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The status will show as pending until the closing. They charge dues used to maintain common areas. MLS multiple listing service The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). SAT Satellite Dish I havent seen you in forever. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Real Estate Abbreviations And Acronyms - U.S. Title Records Large E-2 plan:This is one of several floor plans available in a specific building. There are also a few other cultural definitions for BB. 147.189.141.138 PCF Price to Cash Flow (ratio) These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Encumbrance, Defined And Explained | Rocket Mortgage The price of a home, as set by the seller. Not all real estate agents are REALTORS. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. Chn Chain Link Fence Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations This abbreviation is a shorthand way of showing your affection to your partner. Translation: This home is small. The BRRRR method explained in 5 simple steps - Hemlane Read, 42. Not all mortgages. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. 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. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. OA Owner Agent CAC Central air conditioning PL/A Above Ground Pool This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. Class A, B, C, D Real Estate: A Guide to Property Class Types GARB Garbage 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. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. WIN Window/Wall Unit LFT Loft 8 Real Estate Designations That Will Actually Make You Money These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Sub2 Subject to existing financing Refinancing is generally done to secure better loan terms, such as a lower interest rate. GAR Garage 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. FSBO For Sale By Owner 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. 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. Translation: This home is small. FDR Formal dining room Read our stress-free guide to getting a mortgage. 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. Tiny . If they were not used, the ads for a home could get quite lengthy. 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. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. If you have the money to hire a handyman for every household woe, go ahead. A half bathroom or powder room has only a toilet and a sink. BD Bedroom Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. Have questions about your home financingpaperwork? Those real estate terms and definitions should give you a good start when it comes to understanding your real estate agent and the listings they . 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. Cth Cathedral Ceiling BLDRS REDO Builders Renovation F/BSMT Fully finished basement Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. 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. 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. Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Here are a few examples of BB in action: Do you want to learn more internet slang terms? 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. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. A/C Air Conditioning 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. COO or C of O Certificate of Occupancy All Rights Reserved. HRS Horses Allowed CNS Certified Negotiation Specialist MLS Multiple Listing Service Contact Us Read more about FHA loans here. Often, the listing will indicate which rooms have hardwood flooring. This is the most popular NAR official designation and is relatively easy to get and maintain. RV PRKG RV Parking PVT Private BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Mstr Master bed room FHA Federal Housing Administration All abbreviations on this list are typically written in all capital letters. And the real estate business is no different. CFD Contract for Deed Banks, savings and loans, and credit unions. DCR, DSCR, DSR Debt Service Coverage Ratio A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Baseboard Heat + 2. Business, Property, Real Estate Advertising. GLFP Gas log fire place I/O Interest Only (loan) GRM Gross Rent Multiplier LRG Large G/A Garage, Attached MSN Masonry Farm Farmhouse 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. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. A minimum requirement is often dictated by the loan type. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. TRAN Transitional HB Half Bath (toilet + sink) MRSH Marsh MO Month Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? The ratio compares the borrowers monthly debt payments to gross income. KIT, KT Kitchen STR On Street Parking Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Your IP: If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Learn, Study these real estate terms when youre applying for a mortgage, Real estate terms you might hear when youve had your offer accepted, more about adjustable-rate mortgages here, The 12 Most Popular Vacation Towns for Home Shoppers. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. HD, HDFL Hardwood floors There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. BKPORCH Back Porch Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Terms Of Use The owners bank must approve a lower listing price before the home can be sold. This is a statement a borrower will receive from their lender at least three days before closing on a home. Read, A property repossessed by a bank when the owner fails to make mortgage payments. A certain portion of the homes purchase price that a buyer must pay. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. GAR, GR Garage Bung Bungalow UTRM Utility Room GRMET KIT, GRMT KIT Gourmet kitchen A three-quarter bathroom has a toilet, a sink and a shower. 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. ASM Assumptions The price of borrowing money. SCRND PORCH Screened Porch A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. 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. MAO Maximum Allowable Offer 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. Usually, the realtor's website will give a good description without the real estate abbreviations. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. MEIK Modern eat-in kitchen APR Annual Percentage Rate Fees associated with the purchase of a home that are due at the end of the sales transaction. Real estate abbreviations are important to save time and money. When you boil it down to the basics, real estate has a simple meaning. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. An origination fee is not a single fee. property in buildings and land; space, capacity See the full definition . STA State DK Deck Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. PUD Planned Unit Development L/O Lease Option A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. AG Agreement Agreement Comm. Lenders reward lower LTV ratios. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. In many listings, the term is used to describe to an area that's in the process of transition. By submitting your email, you agree to the Terms of Use and Privacy Policy. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. PWDR RM Powder room or half bath The property is sold and no longer available. Dry Clothes Dryer Classifying property is in part about age but should also consider things like affordability, amenities, and livability. That doesnt mean that its a done deal by any means, however (more on that next). Privacy Policy Fees imposed by the state, county or municipality on transfer of title. The "P" represents percent. Refund Policy, U.S. . VYL Vinyl 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. We Let ChatGPT Create AI Art, Heres What It Made, The New Outlook for Windows Is Opening Up to More People, How to Optimize Your Steam Deck for a Longer Lasting Battery, 2023 LifeSavvy Media.