There are four important items that must be included in a buyer's pro forma. If its back on the market, theres a reason why the original sale fell through. Affordability. 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. MLS multiple listing service BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. GRI Graduate REALTOR Institute Inspection occurs when the home is under contract or in escrow. How-To Geek is where you turn when you want experts to explain technology. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. 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. MYOB Mind Your Own Business Learn more about short sales here. This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. JV Joint Venture Anne Miller lives in New York and writes real estate news and advice stories. Home affordability takes into account your income, down payment, and monthly debts. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. R/OPT Rent w/Opt-Buy CAP Capitalization WTR PD Water paid The number of days a property listing is considered active. Updated from an earlier version on realtor.com. Related:10 Signs That Fixer-Upper Might Be a Money Pit. MLSs are local or regional. It's anything that can be subject to ownership, except land. IGSP In-Ground Sprinkler GLFP Gas log fire place FHA Federal Housing Administration Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Cent h/a Central Heat&Air If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Home affordability takes into account your income, down payment, and monthly debts. 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. PWDR RM Powder room or half bath 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. A portion of your monthly payment goes into the. Market conditions that exist when homes for sale outnumber buyers. NNN Triple Net Lease VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization During this time, the home is inspected and appraised, and the title searched for liens, etc. WAR Warranty Plan Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. FSBO For Sale By Owner SPAC Spacious There are five main categories of real estate. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. PL -Swimming Pool F/A Ht, FAH Forced Air Heat Banks, savings and loans, and credit unions. NAR National Association of Realtors RPAC Realtors Political Action Committee APPLS Appliances One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Be sure to read the fine print carefully. LTV Loan to Value The "P" represents percent. 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 ratio that compares a home buyers expenses to gross income. FIN LL Finished lower level What Does BB Mean, and How Do I Use It? One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. Cldsc Cul-de-sac UTLVL Utility Room Level Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. 2-LV : Two living levels. 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. HD, HDFL Hardwood floors 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. They charge dues used to maintain common areas. AEK All electric kitchen PL/1 In-Ground Pool Related:12 Things Realtors Look For in Homes of Their Own. CBR Certified Buyer Representative INGRD PL pool in ground pool The property is sold and no longer available. PROP HT Propane Heat 2. MK Modern kitchen 1. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. FLR Floor Furnace Check out our glossary of frequently-used mortgage terms. CRS Certified Residential Specialist BOT Boat Slip Usually . Learn, A home loan not guaranteed by a government agency, such as the FHA or the VA. Read, A certain portion of the homes purchase price that a buyer must pay. Real property is immovable property - its land and anything attached to the land. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. REO Real Estate Owned You can email the site owner to let them know you were blocked. A three-quarter bathroom has a toilet, a sink and a shower. 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. Buying a Flipped House: Is It Right for You? Call it what you willjargon, shorthand, lingobut every industry, including the real estate world, has its own language, a collection of terms that are essential to understand if you hope to play ball. BLDRS REDO Builders Renovation Dbl Double Often, the listing will indicate which rooms have hardwood flooring. WBFP Wood Burning Fireplace Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. But if thats not what youre looking for, keep shopping. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. That happens through real care to make things better. DCR, DSCR, DSR Debt Service Coverage Ratio GNMA Ginnie Mae or Government National Mortgage Association You can use BB to mean basketball, especially in internet communities dedicated to the sport. 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. 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. 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. Bb. 2/1 2 bedrooms / 1 bathrooms P&S Purchase and Sale The governing body of a housing development, condo or townhome complex that sets rules and regulations. O/F Owner Finance Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). COF Cost of Funds MLS:Multiple Listing Service. If you wish to report an issue or seek an accommodation, please let us know. But the cap rate is not the only metric used to evaluate a real estate investment. D/D Dishwasher and a garbage disposal Tiny houses are a trend, for sure. Lo dues:Low homeowners association dues. Both words imply motion, but the difference may b. Defenestration. LOI Letter of Intent One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. ROI Return On Investment PVT Private EA exclusive agency COO or C of O Certificate of Occupancy Real Estate Definition. This browser is no longer supported. GRM Gross Rent Multiplier Agents use this status to indicate that the seller is open toreceivingbackup offersbecause the sale may not go through., Back onthemarket (BOM):The propertyhas becomeactive again,afterrecentlybeingtaken offthemarket., Closed (CL):The property has been sold and is no longer available., Expired:The property is no longer available for saletypically because the seller could not find a buyer., Pending:Thepropertyis under contract and all contingencies have beenfulfilled, but the settlement still needs to take place., Temporarily off market (TOM):The home is not currently available for saleandshowings arenotallowed,butitwillsoon beback on the market. WSH Washer Read more about pre-qualification here. 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. W/W CRPT Wall To Wall Carpet This is the most popular NAR official designation and is relatively easy to get and maintain. Fp, Fpl, Fplc Fireplace This means that aproperty is currently on the market and available for sale. The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. 