G-RNG Gas Range RDR Radiator Prospective purchasers of an inn need to know exactly what they mean. COCR or CCR Cash on Cash Return What Does FS Mean, and How Do You Use It? Go now! 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. OVER Oversized Garage GRI Graduate Realtor Institute Not all mortgages carry a prepayment penalty. Be sure to read the fine print carefully. Dsp Garbage Disposal Look for this accreditation or something similar when shopping for a home inspector. Refund Policy, U.S. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. MOPOA Monthly POA Fee TEN Tennis Court 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. WIC Walk-in closet, ARV After-Repaired Value There are five main categories of real estate. 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. SFR Single Family Residence I havent seen you in forever. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Learn more here. A portion of your monthly payment goes into the. Miscellaneous. PLAY Playground HWH Hot water heater REC Recreation Room An MLS allows brokers to see one another's listings of. CBR Certified Buyer Representative 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. FXR Fixer Upper Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. Personal property is movable property. 3B/2B - three bedrooms and two bathrooms 2C - two-car garage A/C - air conditioning Appls - appliances Apt - apartment Ba - bathroom Br - bedroom CAC - central air conditioning Ch - central heat An FDR with a DK? 1 /8. FFE furniture, fixture, and equipment The price of a home, as set by the seller. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). This means that the home fell out of escrow,perhaps due to contract issues, says Tania Matthews, an agent with Keller Williams Classic III Realtyin Central Florida. TRAD Traditional A three-page document sent to an applicant three days after they apply for a home loan. An encumbrance is a claim that limits how a property owner can use their property. How-To Geek is where you turn when you want experts to explain technology. How to use real estate in a sentence. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. CH Central heat In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Have questions about your home financingpaperwork? In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Read more about PMI here. The governing body of a housing development, condo or townhome complex that sets rules and regulations. Try our amortization calculator to learn more. PL/A Above Ground Pool Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. E Rng Electric Range It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. SRO Single Room Occupancy Chn Chain Link Fence This list of real estate investing abbreviations is useful for real estate brokers. F/A Ht, FAH Forced Air Heat APT Apartment Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Cnl Canal CRT. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Home affordability takes into account your income, down payment, and monthly debts. 4/3 4 bedrooms / 3 bathrooms HPWA Water/Air Ht Pump Clus Cluster Read, A ratio that compares a home buyers expenses to gross income. GLFP Gas log fire place Det Detached Garage 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 difference between the two is usually fairly . How have you been?. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. W/D Washer/Dryer Related:The Best 10 Plants to Grow for Backyard Privacy. These abbreviations are typically written in all capital letters. A concrete point at which buying a home makes more financial sense than renting one. BA Bath MK Modern kitchen A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Usually . Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. U/G SPRK Underground Sprinkler A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Brk Brick One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. A not-for-profit professional association that sets and promotes standards for property inspections. All Rights Reserved. Real estate abbreviations are important to save time and money. RELATED: What Does "TMI" Mean, and How Do You Use It? JV Joint Venture Allow us to clear things up, by explaining what these things really mean in plain old English. LR with Fplc? MULTI 3+ Car Garage FSBO For Sale by Owner FMV Fair Market Value MTG Mortgage What Does BB Mean, and How Do I Use It? Crprt Carport Real estate terms to know when you've started house hunting. Both words imply motion, but the difference may b. Defenestration. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). GNMA Ginnie Mae or Government National Mortgage Association ATT Attached Garage These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. 2. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. This abbreviation is a shorthand way of showing your affection to your partner. Click to reveal Performance & security by Cloudflare. Deco Decorative Fence A full bathroom is a room with a toilet, a sink and a bathtub. A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. GRES Graduate Real Estate Society Read more about closing costs here. This is a statement a borrower will receive from their lender at least three days before closing on a home. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. AG Agreement Agreement Comm. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. NOO Non-Owner Occupied This is the escrow period, when both buyer and seller are workingtoward a closing. 4B/2B:Four bedrooms and two bathrooms. The ratio compares the borrowers monthly debt payments to gross income. FMR Fair Market Rent 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. DLM Seller Disclaimer 3/4 Bath toilet + sink + shower or tub Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Maximum loan amounts can vary by county. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. This means that aproperty is currently on the market and available for sale. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. BA; BTH : Bathroom. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. DET Detached garage Learn more about down payments here. F-bmt Finished Basement JTUB Jetted Tub BR Bedroom So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. Paying points, which are tax deductible, will lower the monthly mortgage payment. Cloudflare Ray ID: 7a28359a3f44c34a Business Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. SMART Typically computer-controlled heating and cooling, alarms, lights etc. 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. CRS. MYOB Mind Your Own Business SAT Satellite Dish MAO Maximum Allowable Offer The number of days a property listing is considered active. 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. There is no MLS covering the whole country. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. AEK All electric kitchen Terms Of Use It may sound charming, but a house that's described as having lots of character could look just plain weird in person. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. 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. W/D WD Washer and dryer Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Dry Clothes Dryer 2. 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. LOC Line of Credit An origination fee is not a single fee. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. CAC Central air conditioning Affordability. It is in fact a real word (but that doesn't mean . DEDRS Deed Restrictions Abbreviations on the list may have capitalization variations. