Windows 11: How Much RAM Can Your PC Have? Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. LTV Loan to Value 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. This is the most popular NAR official designation and is relatively easy to get and maintain. PRV, PVCY FENCE Privacy Fence Real Estate: Definition, Types, How to Invest in It - Investopedia GRI Graduate REALTOR Institute Multiple Listing Service (MLS): Definition, Benefits, and Fees Terms Of Use An FDR with a DK? The Real Estate Commission: How Much Are Realtor Fees? CRT. FHA Federal Housing Administration In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. By submitting your email, you agree to the Terms of Use and Privacy Policy. Related:The Best 10 Plants to Grow for Backyard Privacy. 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. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative G/A Garage, Attached PL -Swimming Pool This website is using a security service to protect itself from online attacks. Cap rates can provide valuable insight into a property. 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. A minimum requirement is often dictated by the loan type. FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation It may sound charming, but a house that's described as having lots of character could look just plain weird in person. 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. The four items include, repairs, vacancy loss, property management, and miscellaneous. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. SQ FT Square Feet A portion of your monthly payment goes into the. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. 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. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Business During this time, the home is inspected and appraised, and the title searched for liens, etc. Bonus information may be placed in "Other" field. VWS, VW, VU View or views LOI Letter of Intent 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. UTLVL Utility Room Level 2. Learn more about pre-approval here. Abbreviations on the list may have capitalization variations. CBR Certified Buyer Representative Your IP: CCIM Certified Commercial Investment Member A security deposit made by the buyer to assure the seller of his or her intent to purchase. PVT Private The word listing is also used to refer to the for-sale home itself. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. GARD Garden 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 Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. 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. TEN Tennis Court BR Bedroom A fee charged to borrowers who make a down payment that is less than 20% of the homes value. BB Real Estate Abbreviation. FEMA Federal Emergency Management Agency Read more about PMI here. Crwl Crawl Space CRS Certified Residential Specialist Title Records posts and articles. OVER Oversized Garage A three-quarter bathroom has a toilet, a sink and a shower. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Refund Policy, U.S. How have you been?. Zkratka ESG (z anglickho Environmental . Zillow, Inc. holds real estate brokerage licenses in multiple states. A loan estimate can help borrowers shop and compare costs of loans with lenders. PL/A Above Ground Pool 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. Home affordability takes into account your income, down payment, and monthly debts. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Like, from the 50s. MLS Multiple Listing Service 1. What Does 'NNN' Mean in Commercial Real Estate? Read, A property repossessed by a bank when the owner fails to make mortgage payments. NGS Natural Gas In many listings, the term is used to describe to an area that's in the process of transition. Care starts with culture. SMB Split Master Bedroom These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. SHNG Shingle APPLS Appliances OFF Off Street Parking Privacy Policy A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Brk Brick Allow us to clear things up, by explaining what these things really mean in plain old English. PITI Principal, Interest, Taxes, and Insurance There are also a few other cultural definitions for BB. AG Agreement Agreement Comm. No purchase is necessary to view U.S. Not all real estate agents are REALTORS. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. This is the escrow period, when both buyer and seller are workingtoward a closing. Related:12 Ideas to Steal from Vintage Kitchens. Cen Central Air This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. CCR Conditions, Covenants, and Restrictions BLDRS REDO Builders Renovation LTV loan to value 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. These structures can be both above and under the ground. Read more about pre-qualification here. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. STR On Street Parking Before you start calling someone BB, you might need to establish ground rules. RELATED: How to Stream U.S. Sports for Free Online. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. UNO Unit Number The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). FRBO for rent by owner What Is a Short Sale? HPWA Water/Air Ht Pump It is in fact a real word (but that doesn't mean . A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. HDW, HWF, hdwd - This means there is hardwood flooring in the home. Related:7 Features That Define the New American Home. 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. Market conditions that exist when buyers outnumber homes for sale. DhkpP Dryer Hookup LLC Limited Liability Company Cdrcl Cedar Closet SPDED Special Warranty Deed Learn more. Bring vs. Take. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. CAP Capitalization A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. NYSAR New York State Association of Realtors It should return to active soon enough, so its certainly worth piping up if youre smitten. Copyright 2022 Ann Arbor Area Board of REALTORS. POA Power of Attorney The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. All Rights Reserved, Hey bb! This browser is no longer supported. GNMA Ginnie Mae or Government National Mortgage Association The. Learn more about refinancing here. SEW Sewer Active This means that a property is currently on the market and available for sale. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. A minimum requirement is often dictated by the loan type. BKPORCH Back Porch PRTL Partial 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. 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. Read, 42. HBR Harbor MAR Marble COCR or CCR Cash on Cash Return RNCH Ranch Crk Creek MOPOA Monthly POA Fee Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Privacy Policy. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. HWH Hot water heater 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. To meet client needs, to empower teammates, and to lift up communities. 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. Individuals could include neighbors or other people who have a right of way. SD Security Deposit An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. A buyers final inspection of a home before closing. MAO Maximum Allowable Offer CCR Conditions, Covenants, and Restrictions Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. Fees associated with the purchase of a home that are due at the end of the sales transaction. 4B/2B:Four bedrooms and two bathrooms. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. A concrete point at which buying a home makes more financial sense than renting one. Go now! Look for this accreditation or something similar when shopping for a home inspector. P&S Purchase and sale A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. Read, A ratio that compares a home buyers expenses to gross income. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. POA Power of Attorney 1C, 2C 1 or 2 car Garage 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. What is BB meaning in Real Estate Advertising? There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Try our affordability calculator to see how much house you might be able to afford. PULL Pull-Down Attic Stair Learn more about homeowners insurance here. A property was withdrawn from the realty market. Farm Farmhouse The components of a monthly mortgage payment. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. FAG Forced air gas But if thats not what youre looking for, keep shopping. When a home listing touts its custom features, take care. Cap Rate: Defined And Explained | Rocket Mortgage ELE Electric Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. After all, you wouldn't want to get stuck with a money pit. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Be sure to read the fine print carefully. After the set time period your interest rate will change and so will your monthly payment. Real estate terms to know when you've started house hunting. CRS. FSBO For Sale By Owner Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. OO Owner Occupied EIK Eat in kitchen There are four important items that must be included in a buyer's pro forma. An origination fee is not a single fee. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. PL, SP, S/P Swimming pool Exr Exercise Room What Do All Those Real Estate Listing Terms Really Mean? Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. Refinancing is generally done to secure better loan terms, such as a lower interest rate. What Is Real Estate? A Definition And A Guide | Rocket Mortgage FDR/DR Dining room or a formal dining room Decoding an MLS Listing - Weichert New real estate investors may wonder what the terms Class A, B, C, and D property mean. Have questions about your home financingpaperwork? HML Hard Money Lender WF Waterfront You can email the site owner to let them know you were blocked. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Property Records Press F to Pay Respects: What Does F Mean Online? TRSH Trash Pickup COO or C of O Certificate of Occupancy 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. 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. A Short Guide to Real Estate Lingo - realtor.com A contingent statusmeans that the seller has accepted an offer and the home is under contract. Learn more about HOAs here. Bulk Bulkhead Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. Home affordability takes into account your income, down payment, and monthly debts. CFD Contract for Deed SEC Security System Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. PUD Planned Unit Development The content on this site is not intended to provide legal, financial or real estate advice. U/G SPRK Underground Sprinkler BB Baseboard Heat In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. 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).
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