RELATED: What Does "TMI" Mean, and How Do You Use It? Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. CHMS Certified Home Marketing Specialist RV PRKG RV Parking The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. CRS. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. Read more about back-end ratio here. Real estate terms to know when you've started house hunting. FMV Fair Market Value CLTV Combined Loan To Value In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. WSH Washer If you wish to report an issue or seek an accommodation, please let us know. FPLC, FP, FRPLC Fireplace Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Bidding wars are common. Anne Miller lives in New York and writes real estate news and advice stories. MBRFP Master Bedroom w/FP CH Central heat If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. The amount of the loan divided by the price of the house. PAN Pantry HRS Horses Allowed Refinancing is generally done to secure better loan terms, such as a lower interest rate. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. Performance & security by Cloudflare. 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. 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. Check out our glossary of frequently-used mortgage terms. Crk Creek Brk Brick Buyers should budget for an amount that is 2% to 5% of the homes purchase price. Learn more about foreclosure here. An encumbrance is a limit on how an owner can use real estate. NOO Non-Owner Occupied LLP Limited Liability Partnership You are not obligated to accept the loan just because you received a loan estimate. HTUB Hot Tub Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. 2023 All Rights Reserved. POA Power of Attorney CATH Cathedral ceilings VWS, VW, VU View or views glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. It is in fact a real word (but that doesn't mean . FSBO For Sale by Owner Canadian Real Estate Association, the national association for Canada. Our belief in better is at the core of everything that we do, every day. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. 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. All Rights Reserved. FAG Forced air gas Crystal R. UNO Unit Number BA Bathroom What is BB meaning in Real Estate Advertising? LR Living Room CRE Creative Real Estate A percentage of the homes value owned by the homeowner. RNCH Ranch PL, SP, S/P Swimming pool Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. PLAY Playground Learn more about homeowners insurance here. POR, POR-S Porch/Screened A state in which an escrow agent is responsible for closing. Dr -Dining Room Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Learn, The act of paying off one loan by obtaining another. Brkf Breakfast Area WTR Water In-law potl:Potential for a separate apartment, subject to local zoning restrictions. HPWA Water/Air Ht Pump Title insurance:An insurance policy that protects a lenders or owners interest in real property from assorted types of unexpected or fraudulent claims of ownership. PMP Well Pump The governing body of a housing development, condo or townhome complex that sets rules and regulations. FFBR First Floor Bedroom Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Your IP: 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 . Prepaid interest owed at closing, with one point representing 1% of the loan. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. Fha Forced Hot Air PITI Principal, Interest, Taxes and Insurance A minimum requirement is often dictated by the loan type. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Try our debt-to-income calculator to learn more. WAR Warranty Plan REC Recreation Room Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. HDWD Hardwood LR with Fplc? A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. OFC Office It's anything that can be subject to ownership, except land. BR Bedroom What sounds impressive on paper may look less appealing in person. 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. DLO Seller Disclosure How have you been?. NONQ Non-Qualifying You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. O/F Owner Finance Cnl Canal ASG Assessment Assessment. SWR Sewer This website is using a security service to protect itself from online attacks. So if you adore what you see in thelisting, it certainly canthurt to inquire. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. SRO Single Room Occupancy There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. HBR Harbor SLT Slate Read our stress-free guide to getting a mortgage. COO or C of O Certificate of Occupancy AG Agreement Agreement Comm. REL Related to Seller GARD Garden County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. BRRRR refinance example. D/D Dishwasher and a garbage disposal Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. CCR Conditions, Covenants, and Restrictions This browser is no longer supported. Inspection occurs when the home is under contract or in escrow. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. SUN Sun Room Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. DET Detached garage The property is sold and no longer available. HML Hard Money Lender Zkratka ESG (z anglickho Environmental . MLS Multiple Listing Service Prices are often higher than average. YD Yard REIA Real Estate Investors Association FR Family room Not all real estate agents are REALTORS. The meaning of REAL ESTATE is property in buildings and land. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. 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. WD PNL Wood paneling Read more about origination fees here. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Dbl Double BBbb. An MLS allows brokers to see one another's listings of. AMO Accredited Management Organization There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. UTCL Utility Closet Learn more about short sales here. This is important, as identifying a property's class can predict how the asset might perform. 1 /8. OBO Or Best Offer 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. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). PULL Pull-Down Attic Stair OFC Office/Study An encumbrance can create a cloud on the title of a real property. Lo dues:Low homeowners association dues. AC Acre SQ FT Square Feet Look for this accreditation or something similar when shopping for a home inspector. DOS Due On Sale Clause 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). 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. Bulk Bulkhead An FDR with a DK? 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. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. Fees imposed by the state, county or municipality on transfer of title. Performance & security by Cloudflare. Bonus information may be placed in "Other" field. ASB Asbestos Siding 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). POF Proof of Funds In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. MLS:Multiple Listing Service. Often, the listing will indicate which rooms have hardwood flooring. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Both words imply motion, but the difference may b. Defenestration. 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. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. STOR Assigned Storage BLDRS REDO Builders Renovation Cth Cathedral Ceiling NAR National Association of Realtors 2. PRO Internet Professional Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. HW Hot Water A database where real estate agents list properties for sale. Normally, a piece of property can be easily classified as either personal property or real property. Press F to Pay Respects: What Does F Mean Online? An origination fee is not a single fee. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. SPDED Special Warranty Deed The four items include, repairs, vacancy loss, property management, and miscellaneous. This means the propertys ownersare actively taking backup offers in case the first one falls through. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. SMP Sump Pump A three-quarter bathroom has a toilet, a sink and a shower. Allow us to clear things up, by explaining what these things really mean in plain old English. