CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. 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. How have you been?. 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. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. GARD Garden That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. PWDR RM Powder room or half bath Essentially, "turnkey" means that . Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. HPWA Water/Air Ht Pump W/D HKUP Washer/Dryer hookup How-To Geek is where you turn when you want experts to explain technology. LOC Line of Credit 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. Actv Active Pro Forma Real Estate: Everything You Need to Know - RealWealth Farm Farmhouse Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. PERM Perm Attic Stairs Read more about FHA loans here. 4B/2B:Four bedrooms and two bathrooms. PAR Partially Fenced Translation: This home is small. Real Estate: Definition, Types, How to Invest in It - Investopedia CRE Commercial Real Estate Best for: Buyer's agents looking to separate themselves from the rest of the field. There are also a few other cultural definitions for BB. GAROP Garage Door Opener AMO Accredited Management Organization P&S Purchase and Sale WDSTV Wood Burn Stove MLS Multiple Listing Service A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. The owners bank must approve a lower listing price before the home can be sold. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. HUD Housing and Urban Development Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records The act of paying off one loan by obtaining another. 3/4 Bath toilet + sink + shower or tub DLO Seller Disclosure REC Recreation Room 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. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. The BRRRR method explained in 5 simple steps - Hemlane During this time, the home is inspected and appraised, and the title searched for liens, etc. Bidding wars are common. Go now! WLKIN Walk-in Closet Market conditions that exist when buyers outnumber homes for sale. Guide To REO Properties And How To Buy Them | Quicken Loans GLFP Gas log fire place Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Terms Of Use These structures can be both above and under the ground. UTCL Utility Closet PRV, PVCY FENCE Privacy Fence SHNG Shingle Decoding an MLS Listing - Weichert CMA Comparative Market Analysis POA Power of Attorney MAO Maximum Allowable Offer Translation: This home is small. 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. SFR Single Family Residence MYOB Mind Your Own Business WTR Water Tiny houses are a trend, for sure. U/G SPRK Underground Sprinkler Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. SRO Single Room Occupancy W/W CRPT Wall To Wall Carpet LOI Letter of Intent SMP Sump Pump Prepaid interest owed at closing, with one point representing 1% of the loan. 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. A certain portion of the homes purchase price that a buyer must pay. LFT Loft CAC Central air conditioning LRG Large CVAC Central Vacuum Bring vs. Take. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". Principal, interest, property taxes and homeowners insurance (PITI), A fee charged to borrowers who make a down payment that is less than 20% of the homes value. A percentage of the homes value owned by the homeowner. The action you just performed triggered the security solution. RTO Rent to Own DOS Due On Sale Clause You are not obligated to accept the loan just because you received a loan estimate. It is for information purposes only, and any links provided are for the users convenience. PITI Principal, Interest, Taxes and Insurance FR Family room Bb. When this happens, he or she risks the home heading into the foreclosure process. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). HP Heat Pump Our belief in better is at the core of everything that we do, every day. CP Carport These abbreviations are typically written in all capital letters. If its back on the market, theres a reason why the original sale fell through. What Does BB Mean, and How Do I Use It? CATH Cathedral ceilings BR Bedroom Cap rates can provide valuable insight into a property. OCN Ocean Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. The amount of the loan divided by the price of the house. PAN Pantry Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. COCR or CCR Cash on Cash Return SPAC Spacious LR with Fplc? Cap Rate: Defined And Explained | Rocket Mortgage FNCD YD Fenced Yard Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. END End Unit Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. I want to receive exclusive email updates from YourDictionary. PGS Propane Not all mortgages. LLC Limited Liability Company Real property is immovable property - its land and anything attached to the land. Miscellaneous. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. DWF, DWAC Deep Water/Access Related:7 Features That Define the New American Home. Sub2 Subject to existing financing If you see a bathroom or kitchen described as vintage, that means theyre old. BB Real Estate Advertising Abbreviation Meaning - All Acronyms If thats your style, you're in luck. F/A Ht, FAH Forced Air Heat If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. A full bathroom is a room with a toilet, a sink and a bathtub. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. MBA Master Bedroom w/Bath Have questions about buying, selling or renting during COVID-19? Bung Bungalow OFC Office Back Bay + 1 1. A Short Guide to Real Estate Lingo - realtor.com *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. NAR National Association of Realtors It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. LA Living area FXR Fixer Upper Try our affordability calculator to see how much house you might be able to afford. HDWD Hardwood Inspection occurs when the home is under contract or in escrow. 