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. Market conditions that exist when buyers outnumber homes for sale. LRG Large Since many phrases can be shortened to BB, this acronym might refer to other things online. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. 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. DOT Deed of Trust Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. 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. HDWD Hardwood It should return to active soon enough, so its certainly worth piping up if youre smitten. SPLT Split-Level Not all Northwestern Mutual representatives are advisors. Click to reveal *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. L/O Lease Option Brokerage. 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. Co je to ESG a co pro vs znamen? - Lexology 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. So if you adore what you see in thelisting, it certainly canthurt to inquire. MLSs are local or regional. OFF Off Street Parking An origination fee is not a single fee. He also works as a digital marketer for a regional e-commerce website. GARB Garbage What Is Real Estate? A Definition And A Guide | Rocket Mortgage And the real estate business is no different. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Each lending institution sets its own prime rate. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Prospective purchasers of an inn need to know exactly what they mean. Dbl Double If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Try. 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. If thats your style, you're in luck. Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Large E-2 plan:This is one of several floor plans available in a specific building. About Truist | Truist ALM Aluminum Siding HDW, HWF, hdwd - This means there is hardwood flooring in the home. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Powered by webmasterWP.com. Crprt Carport SWR Sewer The fascinating story behind . Baseboard Heat + 2. Business, Property, Real Estate Advertising. The ratio compares the borrowers monthly debt payments to gross income. Title Records posts and articles. C/VAC Central vacuum You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. PILE Pilings All Rights Reserved. Not all real estate agents are REALTORS. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. BB Real Estate Abbreviation Meaning - All Acronyms CRE Commercial Real Estate Learn more about pre-approval here. SPC Drive parking spaces The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. Learn more. ERS exclusive right to sell Affordability. DLO Seller Disclosure You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. All Rights Reserved. OO Owner Occupied What is BB meaning in Real Estate Advertising? CMA Comparative Market Analysis VYL Vinyl DCR, DSCR, DSR Debt Service Coverage Ratio This is the most popular NAR official designation and is relatively easy to get and maintain. The reason for a botched sale could lie with the previous buyer, but you'll want to do your homework before you give the seller the benefit of the doubt. DK Deck MK Modern kitchen 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. FFBR First Floor Bedroom NOI Net Operating Income FDR Formal dining room One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. Business KIT, KT Kitchen TEN Tennis Court What Does "BB" Mean, and How Do I Use It? - How-To Geek to cover taxes and insurance. PITI Principal, Interest, Taxes, and Insurance Decoding an MLS Listing - Weichert New real estate investors may wonder what the terms Class A, B, C, and D property mean. HIST Historical District Read more about pre-qualification here. CNS Certified Negotiation Specialist Cldsc Cul-de-sac Deco Decorative Fence RTO Rent To Own Encumbrance, Defined And Explained | Rocket Mortgage 4/3 4 bedrooms / 3 bathrooms Real Estate Certification: Different Kinds and What You NEED - UpNest A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Back Bay + 1 1. ATFN Attic Fan MIC Mint Condition (like new or new) ELE Electric Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. Learn more about down payments here. 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. AC Acre This claim belongs to a third party, who can either be an organization or an individual. All Rights Reserved, Hey bb! UPF, UPR Upper floor After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. HML Hard Money Lender BA Bath Cent h/a Central Heat&Air EMC Earnest money contract 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. 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. I/O Interest Only (loan) ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. PMI Private mortgage insurance Even though a sale is highly likely, some pending properties may still accept backups. MAO Maximum Allowable Offer CH Central heat Individuals could include neighbors or other people who have a right of way. TRSH Trash Pickup PERM Perm Attic Stairs Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. PWDR RM Powder room or half bath 1C, 2C 1 or 2 car Garage Learn more about foreclosure here. RV PRKG RV Parking CVAC Central Vacuum Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. PAR Partially Fenced Real Estate: Definition, Types, How to Invest in It - Investopedia Learn more about refinancing here. O/F Owner Finance A portion of your monthly payment goes into the. During this time, the home is inspected and appraised, and the title searched for liens, etc. FRBO for rent by owner Try our affordability calculator to see how much house you might be able to afford. FCRA Fair Credit Reporting Act E Rng Electric Range PICK Picket Fence SPAC Spacious One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. CFD Contract for Deed PRTL Partial It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. They charge dues used to maintain common areas. 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. Copyright 2022 Ann Arbor Area Board of REALTORS. After all, you wouldn't want to get stuck with a money pit. Clap Clapboard Siding 2-LV : Two living levels. 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. This abbreviation is a shorthand way of showing your affection to your partner. AEK All electric kitchen 4B/2B: Four bedrooms and two bathrooms. WDSTV Wood Burn Stove BB Baseboard Heat 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. A database where real estate agents list properties for sale. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Guide To REO Properties And How To Buy Them | Quicken Loans 2. There is no MLS covering the whole country. Often, the listing will indicate which rooms have hardwood flooring. D/W Dishwasher 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. Real Estate Abbreviations | YourDictionary Click to reveal BA; BTH : Bathroom. Prices are often higher than average. This abbreviation is a shorthand way of showing your affection to your partner. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. WD PNL Wood paneling 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. CDS Cul de sac Zillow, Inc. holds real estate brokerage licenses in multiple states. Buying a Flipped House: Is It Right for You? Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. This means the propertys ownersare actively taking backup offers in case the first one falls through. 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. WTR PD Water paid During this time, the home is inspected and appraised, and the title is searched for liens, etc. Multiple Listing Service (MLS): Definition, Benefits, and Fees While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. SEC SYS Security System REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. 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. CCR Conditions, Covenants, and Restrictions You may want the retreat, but ask yourself if you're truly ready for all it entails. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. GNMA Ginnie Mae or Government National Mortgage Association The Real Estate Terms to Know When You're Looking at Home Listings An encumbrance can create a cloud on the title of a real property. FNCD YD Fenced Yard Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. PLAY Playground Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. LOI Letter of Intent The Real Estate Commission: How Much Are Realtor Fees? CRE Creative Real Estate 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. AST Assessment Lien Lien, JTL. PITI Principal, Interest, Taxes and Insurance Have questions about buying, selling or renting during COVID-19? The amount of the loan divided by the price of the house. 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. If you're still unclear what a shorthand is referring to, reach out to the listing agent. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. You are not obligated to accept the loan just because you received a loan estimate. PROP HT Propane Heat PAT Patio EA exclusive agency A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Fpgas Gas Fireplace BB Real Estate Abbreviation. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. WHKP Washer Hookup Classifying property is in part about age but should also consider things like affordability, amenities, and livability. IGSP In-Ground Sprinkler VWS, VW, VU View or views There are four important items that must be included in a buyer's pro forma. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. LTV loan to value Read more about back-end ratio here. WDSTV Wood-Burning Stove 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Bonus information may be placed in "Other" field. 1. END End Unit IRA Individual Retirement Account It's anything that can be subject to ownership, except land. Back Bay. An MLS allows brokers to see one another's listings of. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Windows 11: How Much RAM Can Your PC Have? 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. Have questions about your home financingpaperwork? Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. This means that even though theres an accepted offer on the home, the seller is looking for backup offers in case the primary buyerfalls through. A certain portion of the homes purchase price that a buyer must pay. SD Security Deposit POR, POR-S Porch/Screened