SN Senior FML Formal There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. NNN Triple Net Lease It should return to active soon enough, so its certainly worth piping up if youre smitten. What Is a Short Sale? - Ramsey - Ramsey Solutions BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. What Does FS Mean, and How Do You Use It? EMC Earnest money contract If a place is advertised as needing TLC then its likely a bona fide fixer-upper. REF Refrigerator BBbb. CCR Conditions, Covenants, and Restrictions Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. SAT Satellite Dish Canadian Real Estate Association, the national association for Canada. NYSAR New York State Association of Realtors Cth Cathedral Ceiling There are four important items that must be included in a buyer's pro forma. An origination fee is not a single fee. Guide To REO Properties And How To Buy Them | Quicken Loans Real Estate Certification: Different Kinds and What You NEED - UpNest BB Real Estate Abbreviation. PRO Internet Professional The sale of a home by an owner who owes more on the home than its worth. Learn, The act of paying off one loan by obtaining another. Check out our glossary of frequently-used mortgage terms. 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. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative CRS Certified Residential Specialist Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. UTRM Utility Room The word listing is also used to refer to the for-sale home itself. Hi ceils - This is an abbreviation for "high ceilings.". A state in which an escrow agent is responsible for closing. These institutions underwrite as well as set home loan pricing in-house. SMB Split Master Bedroom TRAD Traditional This website is using a security service to protect itself from online attacks. 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 Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. property in buildings and land; space, capacity See the full definition . When this happens, he or she risks the home heading into the foreclosure process. Tiny houses are a trend, for sure. RDR Radiator 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. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. 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. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Powered by The ratio compares the borrowers monthly debt payments to gross income. FCRA Fair Credit Reporting Act ELV Elevator FLR Floor Furnace FSBO For Sale By Owner I havent seen you in forever. Yes! Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Learn more about HOAs here. Since we launched in 2006, our articles have been read billions of times. HW Hot Water 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. DET Detached garage Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. FR Family room Bonus information may be placed in "Other" field. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. A property repossessed by a bank when the owner fails to make mortgage payments. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. HPWA Water/Air Ht Pump OA Owner Agent Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. The. NONQ Non-Qualifying CATH Cathedral ceilings 1. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. Real Estate Abbreviations And Acronyms - U.S. Title Records We Let ChatGPT Create AI Art, Heres What It Made, The New Outlook for Windows Is Opening Up to More People, How to Optimize Your Steam Deck for a Longer Lasting Battery, 2023 LifeSavvy Media. What Does 'NNN' Mean in Commercial Real Estate? There are five main categories of real estate. OO Owner Occupied Contingent vs. under contract? What sounds impressive on paper may look less appealing in person. Chn Chain Link Fence Business 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. A percentage of the homes value owned by the homeowner. Bring vs. Take. NOO Non-Owner Occupied Have questions about buying, selling or renting during COVID-19? OVER Oversized Garage Even though a sale is highly likely, some pending properties may still accept backups. Fees imposed by the state, county or municipality on transfer of title. MOPOA Monthly POA Fee Actv Active PAN Pantry In-law potl:Potential for a separate apartment, subject to local zoning restrictions. "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 . ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Exr Exercise Room A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. MULTI 3+ Car Garage The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. Try our affordability calculator to see how much house you might be able to afford. Dsp Garbage Disposal HSF Heated square feet POF Proof of Funds 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). Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. IRA Individual Retirement Account Dry Clothes Dryer Inspection occurs when the home is under contract or in escrow. PAT Patio OWN Owner Financing These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. HOA Homeowners Association DLM Seller Disclaimer You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. TOWN Town House Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Read more about closing costs here. The status will show as pending until the closing. Brkf Breakfast Area KIT, KT Kitchen The BRRRR method explained in 5 simple steps - Hemlane Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. When a home listing touts its custom features, take care. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. ARM Adjustable Rate Mortgage Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Privacy Policy The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. MIC Mint Condition (like new or new) There are also a few other cultural definitions for BB. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. No purchase is necessary to view U.S. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. 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. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Refinancing is generally done to secure better loan terms, such as a lower interest rate. C-fan Ceiling Fan Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. MCOA Min $ on Assumption After the set time period your interest rate will change and so will your monthly payment. CRT. CRS. And the real estate business is no different. OFC Office/Study RAD Radiant Heat The "P" represents percent. 