FFBR First Floor Bedroom 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. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation WTR PD Water paid To meet client needs, to empower teammates, and to lift up communities. NONQ Non-Qualifying When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. MLS:Multiple Listing Service. Read more about pre-qualification here. 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. 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. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. ARI Articles of Incorporation Notice, certificate. BB Baseboard Heat TXS Taxes Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Cozy Charm. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. SMART Typically computer-controlled heating and cooling, alarms, lights etc. CMA:Comparative market analysis or competitive market analysis. PAT Patio Click to reveal FSBO For Sale by Owner The owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. ERS exclusive right to sell How to use real estate in a sentence. A buyers final inspection of a home before closing. WIN Window/Wall Unit Cap rates can provide valuable insight into a property. And the real estate business is no different. An FDR with a DK? 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. Fees imposed by the state, county or municipality on transfer of title. A certain portion of the homes purchase price that a buyer must pay. PMI Private mortgage insurance Personal property is movable property. SMP Sump Pump The price of a home, as set by the seller. This browser is no longer supported. 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 At Truist, our purpose is to inspire and build better lives and communities. GAROP Garage Door Opener OFF Off Street Parking Read more about the Buy-Rent Breakeven Horizon here. Actv Active Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. ATFN Attic Fan Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a homes value. During this time, the home is inspected and appraised, and the title is searched for liens, etc. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. 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. E Rng Electric Range Real estate terms to know when you've started house hunting. If you see a bathroom or kitchen described as vintage, that means theyre old. A rehabilitation loan backed by the federal government that permits home buyers to finance money into a mortgage to repair, improve or upgrade a home. FM RM Family Room POF Proof of Funds If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. The ratio compares the borrowers monthly debt payments to gross income. Read more about back-end ratio here. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). 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. HPWA Water/Air Ht Pump What Does BB Mean, and How Do I Use It? 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. BLT Built-in Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Closing costs are generally paid through escrow. I want to receive exclusive email updates from YourDictionary. Here are a few examples of BB in action: Do you want to learn more internet slang terms? GAR Garage Repairs. Your IP: Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. COCR or CCR Cash on Cash Return A property that has come back on the marketafter a pending sale. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. If you're still unclear what a shorthand is referring to, reach out to the listing agent. D/W Dishwasher Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. PITI Principal, Interest, Taxes and Insurance FNCD YD Fenced Yard CRE Creative Real Estate *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. Try our amortization calculator to learn more. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. This means that the home fell out of escrow,perhaps due to contract issues, says Tania Matthews, an agent with Keller Williams Classic III Realtyin Central Florida. Real estate abbreviations are important to save time and money. Related:18 Big Storage Ideas to Steal from Tiny Homes. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. Dsp Garbage Disposal SAT Satellite Dish 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. NAT GS HT Natural gas heat UTCL Utility Closet The. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. EA exclusive agency A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. The ratio compares the borrowers monthly debt payments to gross income. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. Real property is immovable property - its land and anything attached to the land. There are five main categories of real estate. They charge dues used to maintain common areas. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. EIK Eat in kitchen MIC Mint Condition (like new or new) A loan estimate can help borrowers shop and compare costs of loans with lenders. Not all mortgages carry a prepayment penalty. GARB Garbage 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. Canadian Real Estate Association, the national association for Canada. A/G PL : Above-ground swimming pool. The "P" represents percent. I havent seen you in forever. Learn more about short sales here. The four items include, repairs, vacancy loss, property management, and miscellaneous. STR On Street Parking If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. The seller has an agreed-upon contract with the potential buyer. FXR Fixer Upper Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. But the cap rate is not the only metric used to evaluate a real estate investment. They provide clues to what is included in the purchase price. This was when the term exploded as a pet name between both lovers and friends. Updated from an earlier version on realtor.com. CRB Certified Real Estate Broker Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. RPAC Realtors Political Action Committee SN Senior TRC Trash Compactor Business HRS Horses Allowed 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. BLDRS REDO Builders Renovation The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. An MLS allows brokers to see one another's listings of. AST Assessment Lien Lien, JTL. 2023 All Rights Reserved. WDSTV Wood-Burning Stove Buyers should budget for an amount that is 2% to 5% of the homes purchase price. HI CEIL(S) High ceilings Learn more about down payments here. CBR Certified Buyer Representative Step 3: You then find tenants in 30-60 days to take over the two . BB Real Estate Abbreviation. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. Learn more about pre-approval here. FCRA Fair Credit Reporting Act Learn more about HOAs here. CLHMS Certified Luxury Home Marketing Specialist It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal. WLKIN Walk-in Closet HUD Housing and Urban Development Read more about origination fees here. Fp, Fpl, Fplc Fireplace All Rights Reserved. SPKLR Sprinkler Usually, the realtor's website will give a good description without the real estate abbreviations. An encumbrance can create a cloud on the title of a real property. