A ratio that compares a home buyers expenses to gross income. SFR Single Family Residence But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. A property repossessed by a bank when the owner fails to make mortgage payments. The sale of a home by an owner who owes more on the home than its worth. MIC Mint Condition (like new or new) OFC Office/Study Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. F/A Ht, FAH Forced Air Heat These structures can be both above and under the ground. Business LPOA Limited Power of Attorney A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. During this time, the home is inspected and appraised, and the title is searched for liens, etc. SCRND PORCH Screened Porch Please switch to a supported browser or download one of our Mobile Apps. Example: P30 (3% offered) Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Prices are often higher than average. MCOA Min $ on Assumption CVAC Central Vacuum FM RM Family Room RELATED: How to Stream U.S. Sports for Free Online. LOI Letter of Intent Fpgas Gas Fireplace 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. SEC Security System 2023 LoveToKnow Media. ELE Electric Try our amortization calculator to learn more. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. BRRRR refinance example. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. 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. 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). Brk Brick That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. About Truist | Truist FSBO For Sale by Owner MULTI 3+ Car Garage DOT Deed of Trust A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Lenders reward lower LTV ratios. Each lending institution sets its own prime rate. Learn, The act of paying off one loan by obtaining another. W/D HKUP Washer/Dryer hookup SPKLR Sprinkler 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. Resources The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. SRO Single Room Occupancy PMP Well Pump Cdrcl Cedar Closet Market conditions that exist when homes for sale outnumber buyers. HTUB Hot Tub SPAC Spacious AC or A/C Air conditioning OSP Off-street parking is available How-To Geek is where you turn when you want experts to explain technology. WBS Wood-Burning Stove An encumbrance can create a cloud on the title of a real property. TRAD Traditional HSF Heated square feet A three-page document sent to an applicant three days after they apply for a home loan. 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. WIN Window/Wall Unit Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. D/D Dishwasher and a garbage disposal Not all real estate agents are REALTORS. 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. 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. The ratio compares the borrowers monthly debt payments to gross income. RAD Radiant Heat HWH Hot water heater The meaning of REAL ESTATE is property in buildings and land. The owners bank must approve a lower listing price before the home can be sold. This website is using a security service to protect itself from online attacks. G-RNG Gas Range NGS Natural Gas Read, 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 fee, charged by a broker or lender, to underwrite and process a home loan application. All Rights Reserved. Brkf Breakfast Area The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. 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. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. SHOP Workshop LLC Limited Liability Company DhkpP Dryer Hookup TEN Tennis Court CRT. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. 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. Each lending institution sets its own prime rate. 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. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Ann Arbor Area Board of REALTORS - MLS Compensation Codes 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. BR Bedroom What Does BB Mean, and How Do I Use It? ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. LTV Loan to Value DOS Due On Sale Clause Normally, a piece of property can be easily classified as either personal property or real property. HD, HDFL Hardwood floors REO Real Estate Owned That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. ARM Adjustable Rate Mortgage By submitting your email, you agree to the Terms of Use and Privacy Policy. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. BBbb. Encumbrance, Defined And Explained | Rocket Mortgage Read more about mortgage insurance. SQ FT Square Feet A database where real estate agents list properties for sale. 4B/2B:Four bedrooms and two bathrooms. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Brokerage. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. CCIM Certified Commercial Investment Member Mstr Master bed room GMT Kitchen Gourmet kitchen You are not obligated to accept the loan just because you received a loan estimate. BLDRS REDO Builders Renovation You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. 1 /8. RDR Radiator Refinancing is generally done to secure better loan terms, such as a lower interest rate. BA Bathroom If thats your style, you're in luck. HP Heat Pump REF Refrigerator Suggest. BD Bedroom Cen Central Air A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. Fixture:Anything of value that is permanently attached to or a part of real property. BKPORCH Back Porch A fee charged to borrowers who make a down payment that is less than 20% of the homes value. CRE Creative Real Estate FSBO For Sale By Owner RNCH Ranch Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. The ratio compares the borrowers monthly debt payments to gross income. INT Intercom SD Security Deposit Bung Bungalow OP Occupancy Permit Multiple Listing Service (MLS): Definition, Benefits, and Fees Buyers should budget for an amount that is 2% to 5% of the homes purchase price. There are often additional notes with details that don't fit into the standard listing formula. 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 definition varies in different places. POF Proof of Funds MOPOA Monthly POA Fee Privacy Policy Back Bay + 1 1. PILE Pilings What Does 'NNN' Mean in Commercial Real Estate? Paying points, which are tax deductible, will lower the monthly mortgage payment. But the cap rate is not the only metric used to evaluate a real estate investment. 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. Our belief in better is at the core of everything that we do, every day. A/C Air Conditioning PULL Pull-Down Attic Stair A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 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. Dr -Dining Room These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. OFC Office 2-LV : Two living levels. Cldsc Cul-de-sac HVAC heating, ventilation and air conditioning 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. There are also a few other cultural definitions for BB. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. OWN Owner Financing Copyright 2023 Acton Media Inc. All rights reserved. Prospective purchasers of an inn need to know exactly what they mean. WIC Walk-in closet, ARV After-Repaired Value UTRM Utility Room 8 Real Estate Designations That Will Actually Make You Money Clbhs Clubhouse L/O Lease Option LOC Line of Credit TRC Trash Compactor "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 . Sort. W/W CRPT Wall To Wall Carpet Read, 42. LR with Fplc? Real Estate Acronyms By cnyREALTOR Real estate abbreviations are important to save time and money. SEW Sewer Fees imposed by the state, county or municipality on transfer of title. 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. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. How to use real estate in a sentence. BALC Balcony 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.
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