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. SLT Slate If you wish to report an issue or seek an accommodation, please let us know. Dbl Double Care starts with culture. HRS Horses Allowed When you purchase through our links we may earn a commission. 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. HUD Housing and Urban Development BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. All abbreviations on this list are typically written in all capital letters. SAT Satellite Dish Home affordability takes into account your income, down payment, and monthly debts. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Learn more. Abbreviations on the list may have capitalization variations. These structures can be both above and under the ground. Individuals could include neighbors or other people who have a right of way. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. Read more about origination fees here. FSBO For Sale by Owner Paying points, which are tax deductible, will lower the monthly mortgage payment. CCIM Certified Commercial Investment Member 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. Try our amortization calculator to learn more. Like, from the 50s. FDR/DR Dining room or a formal dining room SN Senior 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). HTUB Hot Tub These abbreviations are typically written in all capital letters. Learn more here. The governing body of a housing development, condo or townhome complex that sets rules and regulations. An origination fee is not a single fee. HSF Heated square feet SMART Typically computer-controlled heating and cooling, alarms, lights etc. CP Carport A database where real estate agents list properties for sale. CVAC Central Vacuum Buyers should budget for an amount that is 2% to 5% of the homes purchase price. I havent seen you in forever. 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. SEC SYS Security System FFBR First Floor Bedroom One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Example: P30 (3% offered) These abbreviations are typically written in all capital letters. This abbreviation is a shorthand way of showing your affection to your partner. A contingent statusmeans that the seller has accepted an offer and the home is under contract. GRNO Ground Maintenance Bsmt Basement After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. BCH Beach WD PNL Wood paneling Cnl Canal 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. W/D HKUP Washer/Dryer hookup You are not obligated to accept the loan just because you received a loan estimate. CFan Ceiling Fan Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Keep reading to learn more about this unique abbreviation. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. NOO Non-Owner Occupied SHOP Workshop CREA. Copyright 2023 Acton Media Inc. All rights reserved. BR Bedroom The difference between the two is usually fairly . ASB Asbestos Siding Click to reveal A three-page document sent to an applicant three days after they apply for a home loan. Dry Clothes Dryer FCRA Fair Credit Reporting Act SHNG Shingle FDIC Federal Deposit Insurance Corporation REC Recreation Room A ratio that compares a home buyers expenses to gross income. Zillow, Inc. holds real estate brokerage licenses in multiple states. TRC Trash Compactor Title Records posts and articles. 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. 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. GNMA Ginnie Mae or Government National Mortgage Association OFC Office COCR or CCR Cash on Cash Return 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. 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. A portion of your monthly payment goes into the. PMI Private mortgage insurance Fixtures are a frequent subject of buyer and seller disputes. HWH Hot water heater SRES Senior Real Estate Specialist, Additional Resources: Maximum loan amounts can vary by county. Cer Ceramic Tile What sounds impressive on paper may look less appealing in person. Fixture:Anything of value that is permanently attached to or a part of real property. They charge dues used to maintain common areas. Read, A property repossessed by a bank when the owner fails to make mortgage payments. DTI Debt to Income Ratio Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Click to reveal A/G PL : Above-ground swimming pool. Lenders reward lower LTV ratios. But if thats not what youre looking for, keep shopping. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. 67.211.219.14 FFE furniture, fixture, and equipment AC or A/C Air conditioning Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. UTCL Utility Closet Maximum loan amounts can vary by county. BALC Balcony Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Most real estate agents use similar abbreviations as part ofreal estate lingo, so once you get the jist, you can read any listing with confidence. A security deposit made by the buyer to assure the seller of his or her intent to purchase. 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. MBRFP Master Bedroom w/FP At Truist, our purpose is to inspire and build better lives and communities. You can email the site owner to let them know you were blocked. DET Detached garage PILE Pilings Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. Related:12 Ideas to Steal from Vintage Kitchens. F-bmt Finished Basement If you hang around social media circles and forums that talk about TV, BB might also stand for Big Brother, a prominent reality show franchise involving a group of strangers living together in the same house. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. COF Cost of Funds SMB Split Master Bedroom It's anything that can be subject to ownership, except land. You can use BB to mean basketball, especially in internet communities dedicated to the sport. Here are a few examples of BB in action: Do you want to learn more internet slang terms? The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. SCRND PORCH Screened Porch PWDR RM Powder room or half bath Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. Cdrcl Cedar Closet Cont Contemporary 3/4 Bath toilet + sink + shower or tub Market conditions that exist when buyers outnumber homes for sale. All Rights Reserved. This is the most popular NAR official designation and is relatively easy to get and maintain. NYSAR New York State Association of Realtors 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. An MLS allows brokers to see one another's listings of. CATH Cathedral ceilings During this time, the home is inspected and appraised, and the title is searched for liens, etc. Read more about closing costs here. Inspection occurs when the home is under contract or in escrow. MCOA Min $ on Assumption Active This means that a property is currently on the market and available for sale. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. This website is using a security service to protect itself from online attacks. Learn more about down payments here. Home affordability takes into account your income, down payment, and monthly debts. Clap Clapboard Siding The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. 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. Since we launched in 2006, our articles have been read billions of times. