RDR Radiator Bb. 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. PITI Principal, Interest, Taxes, and Insurance Bonus information may be placed in "Other" field. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. MBA Master Bedroom w/Bath Bring vs. Take. This website is using a security service to protect itself from online attacks. When this happens, he or she risks the home heading into the foreclosure process. When you purchase through our links we may earn a commission. PULL Pull-Down Attic Stair When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. PILE Pilings Cap Rate: Defined And Explained | Rocket Mortgage Fixtures are a frequent subject of buyer and seller disputes. 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. Read more about back-end ratio here. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative The components of a monthly mortgage payment. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Its customary for the buyer to pay for the lenders title insurance policy. Foyr Foyer Tiny . CRB Certified Real Estate Broker Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. MEIK Modern eat-in kitchen Related:12 Ideas to Steal from Vintage Kitchens. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Since we launched in 2006, our articles have been read billions of times. P&S Purchase and Sale MLS multiple listing service Col Colonial Dsp Garbage Disposal Refund Policy, U.S. BLT Built-in Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. The "P" represents percent. CLTV Combined Loan To Value MYOB Mind Your Own Business G/A Garage, Attached No purchase is necessary to view U.S. 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. NYSAR New York State Association of Realtors A portion of your monthly payment goes into the. KIT, KT Kitchen Anne Miller lives in New York and writes real estate news and advice stories. Det Detached Garage Copyright 2022 Ann Arbor Area Board of REALTORS. Miscellaneous. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. There are also a few other cultural definitions for BB. Clap Clapboard Siding A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. Cozy Charm. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. Cloudflare Ray ID: 7a2835264c3fdd54 Allow us to clear things up, by explaining what these things really mean in plain old English. He's invested in internet culture, social media, and how people interact with the web. G-RNG Gas Range All Rights Reserved, Hey bb! DBA Doing Business As Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. Fpgas Gas Fireplace SFH Single Family House After the set time period your interest rate will change and so will your monthly payment. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. HOA Homeowners association Cap rates can provide valuable insight into a property. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. SLT Slate What is BB meaning in Real Estate Advertising? CMA Comparative Market Analysis HDW, HWF, hdwd - This means there is hardwood flooring in the home. Here are a few examples of BB in action: Do you want to learn more internet slang terms? FXR Fixer Upper Read, 42. That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. RVR River OCN Ocean 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 percentage of the homes value owned by the homeowner. Essentially, "turnkey" means that . It may sound charming, but a house that's described as having lots of character could look just plain weird in person. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. Bsmt Basement 8 Real Estate Terms to Watch Out For - Bob Vila 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. What Does BB Mean, and How Do I Use It? By submitting your email, you agree to the Terms of Use and Privacy Policy. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. BOT Boat Slip SD/W Storm Doors & Windows 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. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. ATFN Attic Fan Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records Fees imposed by the state, county or municipality on transfer of title. Chn Chain Link Fence 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. Bidding wars are common. DEDRS Deed Restrictions PL, SP, S/P Swimming pool CREA. WSH Washer LLC Limited Liability Company Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. SUN Sun Room HML Hard Money Lender 2023 All Rights Reserved. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. GAR Garage LRG Large This is important, as identifying a property's class can predict how the asset might perform. BB. Title Records posts and articles. PL -Swimming Pool A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. Class A, B, C, D Real Estate: A Guide to Property Class Types OO Owner Occupied LOC Line of Credit SHNG Shingle LOI Letter of Intent A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 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. Try our affordability calculator to see how much house you might be able to afford. Cdrcl Cedar Closet ALM Aluminum Siding A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. Cvga Converted Garage The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. In the event there is a DUAL commission split the two digits would be followed by a letter code: Example: P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000). AST Assessment Lien Lien, JTL. PITI Principal, Interest, Taxes and Insurance Not all products and services are available in all states. DET Detached garage If thats your style, you're in luck. MSN Masonry HSF Heated square feet Learn more about foreclosure here. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. WDSTV Wood Burn Stove A concrete point at which buying a home makes more financial sense than renting one. Market conditions that exist when homes for sale outnumber buyers. 4/3 4 bedrooms / 3 bathrooms 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. DhkpP Dryer Hookup "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 . All rights reserved. CRT. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Before you jump on a house with a "too good to be true" price, you need to understand how the short sale process works and connect with your real estate agent for more details. An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home based on recently sold homes of similar condition, size, features and age that are located in the same area. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). This browser is no longer supported. MBRFP Master Bedroom w/FP CMA:Comparative market analysis or competitive market analysis. 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. Used under license. HVAC heating, ventilation and air conditioning Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. The fascinating story behind . PAT Patio O/F Owner Finance 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. 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. 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. Bulk Bulkhead But the cap rate is not the only metric used to evaluate a real estate investment. A Short Guide to Real Estate Lingo - realtor.com . Back Bay. NAR National Association of Realtors Read more about mortgage insurance. Try our debt-to-income calculator to learn more. CFD Contract for Deed FNCD YD Fenced Yard 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. OWN Owner Financing Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Not all real estate agents are REALTORS. 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. RNCH Ranch OVER Oversized Garage Classifying property is in part about age but should also consider things like affordability, amenities, and livability. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. AC or A/C Air conditioning Each lending institution sets its own prime rate. