HDWD Hardwood HIST Historical District Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. No purchase is necessary to view U.S. Cvga Converted Garage Bulk Bulkhead ATFN Attic Fan Its customary for the buyer to pay for the lenders title insurance policy. 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. LR Living room CPM Certified Property Manager Performance & security by Cloudflare. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. Lo dues:Low homeowners association dues. RELATED: How to Stream U.S. Sports for Free Online. CNS Certified Negotiation Specialist 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. EIK Eat in kitchen WHF Whole House Fan 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. The act of paying off one loan by obtaining another. 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. All Rights Reserved. Bsmt Basement The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. The ratio compares the borrowers monthly debt payments to gross income. They charge dues used to maintain common areas. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative Cen Central Air Typically, putting away 5% of the rent . Privacy Policy Market conditions that exist when buyers outnumber homes for sale. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. TOWN Town House 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. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. BBbb. REALTOR Member of the National Association of Realtors A ratio that compares a home buyers expenses to gross income. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Foyr Foyer 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. Often, the listing will indicate which rooms have hardwood flooring. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. Lock box:Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. AJ Affidavit of Joint Tenant Deed. The fascinating story behind . 2. FDIC Federal Deposit Insurance Corporation The Real Estate Commission: How Much Are Realtor Fees? MLS - Multiple Listing Service; database of real estate for sale, Smart -a computer controls some electronic devices like heating, alarms, and lights, CCIM Certified Commercial Investment Member, PITI principal, interest, taxes and insurance, CCR conditions, covenants, and restrictions, ACRP - Association of Commercial Real Estate Professionals, CHMS Certified Home Marketing Specialist, CLHMS Certified Luxury Home Marketing Specialist, FDIC Federal Deposit Insurance Corporation, FEMA Federal Emergency Management Agency, FHLMC Freddie Mac (Federal Home Loan Mortgage Corporation), GNMA Ginnie Mae (Government National Mortgage Association), REALTOR Member of the National Association of Realtors. RTO Rent to Own Cont Contemporary We select and review products independently. This means the propertys ownersare actively taking backup offers in case the first one falls through. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. W/D Washer/Dryer Go now! ASG Assessment Assessment. Cloudflare Ray ID: 7a2835264c3fdd54 ELE Electric Learn more. 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 . FAG Forced air gas 2/1 2 bedrooms / 1 bathrooms UPF, UPR Upper floor Read more about back-end ratio here. Not all products and services are available in all states. Here are a few examples of BB in action: Do you want to learn more internet slang terms? Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). 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. Deco Decorative Fence AMO Accredited Management Organization 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. PL -Swimming Pool A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. Learn more about homeowners insurance here. Have questions about buying, selling or renting during COVID-19? Related:The Best 10 Plants to Grow for Backyard Privacy. OBO Or Best Offer Refinancing is generally done to secure better loan terms, such as a lower interest rate. This means that even though theres an accepted offer on the home, the seller is looking for backup offers in case the primary buyerfalls through. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. Cdrcl Cedar Closet DhkpP Dryer Hookup A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. W/W CRPT Wall To Wall Carpet When you boil it down to the basics, real estate has a simple meaning. DLM Seller Disclaimer An FDR with a DK? PRQ Parquet Translation: This home is small. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . A not-for-profit professional association that sets and promotes standards for property inspections. What sounds impressive on paper may look less appealing in person. This means that aproperty is currently on the market and available for sale. BOT Boat Slip After the set time period your interest rate will change and so will your monthly payment. E Rng Electric Range WSH Washer This list of real estate investing abbreviations is useful for real estate brokers. COO or C of O Certificate of Occupancy DBA Doing Business As When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Questions And Answers HUD Housing and Urban Development A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. P&S Purchase and Sale 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 A/C Air Conditioning Fp, Fpl, Fplc Fireplace Large E-2 plan:This is one of several floor plans available in a specific building. CCR Conditions, Covenants, and Restrictions New real estate investors may wonder what the terms Class A, B, C, and D property mean. A three-quarter bathroom has a toilet, a sink and a shower. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. FSBO For Sale By Owner A concrete point at which buying a home makes more financial sense than renting one. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. MSN Masonry 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. SPDED Special Warranty Deed Banks, savings and loans, and credit unions. Crwl Crawl Space R/OPT Rent w/Opt-Buy Cth Cathedral Ceiling EA exclusive agency Try our affordability calculator to see how much house you might be able to afford. A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. REF Refrigerator C/VAC Central vacuum ASM Assumptions NBHD Neighborhood For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Try our debt-to-income calculator to learn more. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. HP Heat Pump Exr Exercise Room Zkratka ESG (z anglickho Environmental . Dry Clothes Dryer REIA Real Estate Investors Association Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. What is BB meaning in Real Estate Advertising? O/F Owner Finance 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. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. SEW Sewer Read more about FHA loans here. Be sure to read the fine print carefully. Bidding wars are common. UNO Unit Number Not all mortgages. Brokerage. MK Modern kitchen 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.. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. WINDT Window Treatment Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. AEK All electric kitchen All rights reserved. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. HBR Harbor You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. to cover taxes and insurance. ARI Articles of Incorporation Notice, certificate. Actv Active 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. The "P" represents percent. SUN Sun Room The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". SMB Split Master Bedroom During this time, the home is inspected and appraised, and the title is searched for liens, etc. Contingent vs. under contract? Maximum loan amounts can vary by county. RV PRKG RV Parking HPWA Water/Air Ht Pump If its back on the market, theres a reason why the original sale fell through. NOO Non-Owner Occupied After the set time period your interest rate will change and so will your monthly payment. Market conditions that exist when homes for sale outnumber buyers. