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HRS Horses Allowed In-law potl:Potential for a separate apartment, subject to local zoning restrictions. Home affordability takes into account your income, down payment, and monthly debts. HTUB Hot Tub PITI Principal, Interest, Taxes and Insurance FMR Fair Market Rent Fixtures are a frequent subject of buyer and seller disputes. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. WDSTV Wood Burn Stove ATT Attached Garage Maximum loan amounts can vary by county. FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation OO Owner Occupied DEDRS Deed Restrictions Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. EIK Eat in kitchen BALC Balcony Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Be sure to read the fine print carefully. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. 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 definition varies in different places. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. CHMS Certified Home Marketing Specialist GLFP Gas log fire place This browser is no longer supported. Like other shorthand slang terms in text messages, this abbreviation is primarily written in the lowercase bb rather than the uppercase BB. On top of that, many acronyms use the uppercase BB, while the lowercase version almost exclusively refers to baby. BB is already an abbreviation of a fairly short word, so some people ditch the shorthand altogether and use baby or babe. Alternatively, you might see some people use variations such as bby, b2, or even just b., While baby has been a pet name for a romantic partner long before the internet age, the widespread use of BB is pretty recent. GNMA Ginnie Mae or Government National Mortgage Association The property is sold and no longer available. Read more about escalation clauses and making an offer on a home. GARD Garden Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records There is no MLS covering the whole country. This is important, as identifying a property's class can predict how the asset might perform. To meet client needs, to empower teammates, and to lift up communities. Exr Exercise Room Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). MLSs are local or regional. Cen Central Air 1C : One-car garage. Look for this accreditation or something similar when shopping for a home inspector. Learn more about pre-approval here. 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. This was when the term exploded as a pet name between both lovers and friends. All abbreviations on this list are typically written in all capital letters. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. WF Waterfront An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. Real Estate Abbreviations And Acronyms - U.S. Title Records IRA Individual Retirement Account 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. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. to cover taxes and insurance. BB Baseboard Heat These abbreviations are typically written in all capital letters. 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. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. The word listing is also used to refer to the for-sale home itself. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. HB Half Bath (toilet + sink) SCRND PORCH Screened Porch AST Assessment Lien Lien, JTL. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). 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. RELO Relocation office 1C, 2C 1 or 2 car Garage 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. UNO Unit Number CPM Certified Property Manager A/G PL : Above-ground swimming pool. A full bathroom is a room with a toilet, a sink and a bathtub. FDR Formal dining room You can use BB to mean basketball, especially in internet communities dedicated to the sport. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. 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. During this time, the home is inspected and appraised, and the title searched for liens, etc. FRBO for rent by owner HDWD Hardwood 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. PRV, PVCY FENCE Privacy Fence PLAY Playground Cldsc Cul-de-sac Bulk Bulkhead 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. He also works as a digital marketer for a regional e-commerce website. Fpgas Gas Fireplace OA Owner Agent This is the escrow period, when both buyer and seller are workingtoward a closing. Read more about the Buy-Rent Breakeven Horizon here. What Does BB Mean, and How Do I Use It? Best for: Buyer's agents looking to separate themselves from the rest of the field. Homes can sit on the market for a long time, and prices tend to drop. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. This abbreviation is a shorthand way of showing your affection to your partner. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. CRS Certified Residential Specialist In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. PMI Private mortgage insurance APR Annual Percentage Rate Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Not all products and services are available in all states. 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. There are five main categories of real estate. UPF, UPR Upper floor RAD Radiant Heat Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. POR, POR-S Porch/Screened Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. DLO Seller Disclosure I/O Interest Only (loan) BLDRS REDO Builders Renovation Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations Crk Creek 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. Business Learn more here. This is the most popular NAR official designation and is relatively easy to get and maintain. Encumbrance In Real Estate: Defined & Explained - FortuneBuilders Press F to Pay Respects: What Does F Mean Online? HDW, HWF, hdwd - This means there is hardwood flooring in the home. Home affordability takes into account your income, down payment, and monthly debts. