These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. Q POS Available for quick possession This website is using a security service to protect itself from online attacks. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. MK Modern kitchen After the set time period your interest rate will change and so will your monthly payment. 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. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. All Rights Reserved. Learn, A home loan not guaranteed by a government agency, such as the FHA or the VA. Read, A certain portion of the homes purchase price that a buyer must pay. SEC SYS Security System STR On Street Parking These institutions underwrite as well as set home loan pricing in-house. WINDT Window Treatment If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Learn more here. O/F Owner Finance Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. The document includes loan terms, monthly payment and closing costs. ELV Elevator Not all Northwestern Mutual representatives are advisors. FMV Fair Market Value DEDRS Deed Restrictions Resources DOT Deed of Trust Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. 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/G PL : Above-ground swimming pool. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. 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. MLSs are local or regional. 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. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. How to use real estate in a sentence. PITI Principal, Interest, Taxes, and Insurance FDR Formal dining room PGS Propane It is in fact a real word (but that doesn't mean . NONQ Non-Qualifying END End Unit Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. WDSTV Wood Burn Stove NOO Non-Owner Occupied AJ Affidavit of Joint Tenant Deed. BB. Foyr Foyer 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. SHOP Workshop As-is : The owner is selling the home in its current condition and will not make any repairs or correct any flaws with the property. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. EMC Earnest money contract MOPOA Monthly POA Fee Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. MEIK Modern eat-in kitchen BD Bedroom Real Estate Definition. Miscellaneous. Allow us to clear things up, by explaining what these things really mean in plain old English. A property that has come back on the marketafter a pending sale. FHA Federal Housing Administration P&S Purchase and Sale CMA:Comparative market analysis or competitive market analysis. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. BOT Boat Slip REC Recreation Room Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. This abbreviation is a shorthand way of showing your affection to your partner. Learn more. CH Central heat Windows 11: How Much RAM Can Your PC Have? Cont Contemporary RDR Radiator 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. 1. Brkf Breakfast Area DOS Due On Sale Clause This means that aproperty is currently on the market and available for sale. GAROP Garage Door Opener BR Bedroom A minimum requirement is often dictated by the loan type. FFE furniture, fixture, and equipment Learn more about foreclosure here. R/OPT Rent w/Opt-Buy PL, SP, S/P Swimming pool SHNG Shingle MAO Maximum Allowable Offer Learn, The act of paying off one loan by obtaining another. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). They provide clues to what is included in the purchase price. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. HP Heat Pump How-To Geek is where you turn when you want experts to explain technology. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. YD Yard Each lending institution sets its own prime rate. Refinancing is generally done to secure better loan terms, such as a lower interest rate. 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. LLC Limited Liability Company SRO Single Room Occupancy Read, 42. POF Proof of Funds Go now! NGS Natural Gas 2023 All Rights Reserved. There are often additional notes with details that don't fit into the standard listing formula. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. All rights reserved. OFF Off Street Parking Real property is immovable property - its land and anything attached to the land. What Does BB Mean, and How Do I Use It? Have questions about buying, selling or renting during COVID-19? What is BB meaning in Real Estate Advertising? The difference between the two is usually fairly . DWF, DWAC Deep Water/Access ASB Asbestos Siding *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. LPOA Limited Power of Attorney MWV Microwave Oven In-law potl:Potential for a separate apartment, subject to local zoning restrictions. HI CEIL(S) High ceilings glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. Paying points, which are tax deductible, will lower the monthly mortgage payment. The seller has an accepted offer but is waiting to see if the buyers bank will agree to it, says Realtor Dawn Rivera with Realty World-Viking Realty in Fremont, CA. 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. If you're still unclear what a shorthand is referring to, reach out to the listing agent. Read more about origination fees here. Cdrcl Cedar Closet TRAD Traditional G-RNG Gas Range MSN Masonry I/O Interest Only (loan) Copyright 2023 Acton Media Inc. All rights reserved. Bung Bungalow 147.189.141.138 All Rights Reserved. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. 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. MO Month Dsp Garbage Disposal BLDRS REDO Builders Renovation CBR Certified Buyer Representative CRB Certified Real Estate Broker Your IP: The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Get the top BB abbreviation related to Real Estate. FMR Fair Market Rent Organizations can include local governments, utility companies, and homeowners associations. POR, POR-S Porch/Screened 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. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). The owners bank must approve a lower listing price before the home can be sold. Like, from the 50s. HWH Hot water heater SN Senior STOR Assigned Storage Learn more about homeowners insurance here. MRSH Marsh CAP Capitalization FAG Forced air gas Learn more about down payments here. LRG Large GMT Kitchen Gourmet kitchen RTO Rent To Own LTV loan to value Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. PMI Private mortgage insurance The four items include, repairs, vacancy loss, property management, and miscellaneous. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Press F to Pay Respects: What Does F Mean Online? A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. These abbreviations are typically written in all capital letters. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. TRAN Transitional PAN Pantry PILE Pilings Read, A ratio that compares a home buyers expenses to gross income. Cth Cathedral Ceiling Yes! Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. 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. 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. UTRM Utility Room All of these abbreviations are commonly used to describe the features of a house or commercial property. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. By submitting your email, you agree to the Terms of Use and Privacy Policy. ATFN Attic Fan 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. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. The status will show as pending until the closing. The act of paying off one loan by obtaining another. If they were not used, the ads for a home could get quite lengthy. 1C : One-car garage. Bulk Bulkhead 1. HML Hard Money Lender Buying a Flipped House: Is It Right for You? MULTI 3+ Car Garage CAC Central air conditioning Privacy Policy SPDED Special Warranty Deed TIL Truth In Lending, A/G PL Above-ground Pool Be sure to read the fine print carefully. Inspection occurs when the home is under contract or in escrow. CPT Carpet or Carport LOI Letter of Intent SFR Single Family Residence FXR Fixer Upper Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. CNS Certified Negotiation Specialist REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. L/O Lease Option Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. CMA Comparative Market Analysis BCH Beach U/G SPRK Underground Sprinkler What Does FS Mean, and How Do You Use It? If thats your style, you're in luck. Fees associated with the purchase of a home that are due at the end of the sales transaction. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. WHKP Washer Hookup Not all real estate agents are REALTORS.
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