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. BB. 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. That doesnt mean that its a done deal by any means, however (more on that next). LOI Letter of Intent DK Deck Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. Since many phrases can be shortened to BB, this acronym might refer to other things online. PULL Pull-Down Attic Stair 3/4 Bath toilet + sink + shower or tub MBA Master Bedroom w/Bath If you see a bathroom or kitchen described as vintage, that means theyre old. Clap Clapboard Siding G/A Garage, Attached Back Bay + 1 1. TRC Trash Compactor Mstr Master bed room POA Power of Attorney PRO Internet Professional BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. BLT Built-in RELO Relocation office Det Detached Garage Your IP: GNMA Ginnie Mae or Government National Mortgage Association FRBO for rent by owner Suggest. Miscellaneous. 2-LV : Two living levels. Read more about the Buy-Rent Breakeven Horizon here. 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. A half bathroom or powder room has only a toilet and a sink. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. ATT Attached Garage Please switch to a supported browser or download one of our Mobile Apps. Crprt Carport UTRM Utility Room Closing costs are generally paid through escrow. CPT Carpet or Carport SPC Drive parking spaces MLSs are local or regional. OFC Office The "P" represents percent. An encumbrance is a limit on how an owner can use real estate. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. 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. GARB Garbage You are not obligated to accept the loan just because you received a loan estimate. FM RM Family Room 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. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. GAR, GR Garage A loan estimate can help borrowers shop and compare costs of loans with lenders. If they were not used, the ads for a home could get quite lengthy. FXR Fixer Upper LTV Loan to Value DWF, DWAC Deep Water/Access This is the escrow period, when both buyer and seller are workingtoward a closing. CATH Cathedral ceilings If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. The status will show as pending until the closing. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. 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. 27. CVAC Central Vacuum The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. CDS Cul de sac OWN Owner Financing Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. CFD Contract for Deed HSF Heated square feet AC or A/C Air conditioning Real property is immovable property - its land and anything attached to the land. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. MBRFP Master Bedroom w/FP It's anything that can be subject to ownership, except land. Read more about closing costs here. Our belief in better is at the core of everything that we do, every day. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. COCR or CCR Cash on Cash Return These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. BR Bedroom P&S Purchase and sale CLHMS Certified Luxury Home Marketing Specialist 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. A buyers final inspection of a home before closing. GRNO Ground Maintenance AG Agreement Agreement Comm. GRI Graduate Realtor Institute G-RNG Gas Range Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. Updated from an earlier version on realtor.com. Inspection occurs when the home is under contract or in escrow. 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. Not all real estate agents are REALTORS. O/F Owner Finance A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. 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. HTUB Hot Tub PRTL Partial Keep reading to learn more about this unique abbreviation. Brk Brick I/O Interest Only (loan) Windows 11: How Much RAM Can Your PC Have? During this time, the home is inspected and appraised, and the title searched for liens, etc. 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. Before you start calling someone BB, you might need to establish ground rules. Usually . By submitting your email, you agree to the Terms of Use and Privacy Policy. FHA Federal Housing Administration This browser is no longer supported. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. HW Hot Water It is in fact a real word (but that doesn't mean . SD Security Deposit There is no MLS covering the whole country. Sort. SHNG Shingle HI CEIL(S) High ceilings FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation BLDRS REDO Builders Renovation and WHKP Washer Hookup Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. LTV loan to value Fpgas Gas Fireplace Learn more about HOAs here. Not all Northwestern Mutual representatives are advisors. All of these abbreviations are commonly used to describe the features of a house or commercial property. Try. Related:18 Big Storage Ideas to Steal from Tiny Homes. Cer Ceramic Tile SPAC Spacious MYOB Mind Your Own Business A minimum requirement is often dictated by the loan type. Bung Bungalow F/A Ht, FAH Forced Air Heat If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Both words imply motion, but the difference may b. Defenestration. The action you just performed triggered the security solution. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. DLO Seller Disclosure The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. GLF Golf Course HVAC heating, ventilation and air conditioning FIN LL Finished lower level The. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. NNN Triple Net Lease How have you been?. 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. Lenders reward lower LTV ratios. WTR Water WDSTV Wood-Burning Stove Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). 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. A portion of your monthly payment goes into the. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. BCH Beach If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. 2023 LoveToKnow Media. There are five main categories of real estate. BB Real Estate Abbreviation. AST Assessment Lien Lien, JTL. is part of the U.S. Department of Housing and Urban Development. STA State 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. Clus Cluster Learn more about down payments here. HML Hard Money Lender 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. DOT Deed of Trust FHA Federal Housing Administration Dr -Dining Room Since we launched in 2006, our articles have been read billions of times. FLR Floor Furnace DET Detached garage GAROP Garage Door Opener Read more about pre-qualification here. But the cap rate is not the only metric used to evaluate a real estate investment. LLP Limited Liability Partnership SWR Sewer What Is a Short Sale? A certain portion of the homes purchase price that a buyer must pay. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. FCRA Fair Credit Reporting Act HB Half Bath (toilet + sink) CMA Comparative Market Analysis Cldsc Cul-de-sac CRE Commercial Real Estate 4/3 4 bedrooms / 3 bathrooms Dsp Garbage Disposal The price of borrowing money. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Learn more about foreclosure here. 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. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. You can email the site owner to let them know you were blocked. Click to reveal 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 . Hi ceils - This is an abbreviation for "high ceilings.".

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