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. Yes! FIN LL Finished lower level This is important, as identifying a property's class can predict how the asset might perform. O/F Owner Finance 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. AEK All electric kitchen This means that aproperty is currently on the market and available for sale. Learn more about HOAs here. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization Even though a sale is highly likely, some pending properties may still accept backups. A state in which an escrow agent is responsible for closing. PITI Principal, Interest, Taxes and Insurance NGS Natural Gas Read more about the Buy-Rent Breakeven Horizon here. Be sure to read the fine print carefully. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. 2023 LoveToKnow Media. PMP Well Pump Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. OCN Ocean Related:10 Signs That Fixer-Upper Might Be a Money Pit. Canadian Real Estate Association, the national association for Canada. CAP Capitalization Related:The Best 10 Plants to Grow for Backyard Privacy. The action you just performed triggered the security solution. Property Records Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. AG Agreement Agreement Comm. 2023 All Rights Reserved. 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. It is in fact a real word (but that doesn't mean . Tiny houses are a trend, for sure. WBS Wood-Burning Stove Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. 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. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. 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. TRSH Trash Pickup How-To Geek is where you turn when you want experts to explain technology. A minimum requirement is often dictated by the loan type. Before you start calling someone BB, you might need to establish ground rules. ARM Adjustable Rate Mortgage By submitting your email, you agree to the Terms of Use and Privacy Policy. ATT Attached Garage There is no MLS covering the whole country. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. CCR Conditions, Covenants, and Restrictions Brkf Breakfast Area W/D Washer/Dryer Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. Contact Us A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. CPT Carpet or Carport 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative WLKIN Walk-in Closet Contingent vs. under contract? 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. Learn more about pre-approval here. 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. SEW Sewer You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. RAD Radiant Heat These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. CRT. 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. 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. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. is part of the U.S. Department of Housing and Urban Development. An FDR with a DK? ARI Articles of Incorporation Notice, certificate. Clus Cluster Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Col Colonial PUD Planned Unit Development The ratio compares the borrowers monthly debt payments to gross income. BKYD Backyard WF Waterfront Fees imposed by the state, county or municipality on transfer of title. Crprt Carport 4B/2B:Four bedrooms and two bathrooms. We select and review products independently. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). They provide clues to what is included in the purchase price. ATFN Attic Fan A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. SRO Single Room Occupancy CRB Certified Real Estate Broker If they were not used, the ads for a home could get quite lengthy. 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. Cen Central Air Back Bay. 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. STOR Assigned Storage Exr Exercise Room 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. A certain portion of the homes purchase price that a buyer must pay. PRQ Parquet Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. A concrete point at which buying a home makes more financial sense than renting one. During this time, the home is inspected and appraised, and the title searched for liens, etc. OO Owner Occupied Read our stress-free guide to getting a mortgage. The status will show as pending until the closing. Closing costs are generally paid through escrow. Get the top BB abbreviation related to Real Estate. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. 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. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. 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. RELATED: What Does "TMI" Mean, and How Do You Use It? The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. TXS Taxes CAC Central Air Conditioning MLSs are local or regional. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. Normally, a piece of property can be easily classified as either personal property or real property. WTR PD Water paid This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. A property repossessed by a bank when the owner fails to make mortgage payments. PRO Internet Professional A fee, charged by a broker or lender, to underwrite and process a home loan application. Brk Brick What is BB meaning in Real Estate? When you boil it down to the basics, real estate has a simple meaning. Read more about PMI here. 1. PERM Perm Attic Stairs Classifying property is in part about age but should also consider things like affordability, amenities, and livability. 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. FM RM Family Room Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. Refinancing is generally done to secure better loan terms, such as a lower interest rate. SEC Security System BB. SMP Sump Pump Windows 11: How Much RAM Can Your PC Have? Learn more about short sales here. Prospective purchasers of an inn need to know exactly what they mean. WBFP Wood Burning Fireplace GRES Graduate Real Estate Society SPDED Special Warranty Deed MEIK Modern eat-in kitchen NAR National Association of Realtors Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. This is the escrow period, when both buyer and seller are workingtoward a closing. 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). If you have the money to hire a handyman for every household woe, go ahead. LPOA Limited Power of Attorney The owners bank must approve a lower listing price before the home can be sold. RVR River The property is sold and no longer available. Refund Policy, U.S. This was when the term exploded as a pet name between both lovers and friends. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. W/D WD Washer and dryer FXR Fixer Upper MTG Mortgage BB Real Estate Abbreviation. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. RTO Rent To Own PL/1 In-Ground Pool The content on this site is not intended to provide legal, financial or real estate advice. Updated from an earlier version on realtor.com. Read, A ratio that compares a home buyers expenses to gross income. FAG Forced air gas You may want the retreat, but ask yourself if you're truly ready for all it entails. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. OVER Oversized Garage Performance & security by Cloudflare. This browser is no longer supported. Usually . 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.