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. HUD Housing and Urban Development During this time, the home is inspected and appraised, and the title searched for liens, etc. Zillow, Inc. holds real estate brokerage licenses in multiple states. Have questions about your home financingpaperwork? 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. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. OFC Office Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. Read more about the Buy-Rent Breakeven Horizon here. IRR Internal Rate of Return Is A House Considered Real Estate? - Ascent Law Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. AG Agreement Agreement Comm. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. is part of the U.S. Department of Housing and Urban Development. RELATED: How to Stream U.S. Sports for Free Online. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. GRM Gross Rent Multiplier EA exclusive agency 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. Not all mortgages carry a prepayment penalty. Used under license. Get the top BB abbreviation related to Real Estate. 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. WIN Window/Wall Unit Not all mortgages. LTV Loan to Value Sub2 Subject to existing financing 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 There is no MLS covering the whole country. MLS multiple listing service 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. 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. DEDRS Deed Restrictions FM RM Family Room PGS Propane FMV Fair Market Value PILE Pilings GRES Graduate Real Estate Society Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Related:18 Big Storage Ideas to Steal from Tiny Homes. The components of a monthly mortgage payment. Not all Northwestern Mutual representatives are advisors. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. If you wish to report an issue or seek an accommodation, please let us know. Col Colonial to see how much house you might be able to afford. 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. SFH Single Family House 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. Your IP: E Rng Electric Range WLKIN Walk-in Closet FHA Federal Housing Administration LPOA Limited Power of Attorney If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. 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. UTCL Utility Closet Privacy Policy. HD, HDFL Hardwood floors WF Waterfront It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. DOT Deed of Trust All of these abbreviations are commonly used to describe the features of a house or commercial property. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Lo dues:Low homeowners association dues. SLT Slate Its customary for the buyer to pay for the lenders title insurance policy. MYOB Mind Your Own Business Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Click to reveal NOI Net Operating Income 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. Multiple Listing Service (MLS): Definition, Benefits, and Fees CNS Certified Negotiation Specialist Fees associated with the purchase of a home that are due at the end of the sales transaction. MSN Masonry Learn more about pre-approval here. BR Bedroom These abbreviations are typically written in all capital letters. Individuals could include neighbors or other people who have a right of way. If they were not used, the ads for a home could get quite lengthy. Refinancing is generally done to secure better loan terms, such as a lower interest rate. An encumbrance is a limit on how an owner can use real estate. TRAN Transitional Performance & security by Cloudflare. OCN Ocean Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Usually . Bsmt Basement POA Power of Attorney The number of days a property listing is considered active. Class A, B, C, D Real Estate: A Guide to Property Class Types 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. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. MBRFP Master Bedroom w/FP Bb. Our belief in better is at the core of everything that we do, every day. SPC Drive parking spaces GAROP Garage Door Opener BA Bath APT Apartment PL, SP, S/P Swimming pool FDR Formal dining room Homes can sit on the market for a long time, and prices tend to drop. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. The difference between the two is usually fairly . Often, the listing will indicate which rooms have hardwood flooring. A three-quarter bathroom has a toilet, a sink and a shower. D/W Dishwasher Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Real estate terms to know when you've started house hunting. CRE Commercial Real Estate LLP Limited Liability Partnership A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. An FDR with a DK? O/F Owner Finance Crprt Carport FMR Fair Market Rent The action you just performed triggered the security solution. 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. SPAC Spacious FFBR First Floor Bedroom CAC Central Air Conditioning After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. BB. 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. 8 Real Estate Designations That Will Actually Make You Money CLTV Combined Loan To Value Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. Cozy Charm. What Is a Short Sale? HRS Horses Allowed We select and review products independently. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. G-RNG Gas Range MO Month A half bathroom or powder room has only a toilet and a sink. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. Sort. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Tiny . A full bathroom is a room with a toilet, a sink and a bathtub. A concrete point at which buying a home makes more financial sense than renting one. Clbhs Clubhouse What Does "BB" Mean, and How Do I Use It? - How-To Geek REO Real Estate Owned Disclosure: participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for publishers to earn fees by linking to and affiliated sites. 2. OP Occupancy Permit How have you been?. What is BB meaning in Real Estate Advertising?