Bring vs. Take. Cent h/a Central Heat&Air Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. The act of paying off one loan by obtaining another. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Contingent vs. under contract? 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. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization SPAC Spacious FXR Fixer Upper A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. BOT Boat Slip When offering a selling bonus to a selling broker, the listing broker must specify the terms of the bonus offer according to the following guideline code: B dollar amount/terms/expiration date of offer (if applies), Examples: 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). Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. 7 meanings of BB abbreviation related to Real Estate: Real Estate. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. WHKP Washer Hookup POA Power of Attorney Baseboard Heat + 2. Business, Property, Real Estate Advertising. The property is sold and no longer available. The document includes loan terms, monthly payment and closing costs. 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. 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. The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. CRB Certified Real Estate Broker Clus Cluster LR with Fplc? Read more about the Buy-Rent Breakeven Horizon here. PAR Partially Fenced Fixtures are a frequent subject of buyer and seller disputes. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Banks, savings and loans, and credit unions. By submitting your email, you agree to the Terms of Use and Privacy Policy. DCR, DSCR, DSR Debt Service Coverage Ratio A rehabilitation loan backed by the federal government that permits home buyers to finance money into a mortgage to repair, improve or upgrade a home. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. SD Security Deposit The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. REC Recreation Room PAN Pantry Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. GLFP Gas log fire place GMT Kitchen Gourmet kitchen NYSAR New York State Association of Realtors They charge dues used to maintain common areas. TOWN Town House DOS Due On Sale Clause RTO Rent to Own If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Related:12 Ideas to Steal from Vintage Kitchens. 2023 LoveToKnow Media. MK Modern kitchen FPLC, FP, FRPLC Fireplace 27. CATH Cathedral ceilings All Rights Reserved. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. WF Waterfront A property that has come back on the marketafter a pending sale. The word listing is also used to refer to the for-sale home itself. MLS Multiple Listing Service SEW Sewer SEC SYS Security System VYL Vinyl HD, HDFL Hardwood floors SFR Single Family Residence INT Intercom This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. Miscellaneous. 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. 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. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. All Rights Reserved. Each lending institution sets its own prime rate. The content on this site is not intended to provide legal, financial or real estate advice. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. CNS Certified Negotiation Specialist Bsmt Basement RV PRKG RV Parking Have questions about buying, selling or renting during COVID-19? LTV Loan to Value SPKLR Sprinkler 2. MLS multiple listing service 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. Home affordability takes into account your income, down payment, and monthly debts. The seller has an agreed-upon contract with the potential buyer. FSBO For Sale By Owner LOC Line of Credit W/W CRPT Wall To Wall Carpet 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. Read more about closing costs here. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. APPLS Appliances Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. An encumbrance is a claim that limits how a property owner can use their property. 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. Learn more. Col Colonial A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. CRE Commercial Real Estate RELATED: How to Stream U.S. Sports for Free Online. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. PERM Perm Attic Stairs Property Records How to use real estate in a sentence. CRT. 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. PGS Propane APR Annual Percentage Rate MO Month Read more about mortgage insurance. CAC Central air conditioning RAD Radiant Heat RELATED: What Does "TMI" Mean, and How Do You Use It? NAR National Association of Realtors FRBO for rent by owner Lenders reward lower LTV ratios. GRI Graduate REALTOR Institute The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. 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. 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. DBA Doing Business As The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. Deco Decorative Fence Learn more here. WDSTV Wood-Burning Stove Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions BBbb. All abbreviations on this list are typically written in all capital letters. When you boil it down to the basics, real estate has a simple meaning. DET Detached garage Be sure to read the fine print carefully. FAG Forced air gas 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. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. P&S Purchase and sale ATT Attached Garage SRO Single Room Occupancy A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. MOPOA Monthly POA Fee Crprt Carport Organizations can include local governments, utility companies, and homeowners associations. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. DLO Seller Disclosure Suggest. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . 147.189.141.138 Like, from the 50s. Go now! Best for: Buyer's agents looking to separate themselves from the rest of the field. The status will show as pending until the closing. R/OPT Rent w/Opt-Buy Fees associated with the purchase of a home that are due at the end of the sales transaction. Be sure to read the fine print carefully. SQ FT Square Feet AC or A/C Air conditioning HVAC heating, ventilation and air conditioning You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Related:18 Big Storage Ideas to Steal from Tiny Homes. Farm Farmhouse Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. Margaret Heidenry is a writer living in Brooklyn, NY. 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. EIK Eat in kitchen The "P" represents percent. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. This means that aproperty is currently on the market and available for sale. Brkf Breakfast Area CFD Contract for Deed GRMET KIT, GRMT KIT Gourmet 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. Dry Clothes Dryer Powered by webmasterWP.com. Not all mortgages carry a prepayment penalty. MBRFP Master Bedroom w/FP The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. A database where real estate agents list properties for sale. Refinancing is generally done to secure better loan terms, such as a lower interest rate. There are also a few other cultural definitions for BB. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Read more about FHA loans here. It is for information purposes only, and any links provided are for the users convenience. 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. TRAD Traditional BKPORCH Back Porch SMP Sump Pump Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. If you see a bathroom or kitchen described as vintage, that means theyre old. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. Lock box:Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. MIC Mint Condition (like new or new) PL/A Above Ground Pool The sale of a home by an owner who owes more on the home than its worth.