The four items include, repairs, vacancy loss, property management, and miscellaneous. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. WHKP Washer Hookup Learn more about adjustable-rate mortgages here. 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). The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. Each lending institution sets its own prime rate. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. BA Bath NNN Triple Net Lease Real estate abbreviations are important to save time and money. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). ATFN Attic Fan Dry Clothes Dryer An MLS allows brokers to see one another's listings of. BR Bedroom There are also a few other cultural definitions for BB. DOS Due On Sale Clause What is BB meaning in Real Estate? Paying points, which are tax deductible, will lower the monthly mortgage payment. Typically, putting away 5% of the rent . The action you just performed triggered the security solution. WTR Water Tiny . Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. MK Modern kitchen Used under license. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. A/C Air Conditioning Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. These institutions underwrite as well as set home loan pricing in-house. MAO Maximum Allowable Offer If you wish to report an issue or seek an accommodation, please let us know. BKYD Backyard DLM Seller Disclaimer Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. PROP HT Propane Heat PITI Principal, Interest, Taxes, and Insurance Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Individuals could include neighbors or other people who have a right of way. Dbl Double This means the propertys ownersare actively taking backup offers in case the first one falls through. A property that has come back on the marketafter a pending sale. Back Bay + 1 1. An origination fee is not a single fee. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. The difference between the two is usually fairly . Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. Performance & security by Cloudflare. An encumbrance is a limit on how an owner can use real estate. PRQ Parquet The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. He also works as a digital marketer for a regional e-commerce website. Chn Chain Link Fence 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. A portion of your monthly payment goes into the. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. The sale of a home by an owner who owes more on the home than its worth. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. MLS Multiple Listing Service Since we launched in 2006, our articles have been read billions of times. WIC Walk-in closet, ARV After-Repaired Value 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. 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. Cdrcl Cedar Closet GNMA Ginnie Mae or Government National Mortgage Association GRMET KIT, GRMT KIT Gourmet kitchen Questions And Answers MSN Masonry VWS, VW, VU View or views Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a homes value. These abbreviations are typically written in all capital letters. Your IP: 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. This is the most popular NAR official designation and is relatively easy to get and maintain. OO Owner Occupied CLTV Combined Loan To Value It is for information purposes only, and any links provided are for the users convenience. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. C-fan Ceiling Fan 4B/2B: Four bedrooms and two bathrooms. A deed is the legal document that establishes ownership of real property, and is also used to transfer the ownership of real property to another person or entity. PICK Picket Fence On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. The owners bank must approve a lower listing price before the home can be sold. SFR Single Family Residence VYL Vinyl Baseboard Heat + 2. Business, Property, Real Estate Advertising. 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. NGS Natural Gas Even though a sale is highly likely, some pending properties may still accept backups. Lenders reward lower LTV ratios. BCH Beach OA Owner Agent A state in which an escrow agent is responsible for closing. The components of a monthly mortgage payment. WTR PD Water paid 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. OCN Ocean We select and review products independently. FLR Floor Furnace 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. AJ Affidavit of Joint Tenant Deed. GARD Garden Privacy Policy R/OPT Rent w/Opt-Buy Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. PMI Private mortgage insurance Often, the listing will indicate which rooms have hardwood flooring. FMV Fair Market Value This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. 2023 LoveToKnow Media. 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 . A visual evaluation performed by a licensed home inspector to look for any potential defects or items of note related to the property, building(s), and the systems in a home. Organizations can include local governments, utility companies, and homeowners associations. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". FDR Formal dining room The ratio compares the borrowers monthly debt payments to gross income. DOT Deed of Trust A buyers final inspection of a home before closing. An origination fee is not a single fee. They charge dues used to maintain common areas. AEK All electric kitchen The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. WSH Washer Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. Before you start calling someone BB, you might need to establish ground rules. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Zillow, Inc. holds real estate brokerage licenses in multiple states. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. 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.. UPF, UPR Upper floor Farm Farmhouse Anne Miller lives in New York and writes real estate news and advice stories. Its customary for the buyer to pay for the lenders title insurance policy. Normally, a piece of property can be easily classified as either personal property or real property. PWDR RM Powder room or half bath Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. SUN Sun Room 4/3 4 bedrooms / 3 bathrooms Title Records posts and articles. CMA Comparative Market Analysis CH Central heat SAT Satellite Dish 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. DTI Debt to Income Ratio All Rights Reserved. ROI Return On Investment GAR Garage OBO Or Best Offer Contingent vs. under contract? You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. The act of paying off one loan by obtaining another. HOA Homeowners association SPC Drive parking spaces 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. Read, A ratio that compares a home buyers expenses to gross income. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. BB is most commonly used on the internet (and in text messages) as an abbreviated form of baby. However, baby in this context is used as a pet name or term of endearment for your romantic partner and not an infant child. An encumbrance is a claim that limits how a property owner can use their property. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. During this time, the home is inspected and appraised, and the title searched for liens, etc. IRA Individual Retirement Account FCRA Fair Credit Reporting Act G-RNG Gas Range Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Learn more about foreclosure here. Be sure to read the fine print carefully. CDS Cul de sac FRBO for rent by owner What sounds impressive on paper may look less appealing in person. Translation: This home is small. BALC Balcony The. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. TRC Trash Compactor BD Bedroom WLKIN Walk-in Closet Crprt Carport 1C : One-car garage. You may want the retreat, but ask yourself if you're truly ready for all it entails. IGSP In-Ground Sprinkler All of these abbreviations are commonly used to describe the features of a house or commercial property. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. SQ FT Square Feet A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Like, from the 50s. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions MAR Marble A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. 2. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. REALTOR Member of the National Association of Realtors There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. to cover taxes and insurance. FAG Forced air gas Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). BRRRR refinance example. Hi ceils - This is an abbreviation for "high ceilings.". What is BB meaning in Real Estate Advertising? 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. TIL Truth In Lending, A/G PL Above-ground Pool I havent seen you in forever. RELATED: How to Stream U.S. Sports for Free Online. FSBO For Sale by Owner AMO Accredited Management Organization A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Read more about the Buy-Rent Breakeven Horizon here. That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Example: P30 (3% offered) Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. 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. Learn more about homeowners insurance here. 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