HPWA Water/Air Ht Pump Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. Dry Clothes Dryer U/G SPRK Underground Sprinkler Actv Active The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". 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. CHMS Certified Home Marketing Specialist ALM Aluminum Siding PAR Partially Fenced BB. FHA Federal Housing Administration We select and review products independently. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Have questions about buying, selling or renting during COVID-19? It should return to active soon enough, so its certainly worth piping up if youre smitten. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. Refinancing is generally done to secure better loan terms, such as a lower interest rate. W/W CRPT Wall To Wall Carpet One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Margaret Heidenry is a writer living in Brooklyn, NY. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. CRT. 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. MAO Maximum Allowable Offer Cnl Canal How-To Geek is where you turn when you want experts to explain technology. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. NBHD Neighborhood A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. WIC Walk-in closet, ARV After-Repaired Value REF Refrigerator FDIC Federal Deposit Insurance Corporation CMA Comparative Market Analysis UTCL Utility Closet CLHMS Certified Luxury Home Marketing Specialist Press F to Pay Respects: What Does F Mean Online? Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. PRO Internet Professional The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. 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. WD PNL Wood paneling Affordability. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. GLFP Gas log fire place PL/A Above Ground Pool FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation He's invested in internet culture, social media, and how people interact with the web. P&S Purchase and sale These institutions underwrite as well as set home loan pricing in-house. DOT Deed of Trust Before you start calling someone BB, you might need to establish ground rules. Clus Cluster PL/1 In-Ground Pool You can use BB to mean basketball, especially in internet communities dedicated to the sport. 4B/2B: Four bedrooms and two bathrooms. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. SMB Split Master Bedroom DET Detached garage MSN Masonry 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. Translation: This home is small. 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. SRO Single Room Occupancy BKYD Backyard F-bmt Finished Basement This means the propertys ownersare actively taking backup offers in case the first one falls through. Learn more about short sales here. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. 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. CATH Cathedral ceilings Keep reading to learn more about this unique abbreviation. GARD Garden Read more about back-end ratio here. ERS exclusive right to sell A three-quarter bathroom has a toilet, a sink and a shower. There are often additional notes with details that don't fit into the standard listing formula. SQ FT Square Feet Our belief in better is at the core of everything that we do, every day. OWN Owner Financing A security deposit made by the buyer to assure the seller of his or her intent to purchase. PCF Price to Cash Flow (ratio) Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). 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. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. MLS:Multiple Listing Service. 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. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. 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. GLF Golf Course 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. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. D/W Dishwasher Click to reveal Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. SAT Satellite Dish Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. Tiny houses are a trend, for sure. MLSs are local or regional. PITI Principal, Interest, Taxes, and Insurance Performance & security by Cloudflare. 1C, 2C 1 or 2 car Garage These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. The Real Estate Commission: How Much Are Realtor Fees? A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. A/G PL : Above-ground swimming pool. Brkf Breakfast Area An FDR with a DK? Dsp Garbage Disposal OFC Office/Study 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. Crk Creek Like, from the 50s. BR Bedroom A state in which an escrow agent is responsible for closing. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Fpgas Gas Fireplace Typically, putting away 5% of the rent . "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 . REO Real Estate Owned Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. 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. APPLS Appliances MBA Master Bedroom w/Bath Related:12 Ideas to Steal from Vintage Kitchens. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. Here are a few examples of BB in action: Do you want to learn more internet slang terms? HDW, HWF, hdwd - This means there is hardwood flooring in the home. 2-LV : Two living levels. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Fees associated with the purchase of a home that are due at the end of the sales transaction. OFF Off Street Parking This abbreviation is a shorthand way of showing your affection to your partner. FMR Fair Market Rent Privacy Policy. G/A Garage, Attached A certain portion of the homes purchase price that a buyer must pay. Read more about the Buy-Rent Breakeven Horizon here. APT Apartment GMT Kitchen Gourmet kitchen CBR Certified Buyer Representative FSBO For Sale by Owner That doesnt mean that its a done deal by any means, however (more on that next). Active This means that a property is currently on the market and available for sale. A portion of your monthly payment goes into the. But if thats not what youre looking for, keep shopping. 