F-bmt Finished Basement Refund Policy, U.S. SHOP Workshop There are five main categories of real estate. Read, 42. ASM Assumptions Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. is part of the U.S. Department of Housing and Urban Development. Each lending institution sets its own prime rate. UPF, UPR Upper floor The act of paying off one loan by obtaining another. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. OA Owner Agent 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. Usually . Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records CHMS Certified Home Marketing Specialist WBFP Wood Burning Fireplace property in buildings and land; space, capacity See the full definition . Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. SMP Sump Pump They charge dues used to maintain common areas. RAD Radiant Heat MRSH Marsh BLDRS REDO Builders Renovation FEMA Federal Emergency Management Agency OCN Ocean STA State 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. STOR Assigned Storage Please switch to a supported browser or download one of our Mobile Apps. 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). 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. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. TEN Tennis Court BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. These abbreviations are typically written in all capital letters. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. W/D HKUP Washer/Dryer hookup PITI Principal, Interest, Taxes and Insurance SMB Split Master Bedroom It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. Refinancing is generally done to secure better loan terms, such as a lower interest rate. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". UTCL Utility Closet FCRA Fair Credit Reporting Act RPAC Realtors Political Action Committee 2023 LoveToKnow Media. GLFP Gas log fire place Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. R/OPT Rent w/Opt-Buy Det Detached Garage Suggest. Before you start calling someone BB, you might need to establish ground rules. SD/W Storm Doors & Windows 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. All Rights Reserved. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. SMART Typically computer-controlled heating and cooling, alarms, lights etc. W/W CRPT Wall To Wall Carpet Refinancing is generally done to secure better loan terms, such as a lower interest rate. Read more about FHA loans here. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. GLF Golf Course Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Zillow, Inc. holds real estate brokerage licenses in multiple states. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Class A, B, C, D Real Estate: A Guide to Property Class Types Since many phrases can be shortened to BB, this acronym might refer to other things online. An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home based on recently sold homes of similar condition, size, features and age that are located in the same area. DWF, DWAC Deep Water/Access Farm Farmhouse Learn more about homeowners insurance here. The. WLKIN Walk-in Closet DEDRS Deed Restrictions HP Heat Pump Abbreviations on the list may have capitalization variations. RDR Radiator SQ FT Square Feet During this time, the home is inspected and appraised, and the title searched for liens, etc. I havent seen you in forever. How have you been?. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. There is no MLS covering the whole country. If you wish to report an issue or seek an accommodation, please let us know. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. 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. FM RM Family Room The amount of the loan divided by the price of the house. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Read more about the Buy-Rent Breakeven Horizon here. E Rng Electric Range Have questions about your home financingpaperwork? Lo dues:Low homeowners association dues. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. CAC Central Air Conditioning PLAY Playground MCOA Min $ on Assumption Margaret Heidenry is a writer living in Brooklyn, NY. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. This means the propertys ownersare actively taking backup offers in case the first one falls through. 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. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Your IP: 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. Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. 442-H New York Standard Operating Procedures New York Fair Housing NoticeTREC: Information about brokerage services, Consumer protection noticeCalifornia DRE #1522444Contact Zillow, Inc. A/C Air Conditioning ERS exclusive right to sell Here are a few examples of BB in action: Do you want to learn more internet slang terms? HPWA Water/Air Ht Pump What Does "Default" Mean In Real Estate? - Inman FDR Formal dining room There are four important items that must be included in a buyer's pro forma. WINDT Window Treatment Dbl Double A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Bung Bungalow HWH Hot water heater Brkf Breakfast Area A state in which an escrow agent is responsible for closing. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. The word listing is also used to refer to the for-sale home itself. The "P" represents percent. 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. Cbl,Cblh Cable/Hookup Bsmt Basement If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. RELO Relocation office Both words imply motion, but the difference may b. Defenestration. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. Actv Active Col Colonial 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. BB. AMO Accredited Management Organization O/F Owner Finance When a home listing touts its custom features, take care. 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). 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. CPT Carpet or Carport The four items include, repairs, vacancy loss, property management, and miscellaneous. Not all products and services are available in all states. Not all Northwestern Mutual representatives are advisors. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. NOI Net Operating Income ELE Electric 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. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Sort. TOWN Town House 2-LV : Two living levels. Guide To REO Properties And How To Buy Them | Quicken Loans These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. BB Real Estate Abbreviation. