These institutions underwrite as well as set home loan pricing in-house. WLKIN Walk-in Closet One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. WHKP Washer Hookup DhkpP Dryer Hookup What Does BB Mean, and How Do I Use It? Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. A not-for-profit professional association that sets and promotes standards for property inspections. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. 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. Both words imply motion, but the difference may b. Defenestration. FFBR First Floor Bedroom Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. A full bathroom is a room with a toilet, a sink and a bathtub. The word listing is also used to refer to the for-sale home itself. CRT. Read more about pre-qualification here. RPAC Realtors Political Action Committee Try our affordability calculator to see how much house you might be able to afford. CCIM Certified Commercial Investment Member 2023 All Rights Reserved. The sale of a home by an owner who owes more on the home than its worth. Press F to Pay Respects: What Does F Mean Online? 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. RDR Radiator REIA Real Estate Investors Association 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. This is the escrow period, when both buyer and seller are workingtoward a closing. The ratio compares the borrowers monthly debt payments to gross income. Chn Chain Link Fence HOA Homeowners association POR, POR-S Porch/Screened 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. But if thats not what youre looking for, keep shopping. Privacy Policy. Fixtures are a frequent subject of buyer and seller disputes. All Rights Reserved. CCR Conditions, Covenants, and Restrictions POF Proof of Funds The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a homes value. P&S Purchase and sale Lo dues:Low homeowners association dues. WBFP Wood Burning Fireplace Bung Bungalow 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. PERM Perm Attic Stairs 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. 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. FRBO for rent by owner NAT GS HT Natural gas heat Cloudflare Ray ID: 7a2835264c3fdd54 MIC Mint Condition (like new or new) WTR Water FDIC Federal Deposit Insurance Corporation Paying points, which are tax deductible, will lower the monthly mortgage payment. Keep reading to learn more about this unique abbreviation. UTLVL Utility Room Level Bidding wars are common. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Dr -Dining Room 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. 2. You may want the retreat, but ask yourself if you're truly ready for all it entails. The action you just performed triggered the security solution. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. MSN Masonry DLM Seller Disclaimer to see how much house you might be able to afford. A database where real estate agents list properties for sale. ASM Assumptions TIL Truth In Lending, A/G PL Above-ground Pool SKY Skylights This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. I want to receive exclusive email updates from YourDictionary. All abbreviations on this list are typically written in all capital letters. 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. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. 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. NYSAR New York State Association of Realtors Fees associated with the purchase of a home that are due at the end of the sales transaction. VWS, VW, VU View or views Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. The governing body of a housing development, condo or townhome complex that sets rules and regulations. MLSs are local or regional. Contact Us Articles may contain affiliate links which enable us to share in the revenue of any purchases made. SPC Drive parking spaces 4B/2B: Four bedrooms and two bathrooms. When a home listing touts its custom features, take care. Brk Brick FHA Federal Housing Administration Property Records Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. If you have the money to hire a handyman for every household woe, go ahead. ELE Electric PL, SP, S/P Swimming pool SQ FT Square Feet How-To Geek is where you turn when you want experts to explain technology. These structures can be both above and under the ground. FSBO For Sale by Owner Active This means that a property is currently on the market and available for sale. AMO Accredited Management Organization HB Half Bath (toilet + sink) D/D Dishwasher and a garbage disposal LA Living area A ratio that compares a home buyers expenses to gross income. RNCH Ranch CNS Certified Negotiation Specialist A buyers final inspection of a home before closing. The Real Estate Commission: How Much Are Realtor Fees? Buyers should budget for an amount that is 2% to 5% of the homes purchase price. Cozy Charm. Det Detached Garage property in buildings and land; space, capacity See the full definition . Even though a sale is highly likely, some pending properties may still accept backups. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. SHOP Workshop And the real estate business is no different. 1C : One-car garage. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. PICK Picket Fence Back Bay. Deco Decorative Fence A deed is the legal document that establishes ownership of real property, and is also used to transfer the ownership of real property to another person or entity. AC or A/C Air conditioning LTV Loan to Value HTUB Hot Tub A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Step 3: You then find tenants in 30-60 days to take over the two . The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. What Does FS Mean, and How Do You Use It? FR Family room Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Privacy Policy A three-quarter bathroom has a toilet, a sink and a shower. What is BB meaning in Real Estate Advertising? REF Refrigerator There are also a few other cultural definitions for BB. PAT Patio It is for information purposes only, and any links provided are for the users convenience. 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. These abbreviations are typically written in all capital letters. Mstr Master bed room UPF, UPR Upper floor Cnl Canal There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. ATT Attached Garage FM RM Family Room In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. R/OPT Rent w/Opt-Buy When you boil it down to the basics, real estate has a simple meaning. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. HBR Harbor LOI Letter of Intent BBbb. 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. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. REI Real Estate Investing MBRFP Master Bedroom w/FP The status will show as pending until the closing. Foyr Foyer OFC Office Miscellaneous. NONQ Non-Qualifying SMB Split Master Bedroom Copyright 2022 Ann Arbor Area Board of REALTORS. WDSTV Wood Burn Stove HSF Heated square feet BA; BTH : Bathroom. AG Agreement Agreement Comm. FML Formal Refund Policy, U.S. PMP Well Pump Read more about FHA loans here. A property repossessed by a bank when the owner fails to make mortgage payments. HIST Historical District 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. PRQ Parquet Dbl Double Powered by webmasterWP.com. COO or C of O Certificate of Occupancy U/G SPRK Underground Sprinkler C-fan Ceiling Fan It is in fact a real word (but that doesn't mean . Bring vs. Take. REL Related to Seller When this happens, he or she risks the home heading into the foreclosure process. Business CCR Conditions, Covenants, and Restrictions GRMET KIT, GRMT KIT Gourmet kitchen Click to reveal Each lending institution sets its own prime rate. F/A Ht, FAH Forced Air Heat PITI Principal, Interest, Taxes, and Insurance 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. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Dry Clothes Dryer 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. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. Fixture:Anything of value that is permanently attached to or a part of real property. The difference between the two is usually fairly . In many listings, the term is used to describe to an area that's in the process of transition. STR On Street Parking MEIK Modern eat-in kitchen SPDED Special Warranty Deed The amount of the loan divided by the price of the house. BALC Balcony WIN Window/Wall Unit 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. OWN Owner Financing SCRND PORCH Screened Porch Prices are often higher than average. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Read, 42. 1C, 2C 1 or 2 car Garage A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Learn more about refinancing here. FXR Fixer Upper INLW In-Law Suite Get the top BB abbreviation related to Real Estate. By submitting your email, you agree to the Terms of Use and Privacy Policy. GRI Graduate Realtor Institute ELV Elevator TRAN Transitional BR Bedroom It should return to active soon enough, so its certainly worth piping up if youre smitten. A portion of your monthly payment goes into the. There is no MLS covering the whole country. OBO Or Best Offer Brokerage. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. "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 . Windows 11: How Much RAM Can Your PC Have? That happens through real care to make things better. Sub2 Subject to existing financing WIC Walk-in closet, ARV After-Repaired Value 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. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. GARB Garbage APPLS Appliances American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. 67.211.219.14 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. DCR, DSCR, DSR Debt Service Coverage Ratio Related:18 Big Storage Ideas to Steal from Tiny Homes. D/W Dishwasher Crwl Crawl Space Clap Clapboard Siding Sort. All rights reserved. Related:7 Features That Define the New American Home. W/D HKUP Washer/Dryer hookup ATFN Attic Fan These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Crystal R. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Maximum loan amounts can vary by county. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. 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. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. 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