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. SRES Senior Real Estate Specialist, Additional Resources: Yes! Cent h/a Central Heat&Air That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. SHOP Workshop HWH Hot water heater WHF Whole House Fan Allow us to clear things up, by explaining what these things really mean in plain old English. Clbhs Clubhouse Get the top BB abbreviation related to Real Estate. 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. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. C-fan Ceiling Fan Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. FDIC Federal Deposit Insurance Corporation Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. MLSs are local or regional. DCR, DSCR, DSR Debt Service Coverage Ratio STA State Performance & security by Cloudflare. Typically, putting away 5% of the rent . Resources VYL Vinyl RTO Rent to Own Copyright 2022 Ann Arbor Area Board of REALTORS. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Learn more about adjustable-rate mortgages here. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. IRA Individual Retirement Account The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). These abbreviations are typically written in all capital letters. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. 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. Margaret Heidenry is a writer living in Brooklyn, NY. MWV Microwave Oven SD/W Storm Doors & Windows The action you just performed triggered the security solution. Try our debt-to-income calculator to learn more. Crwl Crawl Space Title Records posts and articles. The word listing is also used to refer to the for-sale home itself. FLR Floor Furnace CMA Comparative Market Analysis Deco Decorative Fence WBFP Wood Burning Fireplace No purchase is necessary to view U.S. 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. 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. ALM Aluminum Siding Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. Cnl Canal Chn Chain Link Fence Cloudflare Ray ID: 7a2835264c3fdd54 He also works as a digital marketer for a regional e-commerce website. CNS Certified Negotiation Specialist Before you start calling someone BB, you might need to establish ground rules. SFR Single Family Residence Refund Policy, U.S. A property repossessed by a bank when the owner fails to make mortgage payments. A state in which an escrow agent is responsible for closing. SRO Single Room Occupancy Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. Homes can sit on the market for a long time, and prices tend to drop. Related:12 Things Realtors Look For in Homes of Their Own. Market conditions that exist when homes for sale outnumber buyers. CRS. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. IGSP In-Ground Sprinkler MULTI 3+ Car Garage There are four important items that must be included in a buyer's pro forma. WD PNL Wood paneling EMC Earnest money contract Related:7 Features That Define the New American Home. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. L/O Lease Option Bidding wars are common. If they were not used, the ads for a home could get quite lengthy. 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. SPDED Special Warranty Deed Bring vs. Take. That happens through real care to make things better. FML Formal A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. POR, POR-S Porch/Screened 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. There are also a few other cultural definitions for BB. Clap Clapboard Siding Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Home affordability takes into account your income, down payment, and monthly debts. 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. Please switch to a supported browser or download one of our Mobile Apps. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. CFD Contract for Deed UTLVL Utility Room Level RDR Radiator MAO Maximum Allowable Offer A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. A combination of loans bundled to avoid private mortgage insurance. 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). HD, HDFL Hardwood floors "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 . Related:The Best 10 Plants to Grow for Backyard Privacy. Cont Contemporary Bsmt Basement 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. Sort. ELE Electric That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. Learn, The act of paying off one loan by obtaining another. TIL Truth In Lending, A/G PL Above-ground Pool 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. GAR, GR Garage All Rights Reserved, Hey bb! BKPORCH Back Porch SCRND PORCH Screened Porch NGS Natural Gas ATT Attached Garage MBA Master Bedroom w/Bath Cldsc Cul-de-sac NOI Net Operating Income SEC SYS Security System GRM Gross Rent Multiplier After the set time period your interest rate will change and so will your monthly payment. A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. W/D HKUP Washer/Dryer hookup WINDT Window Treatment This is the escrow period, when both buyer and seller are workingtoward a closing. When this happens, he or she risks the home heading into the foreclosure process. If thats your style, you're in luck. Affordability. A minimum requirement is often dictated by the loan type. Bulk Bulkhead BKYD Backyard When you purchase through our links we may earn a commission. 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. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. FDR Formal dining room COO or C of O Certificate of Occupancy to cover taxes and insurance. Prospective purchasers of an inn need to know exactly what they mean. Be sure to read the fine print carefully. Organizations can include local governments, utility companies, and homeowners associations. LR Living room If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. WHKP Washer Hookup Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. A fee, charged by a broker or lender, to underwrite and process a home loan application. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. Brokerage. CVAC Central Vacuum Active This means that a property is currently on the market and available for sale. FHA Federal Housing Administration NBHD Neighborhood If you have the money to hire a handyman for every household woe, go ahead. Contact Us 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. STOR Assigned Storage FSBO For Sale by Owner Most real estate agents use similar abbreviations as part ofreal estate lingo, so once you get the jist, you can read any listing with confidence. 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. OBO Or Best Offer Windows 11: How Much RAM Can Your PC Have? SD Security Deposit An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. OVER Oversized Garage If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. 1C : One-car garage. ASG Assessment Assessment. Q POS Available for quick possession Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen.