1C, 2C 1 or 2 car Garage 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. BA Bath I/O Interest Only (loan) ERS exclusive right to sell HUD Housing and Urban Development APT Apartment CRE Commercial Real Estate Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. The "P" represents percent. AMO Accredited Management Organization A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. PAR Partially Fenced ARM Adjustable Rate Mortgage Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. 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. Affordability. OBO Or Best Offer Lo dues:Low homeowners association dues. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Market conditions that exist when buyers outnumber homes for sale. There are also a few other cultural definitions for BB. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. DEDRS Deed Restrictions Keep an eye out for seriousmaintenance issues that may be disguised by quick surface repairs, and call in a trusted home inspector to help you spot any hidden problems. WTR Water KIT, KT Kitchen Sub2 Subject to existing financing G/A Garage, Attached Paying points, which are tax deductible, will lower the monthly mortgage payment. BCH Beach 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. WDSTV Wood-Burning Stove CCR Conditions, Covenants, and Restrictions LPOA Limited Power of Attorney The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. CPM Certified Property Manager REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Prepaid interest owed at closing, with one point representing 1% of the loan. Be sure to read the fine print carefully. 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 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. The governing body of a housing development, condo or townhome complex that sets rules and regulations. An encumbrance can create a cloud on the title of a real property. Cbl,Cblh Cable/Hookup COF Cost of Funds 2. Bidding wars are common. JV Joint Venture A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. A concrete point at which buying a home makes more financial sense than renting one. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. These structures can be both above and under the ground. AC or A/C Air conditioning FM RM Family Room NYSAR New York State Association of Realtors Updated from an earlier version on realtor.com. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. O/F Owner Finance A loan estimate can help borrowers shop and compare costs of loans with lenders. PITI Principal, Interest, Taxes, and Insurance Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. What Does BB Mean, and How Do I Use It? WBFP Wood Burning Fireplace 1. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Banks, savings and loans, and credit unions. Those real estate terms and definitions should give you a good start when it comes to understanding your real estate agent and the listings they . HVAC heating, ventilation and air conditioning Read more about pre-qualification here. Baseboard Heat + 2. Business, Property, Real Estate Advertising. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. CDS Cul de sac 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. Get the top BB abbreviation related to Real Estate. Dk Deck WSH Washer Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. TRAN Transitional MBA Master Bedroom w/Bath BLDRS REDO Builders Renovation 2-LV : Two living levels. Usually . Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. APR Annual Percentage Rate Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. HRS Horses Allowed SRES Senior Real Estate Specialist, Additional Resources: Cnl Canal ASG Assessment Assessment. L/O Lease Option Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. A minimum requirement is often dictated by the loan type. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. STR On Street Parking LRG Large Title Records posts and articles. Translation: This home is small. To meet client needs, to empower teammates, and to lift up communities. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. Farm Farmhouse But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. MTG Mortgage glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. CVAC Central Vacuum IGSP In-Ground Sprinkler 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. TOWN Town House Market conditions that exist when homes for sale outnumber buyers. A state in which an escrow agent is responsible for closing. 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.. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. MAR Marble The word listing is also used to refer to the for-sale home itself. FSBO For Sale by Owner Essentially, "turnkey" means that . Try our amortization calculator to learn more. NAR National Association of Realtors SPAC Spacious Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. The sale of a home by an owner who owes more on the home than its worth. Related:The Best 10 Plants to Grow for Backyard Privacy. DET Detached garage DhkpP Dryer Hookup Repairs. What is BB meaning in Real Estate? AG Agreement Agreement Comm. GNMA Ginnie Mae or Government National Mortgage Association PRO Internet Professional 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. WF Waterfront WIN Window/Wall Unit Cldsc Cul-de-sac GLF Golf Course There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. 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. BA Bathroom If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. The trademarks MLS, Multiple Listing Service and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. GRI Graduate REALTOR Institute Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. MBRFP Master Bedroom w/FP PVT Private Read more about FHA loans here. Read, 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. PL -Swimming Pool Yes! CFan Ceiling Fan IRR Internal Rate of Return FSBO For Sale By Owner property in buildings and land; space, capacity See the full definition . There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. 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. Cap rates can provide valuable insight into a property. F/BSMT Fully finished basement Q POS Available for quick possession Questions And Answers An origination fee is not a single fee. Each lending institution sets its own prime rate. FNCD YD Fenced Yard Best for: Buyer's agents looking to separate themselves from the rest of the field. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Actv Active PCF Price to Cash Flow (ratio) 2023 All Rights Reserved. ASB Asbestos Siding I want to receive exclusive email updates from YourDictionary. 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. 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. PRTL Partial 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. BRRRR refinance example. VWS, VW, VU View or views Used under license. SRO Single Room Occupancy Margaret Heidenry is a writer living in Brooklyn, NY. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. GRM Gross Rent Multiplier Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. COO or C of O Certificate of Occupancy Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. REL Related to Seller The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Look for this accreditation or something similar when shopping for a home inspector. NONQ Non-Qualifying Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. G-RNG Gas Range Buyers should budget for an amount that is 2% to 5% of the homes purchase price. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. MIC Mint Condition (like new or new) HUD Department of Housing and Urban Development The amount of the loan divided by the price of the house. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. LLC Limited Liability Company The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. When this happens, he or she risks the home heading into the foreclosure process. 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 real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. A three-quarter bathroom has a toilet, a sink and a shower. WBS Wood-Burning Stove Not all mortgages. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Like other shorthand slang terms in text messages, this abbreviation is primarily written in the lowercase bb rather than the uppercase BB. On top of that, many acronyms use the uppercase BB, while the lowercase version almost exclusively refers to baby. BB is already an abbreviation of a fairly short word, so some people ditch the shorthand altogether and use baby or babe. Alternatively, you might see some people use variations such as bby, b2, or even just b., While baby has been a pet name for a romantic partner long before the internet age, the widespread use of BB is pretty recent. Performance & security by Cloudflare. 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. Read more about mortgage insurance. 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. CLHMS Certified Luxury Home Marketing Specialist They charge dues used to maintain common areas. 147.189.141.138 U/G SPRK Underground Sprinkler