COF Cost of Funds The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. The four items include, repairs, vacancy loss, property management, and miscellaneous. 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. MLS Multiple Listing Service LOI Letter of Intent Maximum loan amounts can vary by county. FR Family room NONQ Non-Qualifying Step 3: You then find tenants in 30-60 days to take over the two . Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. 67.211.219.14 A three-page document sent to an applicant three days after they apply for a home loan. GAR, GR Garage County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. BKPORCH Back Porch ASM Assumptions 2. SEW Sewer 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. Crystal R. 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. HBR Harbor Clap Clapboard Siding Resources PMP Well Pump The act of paying off one loan by obtaining another. Each lending institution sets its own prime rate. Your IP: Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Market conditions that exist when homes for sale outnumber buyers. PROP HT Propane Heat The seller has an agreed-upon contract with the potential buyer. MULTI 3+ Car Garage SPDED Special Warranty Deed GRES Graduate Real Estate Society Cth Cathedral Ceiling O/F Owner Finance SEC Security System FFBR First Floor Bedroom The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". LOC Line of Credit 1C, 2C 1 or 2 car Garage Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. CBR Certified Buyer Representative HIST Historical District 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). EIK Eat in kitchen There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Allow us to clear things up, by explaining what these things really mean in plain old English. PL/A Above Ground Pool GLF Golf Course A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. When you purchase through our links we may earn a commission. Lenders reward lower LTV ratios. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Property Records Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. WIC Walk-in closet, ARV After-Repaired Value PITI Principal, Interest, Taxes and Insurance Look for this accreditation or something similar when shopping for a home inspector. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. TRC Trash Compactor DOT Deed of Trust Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. OSP Off-street parking is available In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Farm Farmhouse Cnl Canal LTV Loan to Value 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. The sale of a home by an owner who owes more on the home than its worth. Best for: Buyer's agents looking to separate themselves from the rest of the field. 1 /8. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. PITI Principal, Interest, Taxes, and Insurance But if thats not what youre looking for, keep shopping. G/A Garage, Attached WHF Whole House Fan CAC Central Air Conditioning BA Bath Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. SCRND PORCH Screened Porch Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Learn more about foreclosure here. Privacy Policy WBS Wood-Burning Stove Related:10 Signs That Fixer-Upper Might Be a Money Pit. A certain portion of the homes purchase price that a buyer must pay. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. PCF Price to Cash Flow (ratio) to cover taxes and insurance. POR, POR-S Porch/Screened REO Real Estate Owned Here are a few examples of BB in action: Do you want to learn more internet slang terms? FIN LL Finished lower level 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. 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. Learn, The act of paying off one loan by obtaining another. Usually . What sounds impressive on paper may look less appealing in person. STOR Assigned Storage LFT Loft How to use real estate in a sentence. Learn more about adjustable-rate mortgages here. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Yes! APT Apartment UTRM Utility Room SKY Skylights NBHD Neighborhood LA Living area Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Active This means that a property is currently on the market and available for sale. 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 If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. A full bathroom is a room with a toilet, a sink and a bathtub. GARD Garden Read more about pre-qualification here. PRO Internet Professional Inspection occurs when the home is under contract or in escrow. OBO Or Best Offer IRA Individual Retirement Account In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. Its customary for the buyer to pay for the lenders title insurance policy. You are not obligated to accept the loan just because you received a loan estimate. Learn more about short sales here. Learn more here. The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. 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. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. When this happens, he or she risks the home heading into the foreclosure process. PAN Pantry This browser is no longer supported. Actv Active Buyers should budget for an amount that is 2% to 5% of the homes purchase price. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Market conditions that exist when buyers outnumber homes for sale. GRT RM Great room Performance & security by Cloudflare. ATT Attached Garage Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Contingent vs. under contract? Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. CCIM Certified Commercial Investment Member CPT Carpet or Carport All Rights Reserved. MCOA Min $ on Assumption RTO Rent to Own You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. UNO Unit Number Classifying property is in part about age but should also consider things like affordability, amenities, and livability. SLT Slate This is a statement a borrower will receive from their lender at least three days before closing on a home. 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. When you boil it down to the basics, real estate has a simple meaning. JTUB Jetted Tub The amount of the loan divided by the price of the house. RVR River Related:18 Big Storage Ideas to Steal from Tiny Homes. After all, you wouldn't want to get stuck with a money pit. All Rights Reserved, Hey bb! VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization The action you just performed triggered the security solution. is part of the U.S. Department of Housing and Urban Development. 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. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Essentially, "turnkey" means that . There is no MLS covering the whole country. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. MBRFP Master Bedroom w/FP Q POS Available for quick possession The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). R/OPT Rent w/Opt-Buy To meet client needs, to empower teammates, and to lift up communities. BLDRS REDO Builders Renovation There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. This abbreviation is a shorthand way of showing your affection to your partner. 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.. Sort. During this time, the home is inspected and appraised, and the title is searched for liens, etc. You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. PMI Private Mortgage Insurance Cont Contemporary Lo dues:Low homeowners association dues. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. These abbreviations are typically written in all capital letters. Not all products and services are available in all states. Clus Cluster Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Copyright 2023 Acton Media Inc. All rights reserved. Affordability. 