What Is a Short Sale? HW Hot Water FDR Formal dining room That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. BB Baseboard Heat 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. Read more about mortgage insurance. Det Detached Garage 1C : One-car garage. Bonus information may be placed in "Other" field. Multiple Listing Service (MLS): Definition, Benefits, and Fees The content on this site is not intended to provide legal, financial or real estate advice. A state in which an escrow agent is responsible for closing. Large E-2 plan:This is one of several floor plans available in a specific building. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. L/O Lease Option Usually, the realtor's website will give a good description without the real estate abbreviations. Click to reveal DK Deck Real Estate Abbreviations | YourDictionary Resources Cloudflare Ray ID: 7a28359a3f44c34a EIK Eat in kitchen What Is Real Estate? A Definition And A Guide | Rocket Mortgage EA exclusive agency Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. 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. IGSP In-Ground Sprinkler 8 Real Estate Terms to Watch Out For - Bob Vila 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. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Learn more. The seller has an agreed-upon contract with the potential buyer. 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. TIL Truth In Lending, A/G PL Above-ground Pool A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. During this time, the home is inspected and appraised, and the title searched for liens, etc. SFR Single Family Residence Read more about the Buy-Rent Breakeven Horizon here. FDIC Federal Deposit Insurance Corporation If you're still unclear what a shorthand is referring to, reach out to the listing agent. Closing costs are generally paid through escrow. Press F to Pay Respects: What Does F Mean Online? OWN Owner Financing While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. If they were not used, the ads for a home could get quite lengthy. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. ATT Attached Garage A three-page document sent to an applicant three days after they apply for a home loan. 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. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. WBFP Wood Burning Fireplace A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. 1 /8. RTO Rent To Own The governing body of a housing development, condo or townhome complex that sets rules and regulations. Hi ceils - This is an abbreviation for "high ceilings.". Sub2 Subject to existing financing CRB Certified Real Estate Broker If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. SHOP Workshop HB Half Bath (toilet + sink) MSN Masonry 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 propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. 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. POR, POR-S Porch/Screened Home affordability takes into account your income, down payment, and monthly debts. 8 Real Estate Designations That Will Actually Make You Money Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. What Do All Those Real Estate Listing Terms Really Mean? A property was withdrawn from the realty market. REO Real Estate Owned Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Related:7 Features That Define the New American Home. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. 7 meanings of BB abbreviation related to Real Estate: Real Estate. 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. I/O Interest Only (loan) MYOB Mind Your Own Business . 4B/2B: Four bedrooms and two bathrooms. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. Real Estate Terms - B&B Team INT Intercom How have you been?. Home affordability takes into account your income, down payment, and monthly debts. Baseboard Heat + 2. Business, Property, Real Estate Advertising. OSP Off-street parking is available You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Learn, The act of paying off one loan by obtaining another. 2023 LoveToKnow Media. 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. NOI Net Operating Income One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. "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 . MRSH Marsh Real estate abbreviations are important to save time and money. Cent h/a Central Heat&Air ATFN Attic Fan If you wish to report an issue or seek an accommodation, please let us know. P&S Purchase and sale Related:12 Ideas to Steal from Vintage Kitchens. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). A lien is a security interest that can give a creditor the right to take possession of a property secured by a loan, such as a mortgage, when the borrower defaults on the loan obligations. CVAC Central Vacuum 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. Mstr Master bed room BR Bedroom There is no MLS covering the whole country. 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. By submitting your email, you agree to the Terms of Use and Privacy Policy. Brk Brick Copyright 2023 Acton Media Inc. All rights reserved. After the set time period your interest rate will change and so will your monthly payment. ELV Elevator VWS, VW, VU View or views AC Acre PUD Planned Unit Development 2. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. 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. Maximum loan amounts can vary by county. 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. Back Bay. LTV loan to value PVT Private BB Real Estate Advertising Abbreviation Meaning - All Acronyms You can use BB to mean basketball, especially in internet communities dedicated to the sport. All Rights Reserved, Hey bb! Often, the listing will indicate which rooms have hardwood flooring. MWV Microwave Oven These structures can be both above and under the ground. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. CMA Comparative Market Analysis CNS Certified Negotiation Specialist 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. CPM Certified Property Manager Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Canadian Real Estate Association, the national association for Canada. Cnl Canal RPAC Realtors Political Action Committee PITI Principal, Interest, Taxes and Insurance These abbreviations are typically written in all capital letters. SMB Split Master Bedroom INLW In-Law Suite 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. Not all mortgages carry a prepayment penalty. MBA Master Bedroom w/Bath Related:10 Signs That Fixer-Upper Might Be a Money Pit. 4B/2B:Four bedrooms and two bathrooms. 