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. 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. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. RTO Rent to Own All Rights Reserved. Privacy Policy 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. CNS Certified Negotiation Specialist Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. RELO Relocation office Related:7 Features That Define the New American Home. Not all Northwestern Mutual representatives are advisors. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. and FML Formal Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. SEW Sewer LTV Loan to Value GRI Graduate REALTOR Institute C-fan Ceiling Fan Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. NNN Triple Net Lease These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. MWV Microwave Oven 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. MEIK Modern eat-in kitchen BB Real Estate Abbreviation. PGS Propane BB Baseboard Heat SRES Senior Real Estate Specialist, Additional Resources: TRC Trash Compactor GAR Garage FHA Federal Housing Administration SD Security Deposit Here are a few examples of BB in action: Do you want to learn more internet slang terms? MOPOA Monthly POA Fee A/G PL : Above-ground swimming pool. Cbl,Cblh Cable/Hookup Individuals could include neighbors or other people who have a right of way. The difference between the two is usually fairly . Terms Of Use WLKIN Walk-in Closet Repairs. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Each lending institution sets its own prime rate. Suggest. IRA Individual Retirement Account HP Heat Pump SPAC Spacious COF Cost of Funds 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. 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. Lenders reward lower LTV ratios. Translation: This home is small. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative NAR National Association of Realtors The reason for a botched sale could lie with the previous buyer, but you'll want to do your homework before you give the seller the benefit of the doubt. Market conditions that exist when buyers outnumber homes for sale. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. ARI Articles of Incorporation Notice, certificate. U/G SPRK Underground Sprinkler A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. EMC Earnest money contract Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Bsmt Basement TOWN Town House The number of days a property listing is considered active. CPM Certified Property Manager BKYD Backyard Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . How-To Geek is where you turn when you want experts to explain technology. Learn more about pre-approval here. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. PVT Private When you boil it down to the basics, real estate has a simple meaning. WDSTV Wood-Burning Stove You can use BB to mean basketball, especially in internet communities dedicated to the sport. FDIC Federal Deposit Insurance Corporation FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation Clbhs Clubhouse A contingent statusmeans that the seller has accepted an offer and the home is under contract. There are five main categories of real estate. AEK All electric kitchen He's invested in internet culture, social media, and how people interact with the web. 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. SAT Satellite Dish CPT Carpet or Carport A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. SPKLR Sprinkler A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Try our affordability calculator to see how much house you might be able to afford. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . CCR Conditions, Covenants, and Restrictions Market conditions that exist when homes for sale outnumber buyers. VYL Vinyl *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. Oftentimes, a seller will take a property off the market while they make home repairs or improvements., Under contract (UC):This statusalsoindicates thattheseller has acceptedan offer from a buyer, but the sale has not yet been completed. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. The ratio compares the borrowers monthly debt payments to gross income. Windows 11: How Much RAM Can Your PC Have? DhkpP Dryer Hookup MAO Maximum Allowable Offer W/D HKUP Washer/Dryer hookup A buyers final inspection of a home before closing. They charge dues used to maintain common areas. Dk Deck Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. A half bathroom or powder room has only a toilet and a sink. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. INLW In-Law Suite VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization SKY Skylights Buying a Flipped House: Is It Right for You? Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. A fee, charged by a broker or lender, to underwrite and process a home loan application. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. OFF Off Street Parking TRAD Traditional A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. 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. Read, A property repossessed by a bank when the owner fails to make mortgage payments. G-RNG Gas Range LFT Loft Property Records Even though a sale is highly likely, some pending properties may still accept backups. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. CBR Certified Buyer Representative W/W CRPT Wall To Wall Carpet RPAC Realtors Political Action Committee WIN Window/Wall Unit Resources Cloudflare Ray ID: 7a28359a3f44c34a 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. Bring vs. Take. Please switch to a supported browser or download one of our Mobile Apps. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. If not, it could end up back on the market, so go ahead and inquire if youre interested. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. A loan estimate can help borrowers shop and compare costs of loans with lenders. A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage. APT Apartment 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. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Mstr Master bed room WIC Walk-in closet, ARV After-Repaired Value C/VAC Central vacuum PL -Swimming Pool Since we launched in 2006, our articles have been read billions of times. FIN LL Finished lower level RTO Rent To Own REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Maximum loan amounts can vary by county. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. Clap Clapboard Siding 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. F-bmt Finished Basement SHOP Workshop One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. EA exclusive agency Keep this five-part guide handy youll be fluent in the language of home buying before you know it. WF Waterfront Have questions about your home financingpaperwork? Try. CP Carport Try our amortization calculator to learn more. SFR Single Family Residence P&S Purchase and sale The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). STR On Street Parking Zillow, Inc. holds real estate brokerage licenses in multiple states. HD, HDFL Hardwood floors Home affordability takes into account your income, down payment, and monthly debts. Foyr Foyer Learn more. New real estate investors may wonder what the terms Class A, B, C, and D property mean. This means that aproperty is currently on the market and available for sale. 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. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. HI CEIL(S) High ceilings BA; BTH : Bathroom. MTG Mortgage Learn more about down payments here. Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. 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. Title Records posts and articles. CRE Commercial Real Estate ASM Assumptions That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. GLFP Gas log fire place Powered by webmasterWP.com. Read more about closing costs here. 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. Refund Policy, U.S. Home affordability takes into account your income, down payment, and monthly debts. A property was withdrawn from the realty market. A fee charged to borrowers who make a down payment that is less than 20% of the homes value.
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