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An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. Sub2 Subject to existing financing UTCL Utility Closet This list of real estate investing abbreviations is useful for real estate brokers. Bb. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. FAG Forced air gas 4/3 4 bedrooms / 3 bathrooms PL, SP, S/P Swimming pool DEDRS Deed Restrictions A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. HIST Historical District Cvga Converted Garage A concrete point at which buying a home makes more financial sense than renting one. G-RNG Gas Range WHKP Washer Hookup The governing body of a housing development, condo or townhome complex that sets rules and regulations. DWF, DWAC Deep Water/Access W/W CRPT Wall To Wall Carpet SPDED Special Warranty Deed Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. What is BB meaning in Real Estate? 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. The ratio compares the borrowers monthly debt payments to gross income. AC or A/C Air conditioning WF Waterfront A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. An MLS allows brokers to see one another's listings of. Home affordability takes into account your income, down payment, and monthly debts. DOT Deed of Trust A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. The amount of the loan divided by the price of the house. LR Living room You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. Be sure to read the fine print carefully. A database where real estate agents list properties for sale. But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. FSBO For Sale By Owner Cont Contemporary There are four important items that must be included in a buyer's pro forma. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. FML Formal PERM Perm Attic Stairs 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. Bidding wars are common. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. However, the widespread use of BB started in the 2010s, with the rise of smartphones and chat apps becoming the primary form of communication between teenagers. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. What Does FS Mean, and How Do You Use It? Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. Bung Bungalow FR Family room TOWN Town House Please switch to a supported browser or download one of our Mobile Apps. PICK Picket Fence SD/W Storm Doors & Windows A visual evaluation performed by a licensed home inspector to look for any potential defects or items of note related to the property, building(s), and the systems in a home. OVER Oversized Garage Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. These abbreviations are typically written in all capital letters. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. Cloudflare Ray ID: 7a2835264c3fdd54 CP Carport Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. This is a statement a borrower will receive from their lender at least three days before closing on a home. An encumbrance can create a cloud on the title of a real property. There are also a few other cultural definitions for BB. CRE Creative Real Estate PRQ Parquet A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. GAR Garage G/A Garage, Attached Back Bay + 1 1. NAR National Association of Realtors Each lending institution sets its own prime rate. PVT Private Crprt Carport Read more about FHA loans here. I/O Interest Only (loan) UPF, UPR Upper floor OCN Ocean Copyright 2022 Ann Arbor Area Board of REALTORS. Like, from the 50s. BB Baseboard Heat The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. Read more about escalation clauses and making an offer on a home. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Typically, putting away 5% of the rent . They charge dues used to maintain common areas. WD PNL Wood paneling Business FDIC Federal Deposit Insurance Corporation HP Heat Pump This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. Buying a Flipped House: Is It Right for You? and DOS Due On Sale Clause The action you just performed triggered the security solution. CAC Central Air Conditioning LTV loan to value The status will show as pending until the closing. Back Bay. 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. A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. E Rng Electric Range DET Detached garage Not all products and services are available in all states. How have you been?. Tiny . A rehabilitation loan backed by the federal government that permits home buyers to finance money into a mortgage to repair, improve or upgrade a home. RTO Rent to Own 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. If you have the money to hire a handyman for every household woe, go ahead. Not all real estate agents are REALTORS. Learn more here. Bonus information may be placed in "Other" field. TRSH Trash Pickup Home affordability takes into account your income, down payment, and monthly debts. OP Occupancy Permit CMA Comparative Market Analysis 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. RPAC Realtors Political Action Committee EA exclusive agency 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. CRB Certified Real Estate Broker HDWD Hardwood A full bathroom is a room with a toilet, a sink and a bathtub. 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. Not all mortgages. REI Real Estate Investing A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. SRES Senior Real Estate Specialist, Additional Resources: EIK Eat in kitchen MLS Multiple Listing Service ATFN Attic Fan SHOP Workshop ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. A not-for-profit professional association that sets and promotes standards for property inspections. CBR Certified Buyer Representative One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Det Detached Garage 2/1 2 bedrooms / 1 bathrooms VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization Usually . It is in fact a real word (but that doesn't mean . The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. F/A Ht, FAH Forced Air Heat 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. 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. 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. The four items include, repairs, vacancy loss, property management, and miscellaneous. FXR Fixer Upper RTO Rent To Own OBO Or Best Offer BA Bath There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. You may want the retreat, but ask yourself if you're truly ready for all it entails. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. Real estate terms to know when you've started house hunting. "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 . CCIM Certified Commercial Investment Member Fixtures are a frequent subject of buyer and seller disputes. Zillow, Inc. holds real estate brokerage licenses in multiple states. GAROP Garage Door Opener You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. SPKLR Sprinkler HPWA Water/Air Ht Pump Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. FMR Fair Market Rent Translation: This home is small. 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. PGS Propane 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. 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. Example: P30 (3% offered) Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Banks, savings and loans, and credit unions. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. BR Bedroom 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. A certain portion of the homes purchase price that a buyer must pay. It is for information purposes only, and any links provided are for the users convenience. You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. CDS Cul de sac PRTL Partial Try our affordability calculator to see how much house you might be able to afford. OO Owner Occupied Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. This abbreviation is a shorthand way of showing your affection to your partner.