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. Please switch to a supported browser or download one of our Mobile Apps. Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. FSBO For Sale by Owner Learn more about pre-approval here. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. HRS Horses Allowed Exr Exercise Room OWN Owner Financing 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. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. Organizations can include local governments, utility companies, and homeowners associations. A state in which an escrow agent is responsible for closing. CAP Capitalization O/F Owner Finance Read more about PMI here. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. But the cap rate is not the only metric used to evaluate a real estate investment. PITI Principal, Interest, Taxes, and Insurance Since many phrases can be shortened to BB, this acronym might refer to other things online. Since we launched in 2006, our articles have been read billions of times. Maximum loan amounts can vary by county. GRT RM Great room 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. C/VAC Central vacuum If you're still unclear what a shorthand is referring to, reach out to the listing agent. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. RNCH Ranch A loan estimate can help borrowers shop and compare costs of loans with lenders. BB Baseboard Heat Related:The Best 10 Plants to Grow for Backyard Privacy. The owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. PVT Private RELATED: How to Stream U.S. Sports for Free Online. A property that has come back on the marketafter a pending sale. A contingent statusmeans that the seller has accepted an offer and the home is under contract. Typically, putting away 5% of the rent . Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Copyright 2023 Acton Media Inc. All rights reserved. The property is sold and no longer available. 4B/2B: Four bedrooms and two bathrooms. Real Estate Certification: Different Kinds and What You NEED - UpNest You can email the site owner to let them know you were blocked. FPLC, FP, FRPLC Fireplace TRSH Trash Pickup GRI Graduate Realtor Institute WSH Washer Cent h/a Central Heat&Air POA Power of Attorney The CRS designation indicates a triple threat - on average, these agents have been in business three times longer, have three times the amount of transactions, and generate three times more sales revenue than the average . CREA. Market conditions that exist when homes for sale outnumber buyers. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Investment brokerage services are offered through Northwestern Mutual Investment Services, LLC (NMIS) a subsidiary of NM, brokerdealer, registered investment advisor, and member FINRA and SIPC. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. All Rights Reserved, Hey bb! Margaret Heidenry is a writer living in Brooklyn, NY. 64 Real Estate Terms and Expressions You Should Know WINDT Window Treatment UTRM Utility Room A minimum requirement is often dictated by the loan type. 1 /8. ASB Asbestos Siding 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. FMV Fair Market Value Before you buy, consider what the neighborhood will look like in the long term and if you want to live in a neighborhood that's still in the process of change. SMB Split Master Bedroom 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. Get the top BB abbreviation related to Real Estate. 2-LV : Two living levels. CFan Ceiling Fan In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. 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. Business The ratio compares the borrowers monthly debt payments to gross income. TEN Tennis Court Read our stress-free guide to getting a mortgage. Copyright 2022 Ann Arbor Area Board of REALTORS. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. There is no MLS covering the whole country. Learn more about adjustable-rate mortgages here. CPT Carpet or Carport What Is Real Estate? A Definition And A Guide | Rocket Mortgage property in buildings and land; space, capacity See the full definition . Buying a Flipped House: Is It Right for You? HOA Homeowners Association The action you just performed triggered the security solution. We select and review products independently. Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Privacy Policy. WBFP Wood Burning Fireplace Real Estate Abbreviations And Acronyms - U.S. Title Records Look for this accreditation or something similar when shopping for a home inspector. Not all real estate agents are REALTORS. 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. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Related:12 Ideas to Steal from Vintage Kitchens. ELE Electric NYSAR New York State Association of Realtors 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. Real estate abbreviations are important to save time and money. The meaning of REAL ESTATE is property in buildings and land. Before you jump on a house with a "too good to be true" price, you need to understand how the short sale process works and connect with your real estate agent for more details. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Related:10 Signs That Fixer-Upper Might Be a Money Pit. Real Estate Terms - B&B Team APT Apartment Learn more about down payments here. SFH Single Family House HSF Heated square feet 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. A three-quarter bathroom has a toilet, a sink and a shower. WF Waterfront BB. G/A Garage, Attached 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. Home R/OPT Rent w/Opt-Buy Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission.