IRR Internal Rate of Return A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. CRT. Get the top BB abbreviation related to Real Estate. The CRS designation indicates a triple threat - on average, these agents have been in business three times longer, have three times the amount of transactions, and generate three times more sales revenue than the average . WDSTV Wood Burn Stove Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. MTG Mortgage A database where real estate agents list properties for sale. MLS:Multiple Listing Service. You may want the retreat, but ask yourself if you're truly ready for all it entails. 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. COO or C of O Certificate of Occupancy SFR Single Family Residence Check out our glossary of frequently-used mortgage terms. Sort. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. I want to receive exclusive email updates from YourDictionary. NOO Non-Owner Occupied A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. ELE Electric 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. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. 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. RNCH Ranch The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). WTR PD Water paid A/G PL : Above-ground swimming pool. TRAN Transitional Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Click to reveal Read more about PMI here. The ratio compares the borrowers monthly debt payments to gross income. Learn more about pre-approval here. 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 . The first entry for this abbreviation on Urban Dictionary was made in 2006 and referred to it as Netspeak for baby, normally placed at the end of a text.. 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. SFH Single Family House All of these abbreviations are commonly used to describe the features of a house or commercial property. property in buildings and land; space, capacity See the full definition . This is the escrow period, when both buyer and seller are workingtoward a closing. Not all products and services are available in all states. Go now! JV Joint Venture HOA Homeowners association Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Read more about FHA loans here. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. BR Bedroom GARD Garden This means the propertys ownersare actively taking backup offers in case the first one falls through. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. HRS Horses Allowed Zkratka ESG (z anglickho Environmental . Here are a few examples of BB in action: Do you want to learn more internet slang terms? REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. MLS multiple listing service SMB Split Master Bedroom Closing costs are generally paid through escrow. 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. Best for: Buyer's agents looking to separate themselves from the rest of the field. Please switch to a supported browser or download one of our Mobile Apps. HW Hot Water What Does FS Mean, and How Do You Use It? Read more about pre-qualification here. That happens through real care to make things better. 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. 1. Related:10 Signs That Fixer-Upper Might Be a Money Pit. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. PROP HT Propane Heat Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). LR with Fplc? Copyright 2023 Acton Media Inc. All rights reserved. Click to reveal You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. AMO Accredited Management Organization EIK Eat in kitchen Press F to Pay Respects: What Does F Mean Online? Read more about the Buy-Rent Breakeven Horizon here. DEDRS Deed Restrictions Col Colonial 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. WIC Walk-in closet, ARV After-Repaired Value Before you start calling someone BB, you might need to establish ground rules. This abbreviation is a shorthand way of showing your affection to your partner. CREA. 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. FFBR First Floor Bedroom LPOA Limited Power of Attorney PUD Planned Unit Development Cnl Canal Dbl Double HI CEIL(S) High ceilings OO Owner Occupied SRES Senior Real Estate Specialist, Additional Resources: Homes can sit on the market for a long time, and prices tend to drop. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Cbl,Cblh Cable/Hookup A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. HVAC heating, ventilation and air conditioning CPM Certified Property Manager The components of a monthly mortgage payment. 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. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Usually, the realtor's website will give a good description without the real estate abbreviations. Both words imply motion, but the difference may b. Defenestration. A combination of loans bundled to avoid private mortgage insurance. 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. EA exclusive agency Brk Brick One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Fixture:Anything of value that is permanently attached to or a part of real property. 67.211.219.14 SEC Security System TRSH Trash Pickup It is in fact a real word (but that doesn't mean . SAT Satellite Dish A ratio that compares a home buyers expenses to gross income. OBO Or Best Offer Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. Clap Clapboard Siding OA Owner Agent REL Related to Seller NNN Triple Net Lease 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. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. C/VAC Central vacuum The owners bank must approve a lower listing price before the home can be sold. Tiny houses are a trend, for sure. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. FDR/DR Dining room or a formal dining room PILE Pilings CMA Comparative Market Analysis PMP Well Pump WD PNL Wood paneling Real estate abbreviations are important to save time and money. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. BKPORCH Back Porch 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. HDWD Hardwood Since we launched in 2006, our articles have been read billions of times. Be sure to read the fine print carefully. BB Baseboard Heat CRE Commercial Real Estate Buyers should budget for an amount that is 2% to 5% of the homes purchase price. IRA Individual Retirement Account What is BB meaning in Real Estate? UTLVL Utility Room Level Read, 42. W/D WD Washer and dryer 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. SMART Typically computer-controlled heating and cooling, alarms, lights etc. After all, you wouldn't want to get stuck with a money pit. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. CPT Carpet or Carport Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. DOS Due On Sale Clause LTV Loan to Value STOR Assigned Storage If you see a bathroom or kitchen described as vintage, that means theyre old. Cer Ceramic Tile Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. NYSAR New York State Association of Realtors P&S Purchase and sale Classifying property is in part about age but should also consider things like affordability, amenities, and livability. HP Heat Pump HBR Harbor CMA:Comparative market analysis or competitive market analysis. 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. 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). While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. A contingent statusmeans that the seller has accepted an offer and the home is under contract. Have questions about your home financingpaperwork? DTI Debt to Income Ratio SHNG Shingle SWR Sewer 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. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. SLT Slate GRNO Ground Maintenance Related:12 Ideas to Steal from Vintage Kitchens. If thats your style, you're in luck. LR Living Room HSF Heated square feet Read more about escalation clauses and making an offer on a home. But if not, you'll want to factor in the cost ofrenovationsbefore deciding if this home is both in your budget and worth a visit. Mstr Master bed room This website is using a security service to protect itself from online attacks. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. PMI Private Mortgage Insurance JTUB Jetted Tub LFT Loft 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. 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. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. HIST Historical District BLDRS REDO Builders Renovation PAR Partially Fenced The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. 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. After the set time period your interest rate will change and so will your monthly payment. To meet client needs, to empower teammates, and to lift up communities. 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.