He's invested in internet culture, social media, and how people interact with the web. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. The "P" represents percent. GLFP Gas log fire place While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. ELV Elevator FAG Forced air gas A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. HUD Department of Housing and Urban Development Cth Cathedral Ceiling I havent seen you in forever. 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. An origination fee is not a single fee. A combination of loans bundled to avoid private mortgage insurance. SHOP Workshop is part of the U.S. Department of Housing and Urban Development. The seller has an agreed-upon contract with the potential buyer. 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. The act of paying off one loan by obtaining another. FMR Fair Market Rent EA exclusive agency The components of a monthly mortgage payment. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. GRT RM Great room MAR Marble GRMET KIT, GRMT KIT Gourmet kitchen Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. JV Joint Venture Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. F-bmt Finished Basement During this time, the home is inspected and appraised, and the title searched for liens, etc. SFR Single Family Residence To meet client needs, to empower teammates, and to lift up communities. 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. A concrete point at which buying a home makes more financial sense than renting one. BALC Balcony This is important, as identifying a property's class can predict how the asset might perform. PMP Well Pump SKY Skylights A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. CPT Carpet or Carport A property that has come back on the marketafter a pending sale. 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 . Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. 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. Back Bay + 1 1. WDSTV Wood Burn Stove A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. GAR, GR Garage CLHMS Certified Luxury Home Marketing Specialist DK Deck Buyers should budget for an amount that is 2% to 5% of the homes purchase price. How-To Geek is where you turn when you want experts to explain technology. Tiny . They charge dues used to maintain common areas. 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. 4 Misconceptions Buyers and Sellers Have About the Housing Market, 10 Hottest Housing Markets of 2023, and What to Know if Youre Shopping in One, 13 Home-Buying Myths to Unlearn Right Now, 10 Hottest Housing Markets of 2023, and What to Know if You're Shopping in One, Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures. POA Power of Attorney BB Real Estate Abbreviation. Try our amortization calculator to learn more. 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. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . LLC Limited Liability Company This means that aproperty is currently on the market and available for sale. Real Estate Definition. 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. A database where real estate agents list properties for sale. FFE furniture, fixture, and equipment No purchase is necessary to view U.S. END End Unit NNN Triple Net Lease There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. HBR Harbor A contingent statusmeans that the seller has accepted an offer and the home is under contract. U/G SPRK Underground Sprinkler APT Apartment Cozy Charm. The base rate is set by the Federal Reserve and then customized per borrower, based on credit score, down payment, property type and points the buyer pays to lower the rate. 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. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. FHA Federal Housing Administration There is no MLS covering the whole country. An encumbrance is a limit on how an owner can use real estate. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. PL/1 In-Ground Pool NGS Natural Gas There are often additional notes with details that don't fit into the standard listing formula. 1C, 2C 1 or 2 car Garage Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. WHF Whole House Fan COO or C of O Certificate of Occupancy Read more about back-end ratio here. FDR/DR Dining room or a formal dining room Since many phrases can be shortened to BB, this acronym might refer to other things online. Read more about PMI here. After the set time period your interest rate will change and so will your monthly payment. Fha Forced Hot Air Individuals could include neighbors or other people who have a right of way. What is BB meaning in Real Estate? Usually . Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. BKYD Backyard *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. He also works as a digital marketer for a regional e-commerce website. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. A/C Air Conditioning LRG Large DCR, DSCR, DSR Debt Service Coverage Ratio TRAN Transitional This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Cbl,Cblh Cable/Hookup BRRRR refinance example. 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. 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. 4B/2B: Four bedrooms and two bathrooms. D/W Dishwasher Market conditions that exist when buyers outnumber homes for sale. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. Like, from the 50s. 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. O/F Owner Finance TOWN Town House ELE Electric SD/W Storm Doors & Windows OWN Owner Financing P&S Purchase and sale But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. A not-for-profit professional association that sets and promotes standards for property inspections. Tiny houses are a trend, for sure. RELO Relocation office Miscellaneous. POR, POR-S Porch/Screened 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. WBFP Wood Burning Fireplace Related:The Best 10 Plants to Grow for Backyard Privacy. Updated from an earlier version on realtor.com. 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. Cap rates can provide valuable insight into a property. SEW Sewer HOA Homeowners Association RELATED: What Does "TMI" Mean, and How Do You Use It? Buying a Flipped House: Is It Right for You? F/A Ht, FAH Forced Air Heat Back Bay. 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. There are also a few other cultural definitions for BB. CAP Capitalization FSBO For Sale by Owner PAN Pantry NAT GS HT Natural gas heat Fixture:Anything of value that is permanently attached to or a part of real property. W/D HKUP Washer/Dryer hookup Personal property is movable property. GARD Garden VYL Vinyl The owners bank must approve a lower listing price before the home can be sold. AC Acre It may also give the breakdown of the number of floors, size of the rooms and their location within the home. GMT Kitchen Gourmet kitchen SMP Sump Pump RDR Radiator This is a statement a borrower will receive from their lender at least three days before closing on a home. PUD Planned Unit Development 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. They charge dues used to maintain common areas. Addendum to Purchase Agreement COVID-19 EVENT EXTENSION, AA Public Schools - Attendance Area by Street directory, Presenting and Negotiating Multiple Offers, Washtenaw County Resources & Millage Rates, How to Pick the Best Home Inspectors and Appraisers, P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000), B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013), B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). CLTV Combined Loan To Value Zkratka ESG (z anglickho Environmental . All Rights Reserved. property in buildings and land; space, capacity See the full definition . Our belief in better is at the core of everything that we do, every day. Cdrcl Cedar Closet CPM Certified Property Manager OFC Office 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. DOT Deed of Trust Maximum loan amounts can vary by county. Home affordability takes into account your income, down payment, and monthly debts. Check out our glossary of frequently-used mortgage terms. FFBR First Floor Bedroom All Rights Reserved. Have questions about your home financingpaperwork? Fp, Fpl, Fplc Fireplace Mstr Master bed room So if you adore what you see in thelisting, it certainly canthurt to inquire. MIC Mint Condition (like new or new) Your IP: But the cap rate is not the only metric used to evaluate a real estate investment. RV PRKG RV Parking Typically, putting away 5% of the rent . Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. BBbb. 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. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Read more about closing costs here. C-fan Ceiling Fan If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). When you boil it down to the basics, real estate has a simple meaning. Crk Creek GARB Garbage An MLS allows brokers to see one another's listings of. AC or A/C Air conditioning Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Keep reading to learn more about this unique abbreviation. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. BA; BTH : Bathroom. PRO Internet Professional Dr -Dining Room FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation MLSs are local or regional. MSN Masonry Crwl Crawl Space Read, 42. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Cloudflare Ray ID: 7a2835264c3fdd54 SUN Sun Room CRB Certified Real Estate Broker There are four important items that must be included in a buyer's pro forma. KIT, KT Kitchen Dsp Garbage Disposal Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. 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. OFC Office/Study These abbreviations are typically written in all capital letters. UNO Unit Number P&S Purchase and Sale This claim belongs to a third party, who can either be an organization or an individual. Brk Brick Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Not all mortgages carry a prepayment penalty. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Cent h/a Central Heat&Air Sort. If they were not used, the ads for a home could get quite lengthy. 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. CRS Certified Residential Specialist Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. A percentage of the homes value owned by the homeowner.
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