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. NAT GS HT Natural gas heat So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. A property repossessed by a bank when the owner fails to make mortgage payments. INT Intercom HWH Hot water heater Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. 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. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative An encumbrance is a claim that limits how a property owner can use their property. The status will show as pending until the closing. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. REL Related to Seller 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. 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. Clbhs Clubhouse Keep reading to learn more about this unique abbreviation. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? BA; BTH : Bathroom. C/VAC Central vacuum DOS Due On Sale Clause These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. 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. STA State RELO Relocation office Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). The owners bank must approve a lower listing price before the home can be sold. I havent seen you in forever. AST Assessment Lien Lien, JTL. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. 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). Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Normally, a piece of property can be easily classified as either personal property or real property. CP Carport The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Crwl Crawl Space POA Power of Attorney HW Hot Water Before you start calling someone BB, you might need to establish ground rules. SFH Single Family House Home affordability takes into account your income, down payment, and monthly debts. PRQ Parquet Go now! A portion of your monthly payment goes into the. Organizations can include local governments, utility companies, and homeowners associations. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions AEK All electric kitchen What Does FS Mean, and How Do You Use It? MAR Marble 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. INLW In-Law Suite The difference between the two is usually fairly . HVAC heating, ventilation and air conditioning Be sure to read the fine print carefully. 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. 2023 All Rights Reserved. New real estate investors may wonder what the terms Class A, B, C, and D property mean. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. A database where real estate agents list properties for sale. Read more about back-end ratio here. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. SPLT Split-Level Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. A contingent statusmeans that the seller has accepted an offer and the home is under contract. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. RAD Radiant Heat Fp, Fpl, Fplc Fireplace A property was withdrawn from the realty market. 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. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. WLKIN Walk-in Closet O/F Owner Finance MAO Maximum Allowable Offer PRV, PVCY FENCE Privacy Fence COO or C of O Certificate of Occupancy Read more about FHA loans here. That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. CMA:Comparative market analysis or competitive market analysis. How have you been?. OFC Office HB Half Bath (toilet + sink) HPWA Water/Air Ht Pump Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. CH Central heat Home affordability takes into account your income, down payment, and monthly debts. An encumbrance is a limit on how an owner can use real estate. NOI Net Operating Income Learn more about pre-approval here. HP Heat Pump GRM Gross Rent Multiplier It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. ATFN Attic Fan VWS, VW, VU View or views Cozy Charm. DK Deck This is important, as identifying a property's class can predict how the asset might perform. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. It should return to active soon enough, so its certainly worth piping up if youre smitten. A concrete point at which buying a home makes more financial sense than renting one. Bsmt Basement BRRRR refinance example. Listing:An agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owners home. D/D Dishwasher and a garbage disposal Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Personal property is movable property. What Does BB Mean, and How Do I Use It? GARB Garbage MO Month Crk Creek A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. BOT Boat Slip CLHMS Certified Luxury Home Marketing Specialist The price of a home, as set by the seller. CRT. MWV Microwave Oven 2/1 2 bedrooms / 1 bathrooms SMART Typically computer-controlled heating and cooling, alarms, lights etc. FDR Formal dining room 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. Anne Miller lives in New York and writes real estate news and advice stories. SQ FT Square Feet 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 . The word listing is also used to refer to the for-sale home itself. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. OFF Off Street Parking GAR Garage WSH Washer GRNO Ground Maintenance 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. Have questions about buying, selling or renting during COVID-19? FSBO For Sale by Owner CREA. Get the top BB abbreviation related to Real Estate. He's invested in internet culture, social media, and how people interact with the web. Cvga Converted Garage MK Modern kitchen Canadian Real Estate Association, the national association for Canada. NNN Triple Net Lease SD Security Deposit DLM Seller Disclaimer All abbreviations on this list are typically written in all capital letters. Copyright 2022 Ann Arbor Area Board of REALTORS. ELE Electric FNCD YD Fenced Yard Related:12 Ideas to Steal from Vintage Kitchens. Tiny . REC Recreation Room SD/W Storm Doors & Windows Read our stress-free guide to getting a mortgage. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. CAC Central air conditioning Cen Central Air A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. CATH Cathedral ceilings Read more about mortgage insurance. SAT Satellite Dish CDS Cul de sac How-To Geek is where you turn when you want experts to explain technology. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. BR Bedroom GRMET KIT, GRMT KIT Gourmet kitchen There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Translation: This home is small. 4/3 4 bedrooms / 3 bathrooms If you have the money to hire a handyman for every household woe, go ahead. SHOP Workshop Dry Clothes Dryer PMI Private mortgage insurance LLP Limited Liability Partnership The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Used under license. Please switch to a supported browser or download one of our Mobile Apps. 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. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). Contact Us ASB Asbestos Siding VYL Vinyl Closing costs are generally paid through escrow. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. 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. 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. AJ Affidavit of Joint Tenant Deed. 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. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. ARM Adjustable Rate Mortgage These abbreviations are typically written in all capital letters. CAP Capitalization Fixture:Anything of value that is permanently attached to or a part of real property.
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