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. 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.. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. A Short Guide to Real Estate Lingo - realtor.com Real Estate Certification: Different Kinds and What You NEED - UpNest What Is Real Estate? A Definition And A Guide | Rocket Mortgage Hi ceils - This is an abbreviation for "high ceilings.". Back Bay + 1 1. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. 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. BLT Built-in Learn more here. If they were not used, the ads for a home could get quite lengthy. What Is a Short Sale? - Ramsey - Ramsey Solutions BKYD Backyard It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. 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. Updated from an earlier version on realtor.com. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. Its customary for the buyer to pay for the lenders title insurance policy. 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. Clbhs Clubhouse 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. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. Bidding wars are common. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. HTUB Hot Tub A minimum requirement is often dictated by the loan type. FFBR First Floor Bedroom 1 /8. 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. . AST Assessment Lien Lien, JTL. CBR Certified Buyer Representative MAO Maximum Allowable Offer CRS Certified Residential Specialist If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Tiny . Q POS Available for quick possession CREA. Learn more about pre-approval here. Cdrcl Cedar Closet That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. MAR Marble 147.189.141.138 BKPORCH Back Porch Learn more about adjustable-rate mortgages here. 8 Real Estate Terms to Watch Out For - Bob Vila Look for this accreditation or something similar when shopping for a home inspector. A property that has come back on the marketafter a pending sale. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. The components of a monthly mortgage payment. 1C : One-car garage. Large E-2 plan:This is one of several floor plans available in a specific building. A security deposit made by the buyer to assure the seller of his or her intent to purchase. FRBO for rent by owner To meet client needs, to empower teammates, and to lift up communities. FR Family room Read more about pre-qualification here. A buyers final inspection of a home before closing. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. If thats your style, you're in luck. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 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. Read, A ratio that compares a home buyers expenses to gross income. INLW In-Law Suite Property Records All abbreviations on this list are typically written in all capital letters. PRO Internet Professional MO Month Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Crk Creek A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. NONQ Non-Qualifying MK Modern kitchen When this happens, he or she risks the home heading into the foreclosure process. ARI Articles of Incorporation Notice, certificate. Canadian Real Estate Association, the national association for Canada. The owners bank must approve a lower listing price before the home can be sold. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Individuals could include neighbors or other people who have a right of way. When you boil it down to the basics, real estate has a simple meaning. CRE Commercial Real Estate CFD Contract for Deed Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. We select and review products independently. YD Yard MAO Maximum Allowable Offer 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 . Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. 27. 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. AC Acre G-RNG Gas Range BBbb. Mstr Master bed room ATT Attached Garage Cth Cathedral Ceiling PMP Well Pump MYOB Mind Your Own Business PULL Pull-Down Attic Stair 1. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Windows 11: How Much RAM Can Your PC Have? It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. 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. 4B/2B:Four bedrooms and two bathrooms. Clap Clapboard Siding GRES Graduate Real Estate Society The action you just performed triggered the security solution. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. BR Bedroom After all, you wouldn't want to get stuck with a money pit. GMT Kitchen Gourmet kitchen ROI Return On Investment 2. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. Read more about mortgage insurance. Not all real estate agents are REALTORS. WDSTV Wood-Burning Stove VWS, VW, VU View or views POA Power of Attorney W/D Washer/Dryer This is important, as identifying a property's class can predict how the asset might perform. NAT GS HT Natural gas heat Press F to Pay Respects: What Does F Mean Online? HML Hard Money Lender Business But if not, you'll want to factor in the cost ofrenovationsbefore deciding if this home is both in your budget and worth a visit. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. ASG Assessment Assessment. Read more about back-end ratio here. 7 meanings of BB abbreviation related to Real Estate: Real Estate. CPM Certified Property Manager The fascinating story behind . An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. COCR or CCR Cash on Cash Return Prospective purchasers of an inn need to know exactly what they mean. CP Carport ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. HBR Harbor AC or A/C Air conditioning Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Organizations can include local governments, utility companies, and homeowners associations. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. HDW, HWF, hdwd - This means there is hardwood flooring in the home. PMI Private Mortgage Insurance BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Read, A property repossessed by a bank when the owner fails to make mortgage payments. INT Intercom 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. Example: P30 (3% offered) Cnl Canal A portion of your monthly payment goes into the escrow account to cover taxes and insurance. BA; BTH : Bathroom. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans.