Read more about escalation clauses and making an offer on a home. Fpgas Gas Fireplace HP Heat Pump 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. GLFP Gas log fire place An origination fee is not a single fee. Personal property is movable property. CHMS Certified Home Marketing Specialist SQ FT Square Feet Essentially, "turnkey" means that . Prepaid interest owed at closing, with one point representing 1% of the loan. MLS Multiple Listing Service CDS Cul de sac OVER Oversized Garage SUN Sun Room Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. 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. TRSH Trash Pickup REIA Real Estate Investors Association 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. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. AG Agreement Agreement Comm. The property is sold and no longer available. OBO Or Best Offer Individuals could include neighbors or other people who have a right of way. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Paying points, which are tax deductible, will lower the monthly mortgage payment. This browser is no longer supported. They provide clues to what is included in the purchase price. 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. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Each lending institution sets its own prime rate. What Does BB Mean, and How Do I Use It? MAO Maximum Allowable Offer The sale of a home by an owner who owes more on the home than its worth. Read more about mortgage insurance. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. STOR Assigned Storage 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. FHA Federal Housing Administration A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. Learn more here. OO Owner Occupied It may sound charming, but a house that's described as having lots of character could look just plain weird in person. Cvga Converted Garage In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. Lenders reward lower LTV ratios. Fha Forced Hot Air LR Living room A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. FFBR First Floor Bedroom PILE Pilings A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. GAR, GR Garage A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. NAT GS HT Natural gas heat SEC Security System Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. PL, SP, S/P Swimming pool The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. FDR Formal dining room 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). Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. FM RM Family Room Both words imply motion, but the difference may b. Defenestration. The "P" represents percent. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Articles may contain affiliate links which enable us to share in the revenue of any purchases made. CRE Commercial Real Estate FAG Forced air gas County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. This list of real estate investing abbreviations is useful for real estate brokers. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. SN Senior Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. DOS Due On Sale Clause A/C Air Conditioning And the real estate business is no different. Real property is immovable property - its land and anything attached to the land. HTUB Hot Tub 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. What Is a Short Sale? Refinancing is generally done to secure better loan terms, such as a lower interest rate. Prices are often higher than average. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. If you wish to report an issue or seek an accommodation, please let us know. RAD Radiant Heat Since many phrases can be shortened to BB, this acronym might refer to other things online. SD Security Deposit After the set time period your interest rate will change and so will your monthly payment. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Be sure to read the fine print carefully. MAO Maximum Allowable Offer At Truist, our purpose is to inspire and build better lives and communities. Read more about closing costs here. So if you adore what you see in thelisting, it certainly canthurt to inquire. G/A Garage, Attached CLHMS Certified Luxury Home Marketing Specialist MLSs are local or regional. PITI Principal, Interest, Taxes and Insurance Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. 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. The ratio compares the borrowers monthly debt payments to gross income. Cozy Charm. SMB Split Master Bedroom Keep this five-part guide handy youll be fluent in the language of home buying before you know it. 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. 1. The components of a monthly mortgage payment. Bonus information may be placed in "Other" field. DLM Seller Disclaimer 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. SWR Sewer Your IP: A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. 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. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. Care starts with culture. This website is using a security service to protect itself from online attacks. BB. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Performance & security by Cloudflare. Repairs. Used under license. CAP Capitalization CRB Certified Real Estate Broker SD/W Storm Doors & Windows There are often additional notes with details that don't fit into the standard listing formula. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. There are four important items that must be included in a buyer's pro forma. MBRFP Master Bedroom w/FP OP Occupancy Permit WTR Water All Rights Reserved. To meet client needs, to empower teammates, and to lift up communities. SHNG Shingle Related:10 Signs That Fixer-Upper Might Be a Money Pit. PRV, PVCY FENCE Privacy Fence CPM Certified Property Manager TEN Tennis Court I want to receive exclusive email updates from YourDictionary. Have questions about buying, selling or renting during COVID-19? A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. NOI Net Operating Income PROP HT Propane Heat HOA Homeowners association WBFP Wood Burning Fireplace 1C, 2C 1 or 2 car Garage HB Half Bath (toilet + sink) BA; BTH : Bathroom. Allow us to clear things up, by explaining what these things really mean in plain old English. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. SPKLR Sprinkler Learn more about foreclosure here. 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. L/O Lease Option HDW, HWF, hdwd - This means there is hardwood flooring in the home. Home affordability takes into account your income, down payment, and monthly debts. Brkf Breakfast Area TRAN Transitional It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. LFT Loft 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. What Does FS Mean, and How Do You Use It? 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. Related:12 Things Realtors Look For in Homes of Their Own. Col Colonial Q POS Available for quick possession 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. What is BB meaning in Real Estate? HI CEIL(S) High ceilings Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. UTRM Utility Room MLS:Multiple Listing Service. Copyright 2022 Ann Arbor Area Board of REALTORS. You may want the retreat, but ask yourself if you're truly ready for all it entails. A property that has come back on the marketafter a pending sale. If thats your style, you're in luck. 2. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. Look for this accreditation or something similar when shopping for a home inspector. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. How to use real estate in a sentence. Cent h/a Central Heat&Air A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Related:12 Ideas to Steal from Vintage Kitchens. CRT. Zillow, Inc. holds real estate brokerage licenses in multiple states. Exr Exercise Room POR, POR-S Porch/Screened An FDR with a DK? LRG Large FML Formal This is important, as identifying a property's class can predict how the asset might perform. F/BSMT Fully finished basement The seller has an accepted offer but is waiting to see if the buyers bank will agree to it, says Realtor Dawn Rivera with Realty World-Viking Realty in Fremont, CA. ARI Articles of Incorporation Notice, certificate. 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. Before you start calling someone BB, you might need to establish ground rules. GAROP Garage Door Opener 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. Since we launched in 2006, our articles have been read billions of times. When you purchase through our links we may earn a commission. 4B/2B:Four bedrooms and two bathrooms. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. We select and review products independently. CATH Cathedral ceilings Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Cbl,Cblh Cable/Hookup What is BB meaning in Real Estate Advertising? This is the most popular NAR official designation and is relatively easy to get and maintain. The document includes loan terms, monthly payment and closing costs. IRA Individual Retirement Account Cloudflare Ray ID: 7a2835264c3fdd54 Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. By submitting your email, you agree to the Terms of Use and Privacy Policy. Organizations can include local governments, utility companies, and homeowners associations. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. This website is using a security service to protect itself from online attacks. Please switch to a supported browser or download one of our Mobile Apps. An origination fee is not a single fee. All of these abbreviations are commonly used to describe the features of a house or commercial property. Learn more about homeowners insurance here. Sub2 Subject to existing financing E Rng Electric Range MBA Master Bedroom w/Bath Not all Northwestern Mutual representatives are advisors. SEW Sewer DLO Seller Disclosure Read more about pre-qualification here. When this happens, he or she risks the home heading into the foreclosure process. OFC Office/Study This is a statement a borrower will receive from their lender at least three days before closing on a home. You are not obligated to accept the loan just because you received a loan estimate. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Translation: This home is small.