been sold and is no longer available., Expired:The property is no longer available for saletypically because the seller could not find a buyer., Pending:Thepropertyis under contract and all contingencies have beenfulfilled, but the settlement still needs to take place., Temporarily off market (TOM):The home is not currently available for saleandshowings arenotallowed,butitwillsoon beback on the market. W/D Washer/Dryer Yes! DOS Due On Sale Clause HUD Housing and Urban Development SD Security Deposit Homes can sit on the market for a long time, and prices tend to drop. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). They charge dues used to maintain common areas. 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. GAROP Garage Door Opener Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. CLTV Combined Loan To Value 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. If its back on the market, theres a reason why the original sale fell through. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. APT Apartment When offering a selling bonus to a selling broker, the listing broker must specify the terms of the bonus offer according to the following guideline code: B dollar amount/terms/expiration date of offer (if applies), Examples: 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). LRG Large Personal property is movable property. NOI Net Operating Income A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. HPWA Water/Air Ht Pump Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. Prepaid interest owed at closing, with one point representing 1% of the loan. PMI Private Mortgage Insurance A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. PITI Principal, Interest, Taxes and Insurance 2023 All Rights Reserved. Related:7 Features That Define the New American Home. Paying points, which are tax deductible, will lower the monthly mortgage payment. But the cap rate is not the only metric used to evaluate a real estate investment. IRR Internal Rate of Return FML Formal GARB Garbage FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation Each lending institution sets its own prime rate. If not, it could end up back on the market, so go ahead and inquire if youre interested. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. CFD Contract for Deed SKY Skylights FFBR First Floor Bedroom POF Proof of Funds Typically, most consumers mortgage interest rate is going to be higher than the prime rate. ATT Attached Garage Please switch to a supported browser or download one of our Mobile Apps. A minimum requirement is often dictated by the loan type. This browser is no longer supported. 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. Inspection occurs when the home is under contract or in escrow. OBO Or Best Offer Often, the listing will indicate which rooms have hardwood flooring. Back Bay. This is the most popular NAR official designation and is relatively easy to get and maintain. Not all Northwestern Mutual representatives are advisors. Read more about FHA loans here. MO Month NNN Triple Net Lease Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). F/BSMT Fully finished basement AJ Affidavit of Joint Tenant Deed. 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. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. Pro Forma Real Estate: Everything You Need to Know - RealWealth This website is using a security service to protect itself from online attacks. TRAN Transitional 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. GRM Gross Rent Multiplier A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization The number of days a property listing is considered active. DLM Seller Disclaimer MLS:Multiple Listing Service. OP Occupancy Permit The sale of a home by an owner who owes more on the home than its worth. All Rights Reserved, Hey bb! Lo dues:Low homeowners association dues. APPLS Appliances Real Estate Terms - B&B Team 1. 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. CRB Certified Real Estate Broker A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. A property was withdrawn from the realty market. An origination fee is not a single fee. Repairs. GAR, GR Garage LR with Fplc? 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. SRO Single Room Occupancy SPAC Spacious This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. No purchase is necessary to view U.S. VWS, VW, VU View or views Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. W/W CRPT Wall To Wall Carpet A combination of loans bundled to avoid private mortgage insurance. OWN Owner Financing PRTL Partial The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. By submitting your email, you agree to the Terms of Use and Privacy Policy. 8 Real Estate Terms to Watch Out For - Bob Vila Clap Clapboard Siding Read more about mortgage insurance. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. PL/1 In-Ground Pool That doesnt mean that its a done deal by any means, however (more on that next). Learn, The act of paying off one loan by obtaining another. AEK All electric kitchen A contingent statusmeans that the seller has accepted an offer and the home is under contract. 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. RTO Rent to Own These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. BR Bedroom The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. BB. Real Estate: Definition, Types, How to Invest in It - Investopedia DOS Due On Sale Clause HSF Heated square feet A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. END End Unit DET Detached garage Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. Read our stress-free guide to getting a mortgage. 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. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Translation: This home is small. REF Refrigerator 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. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. NBHD Neighborhood SUN Sun Room CMA Comparative Market Analysis Maximum loan amounts can vary by county. Margaret Heidenry is a writer living in Brooklyn, NY. MLS multiple listing service OVER Oversized Garage Copyright 2022 Ann Arbor Area Board of REALTORS. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. 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. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. WINDT Window Treatment FNCD YD Fenced Yard What Does 'NNN' Mean in Commercial Real Estate? A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. After the set time period your interest rate will change and so will your monthly payment. How have you been?. WTR PD Water paid FM RM Family Room Real Estate Acronyms By cnyREALTOR CPM Certified Property Manager Have questions about buying, selling or renting during COVID-19? Fees imposed by the state, county or municipality on transfer of title. The Real Estate Terms to Know When You're Looking at Home Listings PWDR RM Powder room or half bath The act of paying off one loan by obtaining another. INGRD PL pool in ground pool These structures can be both above and under the ground. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. Like, from the 50s. MRSH Marsh Privacy Policy Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). There are also a few other cultural definitions for BB. Bung Bungalow What is BB meaning in Real Estate? MLSs are local or regional. MK Modern kitchen Not all real estate agents are REALTORS. GMT Kitchen Gourmet kitchen Press F to Pay Respects: What Does F Mean Online? Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Closing costs are generally paid through escrow. 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 . All of these abbreviations are commonly used to describe the features of a house or commercial property. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. MWV Microwave Oven 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. TOWN Town House Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. This is a statement a borrower will receive from their lender at least three days before closing on a home. 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).
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