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. A concrete point at which buying a home makes more financial sense than renting one. REALTOR Member of the National Association of Realtors G-RNG Gas Range NBHD Neighborhood A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. SWR Sewer FAG Forced air gas INT Intercom TRC Trash Compactor Each lending institution sets its own prime rate. DhkpP Dryer Hookup Each lending institution sets its own prime rate. Fees imposed by the state, county or municipality on transfer of title. A minimum requirement is often dictated by the loan type. Clus Cluster TEN Tennis Court MEIK Modern eat-in kitchen PCF Price to Cash Flow (ratio) County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. 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. E Rng Electric Range The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. SHOP Workshop 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. 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. Chn Chain Link Fence Property Records Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Performance & security by Cloudflare. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. F-bmt Finished Basement If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. AC Acre Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. An origination fee is not a single fee. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. FFBR First Floor Bedroom Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. A certain portion of the homes purchase price that a buyer must pay. 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. Cap rates can provide valuable insight into a property. 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. What is BB meaning in Real Estate? INLW In-Law Suite 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. FEMA Federal Emergency Management Agency Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. A property was withdrawn from the realty market. POR, POR-S Porch/Screened Fixtures are a frequent subject of buyer and seller disputes. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. 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. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. Contact Us UTRM Utility Room COCR or CCR Cash on Cash Return NGS Natural Gas OFC Office A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. 2023 All Rights Reserved. CRE Creative Real Estate Tiny . Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. RAD Radiant Heat CMA:Comparative market analysis or competitive market analysis. 1C, 2C 1 or 2 car Garage Read more about origination fees here. 4B/2B:Four bedrooms and two bathrooms. CRT. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. WD PNL Wood paneling What sounds impressive on paper may look less appealing in person. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. CCIM Certified Commercial Investment Member Read, A ratio that compares a home buyers expenses to gross income. 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. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. The four items include, repairs, vacancy loss, property management, and miscellaneous. OFC Office/Study SMB Split Master Bedroom U/G SPRK Underground Sprinkler Crk Creek We select and review products independently. CCR Conditions, Covenants, and Restrictions CHMS Certified Home Marketing Specialist GAROP Garage Door Opener These institutions underwrite as well as set home loan pricing in-house. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. FML Formal Copyright 2023 Acton Media Inc. All rights reserved. PRO Internet Professional IRA Individual Retirement Account Bidding wars are common. TOWN Town House An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. HP Heat Pump This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. If not, it could end up back on the market, so go ahead and inquire if youre interested. Bung Bungalow Det Detached Garage WIN Window/Wall Unit 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. FNCD YD Fenced Yard A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. The owners bank must approve a lower listing price before the home can be sold. PGS Propane POA Power of Attorney Read, A property repossessed by a bank when the owner fails to make mortgage payments. The price of a home, as set by the seller. WHF Whole House Fan Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). What Does FS Mean, and How Do You Use It? Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. All Rights Reserved. Typically, putting away 5% of the rent . If you're still unclear what a shorthand is referring to, reach out to the listing agent. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. PRV, PVCY FENCE Privacy Fence Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. There are often additional notes with details that don't fit into the standard listing formula. Click to reveal SRES Senior Real Estate Specialist, Additional Resources: A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Performance & security by Cloudflare. W/D HKUP Washer/Dryer hookup FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation CAC Central air conditioning Since many phrases can be shortened to BB, this acronym might refer to other things online. SD/W Storm Doors & Windows CMA Comparative Market Analysis AST Assessment Lien Lien, JTL. REIA Real Estate Investors Association Real estate terms to know when you've started house hunting. SCRND PORCH Screened Porch AJ Affidavit of Joint Tenant Deed. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Abbreviations on the list may have capitalization variations. LFT Loft In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. Mstr Master bed room It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal. No purchase is necessary to view U.S. A loan estimate can help borrowers shop and compare costs of loans with lenders. 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. 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. ELE Electric FMV Fair Market Value Back Bay + 1 1. APT Apartment Translation: This home is small. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. This means the propertys ownersare actively taking backup offers in case the first one falls through. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. SLT Slate When used in a real estate listing, the words "cozy" or "charming" aren't describing the ambiance of the space so much as the size. Its customary for the buyer to pay for the lenders title insurance policy. Read more about closing costs here. Canadian Real Estate Association, the national association for Canada. 67.211.219.14 Cen Central Air Click to reveal Fha Forced Hot Air Read more about the Buy-Rent Breakeven Horizon here. Learn more about pre-approval here. The content on this site is not intended to provide legal, financial or real estate advice. FMR Fair Market Rent 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.
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