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. You can email the site owner to let them know you were blocked. DTI Debt to Income Ratio OO Owner Occupied You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Related:12 Things Realtors Look For in Homes of Their Own. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. 3/4 Bath toilet + sink + shower or tub This website is using a security service to protect itself from online attacks. Prices are often higher than average. 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. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. to cover taxes and insurance. For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. CRS Certified Residential Specialist Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. 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). Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions NOI Net Operating Income 147.189.141.138 OSP Off-street parking is available There are four important items that must be included in a buyer's pro forma. 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. Updated from an earlier version on realtor.com. SPC Drive parking spaces TRAD Traditional Lo dues:Low homeowners association dues. Its customary for the buyer to pay for the lenders title insurance policy. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Tiny . 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. 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. ASB Asbestos Siding 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. DLM Seller Disclaimer LTV loan to value Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. HRS Horses Allowed Miscellaneous. TRSH Trash Pickup O/F Owner Finance A not-for-profit professional association that sets and promotes standards for property inspections. 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. When you purchase through our links we may earn a commission. Cozy Charm. P&S Purchase and Sale BRRRR refinance example. 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. HUD Department of Housing and Urban Development Market conditions that exist when homes for sale outnumber buyers. MAO Maximum Allowable Offer CFD Contract for Deed SHOP Workshop DCR, DSCR, DSR Debt Service Coverage Ratio 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. 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. FSBO For Sale By Owner OFC Office These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. HI CEIL(S) High ceilings What sounds impressive on paper may look less appealing in person. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Usually . LFT Loft FFE furniture, fixture, and equipment Related:The Best 10 Plants to Grow for Backyard Privacy. A property repossessed by a bank when the owner fails to make mortgage payments. 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. REALTOR Member of the National Association of Realtors American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. BA Bath Home affordability takes into account your income, down payment, and monthly debts. ELV Elevator OCN Ocean CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Home affordability takes into account your income, down payment, and monthly debts. RAD Radiant Heat This is the most popular NAR official designation and is relatively easy to get and maintain. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. BR Bedroom A concrete point at which buying a home makes more financial sense than renting one. SRES Senior Real Estate Specialist, Additional Resources: 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. During this time, the home is inspected and appraised, and the title is searched for liens, etc. WF Waterfront GRT RM Great room PRV, PVCY FENCE Privacy Fence Learn more about homeowners insurance here. How have you been?. FCRA Fair Credit Reporting Act BLT Built-in Crwl Crawl Space FM RM Family Room 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. When this happens, he or she risks the home heading into the foreclosure process. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. 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. Fixture:Anything of value that is permanently attached to or a part of real property. Clap Clapboard Siding Buying a Flipped House: Is It Right for You? PITI Principal, Interest, Taxes and Insurance This is important, as identifying a property's class can predict how the asset might perform. is part of the U.S. Department of Housing and Urban Development. Chn Chain Link Fence Back Bay. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Cdrcl Cedar Closet SPLT Split-Level SMART Typically computer-controlled heating and cooling, alarms, lights etc. 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. INGRD PL pool in ground pool If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. At Truist, our purpose is to inspire and build better lives and communities. Essentially, "turnkey" means that . Learn, The act of paying off one loan by obtaining another. They charge dues used to maintain common areas. HDWD Hardwood 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. R/OPT Rent w/Opt-Buy 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. BKPORCH Back Porch HSF Heated square feet CPM Certified Property Manager ARI Articles of Incorporation Notice, certificate. W/D HKUP Washer/Dryer hookup RELATED: What Does "TMI" Mean, and How Do You Use It? ROI Return On Investment If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. WTR Water property in buildings and land; space, capacity See the full definition . FRBO for rent by owner Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. 2. Hi ceils - This is an abbreviation for "high ceilings.". CMA:Comparative market analysis or competitive market analysis. The. LRG Large KIT, KT Kitchen FHA Federal Housing Administration Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. It is for information purposes only, and any links provided are for the users convenience.