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. WHF Whole House Fan STOR Assigned Storage WHKP Washer Hookup The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. Privacy Policy and Cvga Converted Garage Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. HP Heat Pump Used under license. LFT Loft Since we launched in 2006, our articles have been read billions of times. I want to receive exclusive email updates from YourDictionary. Here are a few examples of BB in action: Do you want to learn more internet slang terms? REO Real Estate Owned Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Crwl Crawl Space PL, SP, S/P Swimming pool Bb. HOA Homeowners association A loan estimate can help borrowers shop and compare costs of loans with lenders. In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. When this happens, he or she risks the home heading into the foreclosure process. HML Hard Money Lender VWS, VW, VU View or views INLW In-Law Suite A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. These abbreviations are typically written in all capital letters. HIST Historical District PRQ Parquet Example: P30 (3% offered) to cover taxes and insurance. SFH Single Family House CP Carport 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. Fees associated with the purchase of a home that are due at the end of the sales transaction. IRA Individual Retirement Account 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. HVAC heating, ventilation and air conditioning CCR Conditions, Covenants, and Restrictions The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Clap Clapboard Siding A database where real estate agents list properties for sale. BCH Beach You can email the site owner to let them know you were blocked. SHNG Shingle 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. Listing:An agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owners home. GRNO Ground Maintenance SPLT Split-Level REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. CMA:Comparative market analysis or competitive market analysis. HDW, HWF, hdwd - This means there is hardwood flooring in the home. PMP Well Pump FIN LL Finished lower level Questions And Answers DLO Seller Disclosure 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. PAR Partially Fenced Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. DBA Doing Business As SEW Sewer 1C, 2C 1 or 2 car Garage MO Month HD, HDFL Hardwood floors 147.189.141.138 Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Read more about origination fees here. HUD Department of Housing and Urban Development Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Learn more. AJ Affidavit of Joint Tenant Deed. PICK Picket Fence OSP Off-street parking is available After the set time period your interest rate will change and so will your monthly payment. HSF Heated square feet Home CCR Conditions, Covenants, and Restrictions We select and review products independently. POR, POR-S Porch/Screened 7 meanings of BB abbreviation related to Real Estate: Real Estate. Check out our glossary of frequently-used mortgage terms. OWN Owner Financing MSN Masonry ROI Return On Investment Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. SPC Drive parking spaces 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. SHOP Workshop Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? Performance & security by Cloudflare. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. The word listing is also used to refer to the for-sale home itself. LRG Large That doesnt mean that its a done deal by any means, however (more on that next). Each lending institution sets its own prime rate. 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. You can email the site owner to let them know you were blocked. OFC Office A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. New real estate investors may wonder what the terms Class A, B, C, and D property mean. TRAN Transitional Not all real estate agents are REALTORS. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. You can use BB to mean basketball, especially in internet communities dedicated to the sport. ARI Articles of Incorporation Notice, certificate. GARD Garden They charge dues used to maintain common areas. Powered by webmasterWP.com. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. to see how much house you might be able to afford. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. Closing costs are generally paid through escrow. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. EA exclusive agency Since many phrases can be shortened to BB, this acronym might refer to other things online. GAR Garage A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Not all mortgages. C-fan Ceiling Fan Typically, putting away 5% of the rent . FLR Floor Furnace C/VAC Central vacuum GRI Graduate REALTOR Institute Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. 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. Farm Farmhouse 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. LA Living area 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. BBbb. The Real Estate Commission: How Much Are Realtor Fees? To meet client needs, to empower teammates, and to lift up communities. Learn more about refinancing here. MEIK Modern eat-in kitchen PVT Private The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. LTV Loan to Value These institutions underwrite as well as set home loan pricing in-house. Individuals could include neighbors or other people who have a right of way. An origination fee is not a single fee. Try our debt-to-income calculator to learn more. You are not obligated to accept the loan just because you received a loan estimate. OO Owner Occupied This was when the term exploded as a pet name between both lovers and friends. This is the most popular NAR official designation and is relatively easy to get and maintain. Bonus information may be placed in "Other" field. Copyright 2022 Ann Arbor Area Board of REALTORS. COF Cost of Funds 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. WIN Window/Wall Unit SEC Security System The status will show as pending until the closing. Read, A property repossessed by a bank when the owner fails to make mortgage payments. Bring vs. Take. The act of paying off one loan by obtaining another. An encumbrance can create a cloud on the title of a real property. Not all products and services are available in all states. During this time, the home is inspected and appraised, and the title searched for liens, etc. MBA Master Bedroom w/Bath A ratio that compares a home buyers expenses to gross income. The sale of a home by an owner who owes more on the home than its worth. 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. 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. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. COO or C of O Certificate of Occupancy PMI Private mortgage insurance Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). HBR Harbor A concrete point at which buying a home makes more financial sense than renting one. The content on this site is not intended to provide legal, financial or real estate advice. 2/1 2 bedrooms / 1 bathrooms But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. The property is sold and no longer available. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. PROP HT Propane Heat Tiny . Bidding wars are common. When you purchase through our links we may earn a commission. GMT Kitchen Gourmet kitchen Active This means that a property is currently on the market and available for sale. STR On Street Parking Often, the listing will indicate which rooms have hardwood flooring. A minimum requirement is often dictated by the loan type. HOA Homeowners Association NAR National Association of Realtors Refinancing is generally done to secure better loan terms, such as a lower interest rate. The document includes loan terms, monthly payment and closing costs. CHMS Certified Home Marketing Specialist . SKY Skylights