1C, 2C 1 or 2 car Garage An encumbrance is a claim that limits how a property owner can use their property. SHNG Shingle Even though a sale is highly likely, some pending properties may still accept backups. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. Please switch to a supported browser or download one of our Mobile Apps. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. 147.189.141.138 Real Estate Abbreviations And Acronyms - U.S. Title Records G-RNG Gas Range GRNO Ground Maintenance CREA. FLR Floor Furnace 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. The word listing is also used to refer to the for-sale home itself. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. HTUB Hot Tub A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. LFT Loft REI Real Estate Investing Related:18 Big Storage Ideas to Steal from Tiny Homes. WDSTV Wood-Burning Stove PGS Propane An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. FEMA Federal Emergency Management Agency PL/1 In-Ground Pool This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. You can email the site owner to let them know you were blocked. HUD Department of Housing and Urban Development REALTOR Member of the National Association of Realtors A Short Guide to Real Estate Lingo - realtor.com WAR Warranty Plan Zillow, Inc. holds real estate brokerage licenses in multiple states. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. W/W CRPT Wall To Wall Carpet Learn more about foreclosure here. An encumbrance is a limit on how an owner can use real estate. W/D WD Washer and dryer Bung Bungalow MO Month MLSs are local or regional. ARM Adjustable Rate Mortgage Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. 2. FSBO For Sale by Owner LA Living area 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. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Disclosure: BobVila.com 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 Amazon.com and affiliated sites. Not all real estate agents are REALTORS. Bb. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. CLTV Combined Loan To Value A percentage of the homes value owned by the homeowner. Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. It is in fact a real word (but that doesn't mean . RVR River The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. An MLS allows brokers to see one another's listings of. That doesnt mean that its a done deal by any means, however (more on that next). WIN Window/Wall Unit GRI Graduate Realtor Institute F-bmt Finished Basement Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Powered by webmasterWP.com. This is important, as identifying a property's class can predict how the asset might perform. TRC Trash Compactor There are often additional notes with details that don't fit into the standard listing formula. KIT, KT Kitchen Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. E Rng Electric Range 3/4 Bath toilet + sink + shower or tub PAT Patio In-law potl:Potential for a separate apartment, subject to local zoning restrictions. property in buildings and land; space, capacity See the full definition . Normally, a piece of property can be easily classified as either personal property or real property. CCR Conditions, Covenants, and Restrictions A full bathroom is a room with a toilet, a sink and a bathtub. The difference between the two is usually fairly . G/A Garage, Attached AST Assessment Lien Lien, JTL. ERS exclusive right to sell A combination of loans bundled to avoid private mortgage insurance. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. REIA Real Estate Investors Association Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. The BRRRR method explained in 5 simple steps - Hemlane 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. Allow us to clear things up, by explaining what these things really mean in plain old English. GNMA Ginnie Mae or Government National Mortgage Association Essentially, "turnkey" means that . Read, 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. Not all Northwestern Mutual representatives are advisors. Q POS Available for quick possession HOA Homeowners Association CP Carport 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. What is BB meaning in Real Estate? SRES Senior Real Estate Specialist, Additional Resources: When a home listing touts its custom features, take care. PRQ Parquet CHMS Certified Home Marketing Specialist CRS Certified Residential Specialist HD, HDFL Hardwood floors MIC Mint Condition (like new or new) Fees imposed by the state, county or municipality on transfer of title. PL -Swimming Pool SD/W Storm Doors & Windows GMT Kitchen Gourmet kitchen Cdrcl Cedar Closet BD Bedroom A/G PL : Above-ground swimming pool. The action you just performed triggered the security solution. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. CBR Certified Buyer Representative 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. and STR On Street Parking Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. This is a statement a borrower will receive from their lender at least three days before closing on a home. Dr -Dining Room A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. Dsp Garbage Disposal All of these abbreviations are commonly used to describe the features of a house or commercial property. Check out our glossary of frequently-used mortgage terms. But if thats not what youre looking for, keep shopping. DLO Seller Disclosure Read, more about the Buy-Rent Breakeven Horizon here, The sale of a home by an owner who owes more on the home than its worth. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. 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. 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. 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. DLM Seller Disclaimer This website is using a security service to protect itself from online attacks. Business SCRND PORCH Screened Porch