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Look for this accreditation or something similar when shopping for a home inspector. CNS Certified Negotiation Specialist DOT Deed of Trust There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. GRI Graduate Realtor Institute LR Living Room Related:7 Features That Define the New American Home. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Like, from the 50s. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Learn more about short sales here. CRS. To meet client needs, to empower teammates, and to lift up communities. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. I/O Interest Only (loan) GLFP Gas log fire place Crystal R. GARB Garbage Home affordability takes into account your income, down payment, and monthly debts. Margaret Heidenry is a writer living in Brooklyn, NY. WINDT Window Treatment NONQ Non-Qualifying U/G SPRK Underground Sprinkler Paying points, which are tax deductible, will lower the monthly mortgage payment. CAP Capitalization C/VAC Central vacuum This claim belongs to a third party, who can either be an organization or an individual. 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. 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. During this time, the home is inspected and appraised, and the title searched for liens, etc. The governing body of a housing development, condo or townhome complex that sets rules and regulations. A property was withdrawn from the realty market. REL Related to Seller This means that aproperty is currently on the market and available for sale. Investment brokerage services are offered through Northwestern Mutual Investment Services, LLC (NMIS) a subsidiary of NM, brokerdealer, registered investment advisor, and member FINRA and SIPC. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. Related:18 Big Storage Ideas to Steal from Tiny Homes. The content on this site is not intended to provide legal, financial or real estate advice. HIST Historical District SRES Senior Real Estate Specialist, Additional Resources: NAR National Association of Realtors WHF Whole House Fan Encumbrance In Real Estate: Defined & Explained - FortuneBuilders Fixture:Anything of value that is permanently attached to or a part of real property. MO Month ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Learn more about homeowners insurance here. FPLC, FP, FRPLC Fireplace HOA Homeowners Association PAN Pantry 8 Real Estate Designations That Will Actually Make You Money DLM Seller Disclaimer 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. Updated from an earlier version on realtor.com. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Closing costs are generally paid through escrow. VYL Vinyl Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. Multiple Listing Service (MLS): Definition, Benefits, and Fees Before you buy, consider what the neighborhood will look like in the long term and if you want to live in a neighborhood that's still in the process of change. AMO Accredited Management Organization Real Estate Terms - B&B Team TRAD Traditional The price of borrowing money. BB Baseboard Heat IRR Internal Rate of Return The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. INLW In-Law Suite DK Deck This is the escrow period, when both buyer and seller are workingtoward a closing. GRT RM Great room An encumbrance is a limit on how an owner can use real estate. FML Formal Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. An encumbrance can create a cloud on the title of a real property. FHA Federal Housing Administration A security deposit made by the buyer to assure the seller of his or her intent to purchase. 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 . You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. FM RM Family Room Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Have questions about your home financingpaperwork? SEC SYS Security System GRES Graduate Real Estate Society At Truist, our purpose is to inspire and build better lives and communities. This is the most popular NAR official designation and is relatively easy to get and maintain. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. SMB Split Master Bedroom Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. DTI Debt to Income Ratio Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. A three-quarter bathroom has a toilet, a sink and a shower. RELATED: What Does "TMI" Mean, and How Do You Use It? 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. Powered by webmasterWP.com. BB Real Estate Abbreviation. 4B/2B: Four bedrooms and two bathrooms. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. If not, it could end up back on the market, so go ahead and inquire if youre interested. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). FSBO For Sale by Owner NBHD Neighborhood But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Cloudflare Ray ID: 7a28359a3f44c34a MK Modern kitchen Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. The number of days a property listing is considered active. TXS Taxes Learn more about down payments here. FDIC Federal Deposit Insurance Corporation Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. W/D Washer/Dryer Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. 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. CPT Carpet or Carport Cth Cathedral Ceiling 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. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. OFC Office/Study Real Estate Certification: Different Kinds and What You NEED - UpNest CRE Creative Real Estate Contingent vs. under contract? Bung Bungalow GRM Gross Rent Multiplier MAO Maximum Allowable Offer Actv Active A certain portion of the homes purchase price that a buyer must pay. P&S Purchase and sale 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. What Is Real Estate? A Definition And A Guide | Rocket Mortgage AJ Affidavit of Joint Tenant Deed. PL/A Above Ground Pool Not all mortgages carry a prepayment penalty. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. LLP Limited Liability Partnership Q POS Available for quick possession 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. 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. OA Owner Agent American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. OBO Or Best Offer Step 3: You then find tenants in 30-60 days to take over the two . The ratio compares the borrowers monthly debt payments to gross income. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. 1C, 2C 1 or 2 car Garage CBR Certified Buyer Representative SFR Single Family Residence Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. BR Bedroom Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions MLS:Multiple Listing Service. AEK All electric kitchen 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. 2/1 2 bedrooms / 1 bathrooms He also works as a digital marketer for a regional e-commerce website. A minimum requirement is often dictated by the loan type. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. COCR or CCR Cash on Cash Return WHKP Washer Hookup A combination of loans bundled to avoid private mortgage insurance. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. 64 Real Estate Terms and Expressions You Should Know This means that the home fell out of escrow,perhaps due to contract issues, says Tania Matthews, an agent with Keller Williams Classic III Realtyin Central Florida. PRV, PVCY FENCE Privacy Fence 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 contingent statusmeans that the seller has accepted an offer and the home is under contract. RTO Rent To Own Real Estate: Definition, Types, How to Invest in It - Investopedia When you boil it down to the basics, real estate has a simple meaning. 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.