A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. Fp, Fpl, Fplc Fireplace If you wish to report an issue or seek an accommodation, please let us know. OP Occupancy Permit 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. A database where real estate agents list properties for sale. 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 owners bank must approve a lower listing price before the home can be sold. FM RM Family Room FCRA Fair Credit Reporting Act Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. A/G PL : Above-ground swimming pool. Read our stress-free guide to getting a mortgage. 1C : One-car garage. WIN Window/Wall Unit ELV Elevator We select and review products independently. W/W CRPT Wall To Wall Carpet A combination of loans bundled to avoid private mortgage insurance. He also works as a digital marketer for a regional e-commerce website. PRV, PVCY FENCE Privacy Fence That doesnt mean that its a done deal by any means, however (more on that next). If you hang around social media circles and forums that talk about TV, BB might also stand for Big Brother, a prominent reality show franchise involving a group of strangers living together in the same house. PLAY Playground W/D WD Washer and dryer The ratio compares the borrowers monthly debt payments to gross income. SCRND PORCH Screened Porch GRI Graduate Realtor Institute Privacy Policy. POA Power of Attorney The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. HW Hot Water A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. FDR Formal dining room Related:7 Features That Define the New American Home. That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. F-bmt Finished Basement Cnl Canal Your IP: All Rights Reserved. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). If a place is advertised as needing TLC then its likely a bona fide fixer-upper. FHA Federal Housing Administration Learn more about down payments here. All abbreviations on this list are typically written in all capital letters. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. REF Refrigerator SPAC Spacious Crwl Crawl Space . ELE Electric GAROP Garage Door Opener FRBO for rent by owner GRI Graduate REALTOR Institute Not all mortgages carry a prepayment penalty. A property was withdrawn from the realty market. 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. BLDRS REDO Builders Renovation Windows 11: How Much RAM Can Your PC Have? 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. Related:12 Ideas to Steal from Vintage Kitchens. 2/1 2 bedrooms / 1 bathrooms There are four important items that must be included in a buyer's pro forma. DLO Seller Disclosure FNCD YD Fenced Yard SHOP Workshop SEC Security System NOI Net Operating Income Personal property is movable property. ARI Articles of Incorporation Notice, certificate. SFR Single Family Residence RAD Radiant Heat 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. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . ARM Adjustable Rate Mortgage 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. After the set time period your interest rate will change and so will your monthly payment. Read more about back-end ratio here. 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. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Brk Brick It is in fact a real word (but that doesn't mean . CFan Ceiling Fan Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Terms Of Use ERS exclusive right to sell 4B/2B:Four bedrooms and two bathrooms. WAR Warranty Plan KIT, KT Kitchen 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. 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. GMT Kitchen Gourmet kitchen OSP Off-street parking is available When used in a real estate listing, the words "cozy" or "charming" aren't describing the ambiance of the space so much as the size. MBA Master Bedroom w/Bath REO Real Estate Owned NGS Natural Gas Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. OCN Ocean TRAN Transitional One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. APPLS Appliances 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. 1 /8. BA Bathroom All Rights Reserved, Hey bb! A full bathroom is a room with a toilet, a sink and a bathtub. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. This browser is no longer supported. AC Acre Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. UTRM Utility Room It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. Bring vs. Take. 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. "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 . Fpgas Gas Fireplace 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. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. Brkf Breakfast Area Look for this accreditation or something similar when shopping for a home inspector. A security deposit made by the buyer to assure the seller of his or her intent to purchase. CRE Creative Real Estate County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Buying a Flipped House: Is It Right for You? An encumbrance can create a cloud on the title of a real property. Privacy Policy Read more about FHA loans here. 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. Business 2023 All Rights Reserved. Read more about PMI here. RTO Rent to Own Not all mortgages. Read more about escalation clauses and making an offer on a home. The price of borrowing money. Read more about the Buy-Rent Breakeven Horizon here. BD Bedroom An encumbrance is a limit on how an owner can use real estate. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. An FDR with a DK? LFT Loft Since we launched in 2006, our articles have been read billions of times. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. CVAC Central Vacuum Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? OA Owner Agent 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. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. We Let ChatGPT Create AI Art, Heres What It Made, The New Outlook for Windows Is Opening Up to More People, How to Optimize Your Steam Deck for a Longer Lasting Battery, 2023 LifeSavvy Media. These abbreviations are typically written in all capital letters. BA Bath 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. To meet client needs, to empower teammates, and to lift up communities. REIA Real Estate Investors Association Back Bay + 1 1. A fee, charged by a broker or lender, to underwrite and process a home loan application. I want to receive exclusive email updates from YourDictionary. Have questions about your home financingpaperwork? Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). 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 . Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. PVT Private STR On Street Parking SPKLR Sprinkler Det Detached Garage BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. OFF Off Street Parking Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. SFH Single Family House MAO Maximum Allowable Offer LRG Large A property repossessed by a bank when the owner fails to make mortgage payments. No purchase is necessary to view U.S. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. A loan estimate can help borrowers shop and compare costs of loans with lenders. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. 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. Home affordability takes into account your income, down payment, and monthly debts. HP Heat Pump GRMET KIT, GRMT KIT Gourmet kitchen The ratio compares the borrowers monthly debt payments to gross income. 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. MAO Maximum Allowable Offer 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. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. UNO Unit Number It should return to active soon enough, so its certainly worth piping up if youre smitten. Cldsc Cul-de-sac JV Joint Venture Bidding wars are common. This is important, as identifying a property's class can predict how the asset might perform. An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. Read, A property repossessed by a bank when the owner fails to make mortgage payments. These structures can be both above and under the ground. POR, POR-S Porch/Screened RELATED: How to Stream U.S. Sports for Free Online. 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. A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. R/OPT Rent w/Opt-Buy Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage. DhkpP Dryer Hookup BB Baseboard Heat DWF, DWAC Deep Water/Access W/D Washer/Dryer Allow us to clear things up, by explaining what these things really mean in plain old English. Homes can sit on the market for a long time, and prices tend to drop. FHA Federal Housing Administration PMI Private mortgage insurance Abbreviations on the list may have capitalization variations. LPOA Limited Power of Attorney DBA Doing Business As Tiny . GARB Garbage DOT Deed of Trust Anne Miller lives in New York and writes real estate news and advice stories. LR Living Room 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.. BR Bedroom 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. 7 meanings of BB abbreviation related to Real Estate: Real Estate. Bb. DOS Due On Sale Clause A concrete point at which buying a home makes more financial sense than renting one. 147.189.141.138 This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in .