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. GRI Graduate Realtor Institute The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. Learn more about short sales here. W/D WD Washer and dryer EA exclusive agency Learn, The act of paying off one loan by obtaining another. PRQ Parquet Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. DLM Seller Disclaimer There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Click to reveal Not all real estate agents are REALTORS. CH Central heat CATH Cathedral ceilings A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. If not, it could end up back on the market, so go ahead and inquire if youre interested. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. PMI Private Mortgage Insurance 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. Here are a few examples of BB in action: Do you want to learn more internet slang terms? 4B/2B:Four bedrooms and two bathrooms. PMP Well Pump Even though a sale is highly likely, some pending properties may still accept backups. The governing body of a housing development, condo or townhome complex that sets rules and regulations. LLC Limited Liability Company OFC Office/Study Clap Clapboard Siding What Is Real Estate? A Definition And A Guide | Rocket Mortgage CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. A not-for-profit professional association that sets and promotes standards for property inspections. The ratio compares the borrowers monthly debt payments to gross income. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Encumbrance, Defined And Explained | Rocket Mortgage The act of paying off one loan by obtaining another. FLR Floor Furnace Learn more about down payments here. DOS Due On Sale Clause ALM Aluminum Siding Sub2 Subject to existing financing CFD Contract for Deed BA; BTH : Bathroom. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. The Real Estate Commission: How Much Are Realtor Fees? 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. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. I havent seen you in forever. to see how much house you might be able to afford. Try. 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. 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. Translation: This home is small. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Bidding wars are common. The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. 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. If you wish to report an issue or seek an accommodation, please let us know. C-fan Ceiling Fan Cap Rate: Defined And Explained | Rocket Mortgage A portion of your monthly payment goes into the. ELE Electric MOPOA Monthly POA Fee 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. It is in fact a real word (but that doesn't mean . REI Real Estate Investing Miscellaneous. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Dsp Garbage Disposal BR Bedroom FIN LL Finished lower level ROI Return On Investment Both words imply motion, but the difference may b. Defenestration. An encumbrance can create a cloud on the title of a real property. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. CAC Central Air Conditioning Often, the listing will indicate which rooms have hardwood flooring. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). MAO Maximum Allowable Offer 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. E Rng Electric Range He's invested in internet culture, social media, and how people interact with the web. Step 3: You then find tenants in 30-60 days to take over the two . Read more about FHA loans here. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. STA State Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . The meaning of REAL ESTATE is property in buildings and land. YD Yard Cap rates can provide valuable insight into a property. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. 1. What is BB meaning in Real Estate? On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. RELATED: How to Stream U.S. Sports for Free Online. WIN Window/Wall Unit A half bathroom or powder room has only a toilet and a sink. FNCD YD Fenced Yard Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. FM RM Family Room 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. IRR Internal Rate of Return Zillow, Inc. holds real estate brokerage licenses in multiple states. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Q POS Available for quick possession 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. Read our stress-free guide to getting a mortgage. An encumbrance is a claim that limits how a property owner can use their property. OWN Owner Financing PERM Perm Attic Stairs RELATED: What Does "TMI" Mean, and How Do You Use It? It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. 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. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. JV Joint Venture Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 2023 LoveToKnow Media. The document includes loan terms, monthly payment and closing costs. Real estate Definition & Meaning - Merriam-Webster But if thats not what youre looking for, keep shopping. RVR River 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. WLKIN Walk-in Closet MBA Master Bedroom w/Bath FFBR First Floor Bedroom Buying a Flipped House: Is It Right for You? DK Deck Sort. F-bmt Finished Basement CNS Certified Negotiation Specialist HOA Homeowners Association AJ Affidavit of Joint Tenant Deed. What Do All Those Real Estate Listing Terms Really Mean?

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