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. CAC Central Air Conditioning 3B/2B - three bedrooms and two bathrooms 2C - two-car garage A/C - air conditioning Appls - appliances Apt - apartment Ba - bathroom Br - bedroom CAC - central air conditioning Ch - central heat Fpgas Gas Fireplace A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Not all Northwestern Mutual representatives are advisors. Tiny . Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. COCR or CCR Cash on Cash Return All Rights Reserved, Hey bb! BB Baseboard Heat Copyright 2022 Ann Arbor Area Board of REALTORS. 8 Real Estate Terms to Watch Out For - Bob Vila Real Estate: Definition, Types, How to Invest in It - Investopedia Sort. 1 /8. 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. Read more about pre-qualification here. Try our affordability calculator to see how much house you might be able to afford. 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. What Does BB Mean, and How Do I Use It? G-RNG Gas Range LLP Limited Liability Partnership JV Joint Venture You may want the retreat, but ask yourself if you're truly ready for all it entails. 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. What is BB meaning in Real Estate? CCIM Certified Commercial Investment Member 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. Market conditions that exist when homes for sale outnumber buyers. The meaning of REAL ESTATE is property in buildings and land. GARD Garden These structures can be both above and under the ground. RELATED: How to Stream U.S. Sports for Free Online. 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. Read more about PMI here. PVT Private How-To Geek is where you turn when you want experts to explain technology. 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. Have questions about buying, selling or renting during COVID-19? Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. 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. DBA Doing Business As MSN Masonry Homes can sit on the market for a long time, and prices tend to drop. SPDED Special Warranty Deed 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. They charge dues used to maintain common areas. LLC Limited Liability Company APT Apartment KIT, KT Kitchen You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. There are often additional notes with details that don't fit into the standard listing formula. Large E-2 plan:This is one of several floor plans available in a specific building. DTI Debt to Income Ratio Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Contact Us GRT RM Great room These institutions underwrite as well as set home loan pricing in-house. By submitting your email, you agree to the Terms of Use and Privacy Policy. SUN Sun Room E Rng Electric Range BB Real Estate Advertising Abbreviation Meaning - All Acronyms This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. A database where real estate agents list properties for sale. Class A, B, C, D Real Estate: A Guide to Property Class Types A percentage of the homes value owned by the homeowner. NAR National Association of Realtors P&S Purchase and Sale WTR Water VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization If they were not used, the ads for a home could get quite lengthy. Powered by webmasterWP.com. 7 meanings of BB abbreviation related to Real Estate: Real Estate. Our advisors will help to answer your questions and share knowledge you never knew you needed to get you to your next goal, and the next. Real estate terms to know when you've started house hunting. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Fixtures are a frequent subject of buyer and seller disputes. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. 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. 1. Please switch to a supported browser or download one of our Mobile Apps. BKYD Backyard Read more about the Buy-Rent Breakeven Horizon here. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? This browser is no longer supported. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. Is A House Considered Real Estate? - Ascent Law 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. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. GARB Garbage If you have the money to hire a handyman for every household woe, go ahead. You can use BB to mean basketball, especially in internet communities dedicated to the sport. Encumbrance, Defined And Explained | Rocket Mortgage If you wish to report an issue or seek an accommodation, please let us know. 2. Most real estate agents use similar abbreviations as part ofreal estate lingo, so once you get the jist, you can read any listing with confidence. BA; BTH : Bathroom. Bidding wars are common. 2/1 2 bedrooms / 1 bathrooms All of these abbreviations are commonly used to describe the features of a house or commercial property. BCH Beach Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations FMR Fair Market Rent Clus Cluster Refinancing is generally done to secure better loan terms, such as a lower interest rate. The ratio compares the borrowers monthly debt payments to gross income. IRA Individual Retirement Account D/W Dishwasher Each lending institution sets its own prime rate. UTLVL Utility Room Level What Is a Short Sale? Buyers should budget for an amount that is 2% to 5% of the homes purchase price. EMC Earnest money contract Click to reveal 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. Allow us to clear things up, by explaining what these things really mean in plain old English. AG Agreement Agreement Comm. W/D HKUP Washer/Dryer hookup Cap rates can provide valuable insight into a property. 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. 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. FDR/DR Dining room or a formal dining room CAP Capitalization GLF Golf Course HPWA Water/Air Ht Pump ELE Electric When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. PAT Patio MAR Marble The Real Estate Terms to Know When You're Looking at Home Listings RVR River Related:7 Features That Define the New American Home. Brk Brick DEDRS Deed Restrictions All rights reserved. DLO Seller Disclosure Prepaid interest owed at closing, with one point representing 1% of the loan. What Does FS Mean, and How Do You Use It? We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. CMA Comparative Market Analysis 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. Both words imply motion, but the difference may b. Defenestration. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Keep reading to learn more about this unique abbreviation. 2023 LoveToKnow Media. Performance & security by Cloudflare. The fascinating story behind . The "P" represents percent. Paying points, which are tax deductible, will lower the monthly mortgage payment. What Is Real Estate? A Definition And A Guide | Rocket Mortgage Related:10 Signs That Fixer-Upper Might Be a Money Pit. 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 . FAG Forced air gas When a home listing touts its custom features, take care. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. YD Yard Related:12 Things Realtors Look For in Homes of Their Own. HVAC heating, ventilation and air conditioning It is for information purposes only, and any links provided are for the users convenience. Each lending institution sets its own prime rate. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. Care starts with culture. Read more about escalation clauses and making an offer on a home. D/D Dishwasher and a garbage disposal Step 3: You then find tenants in 30-60 days to take over the two . AST Assessment Lien Lien, JTL. A Short Guide to Real Estate Lingo - realtor.com 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. Learn, The act of paying off one loan by obtaining another. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. CDS Cul de sac Even though a sale is highly likely, some pending properties may still accept backups. VYL Vinyl You can email the site owner to let them know you were blocked. The owners bank must approve a lower listing price before the home can be sold. Learn more here. 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. GAR Garage Oftentimes, a seller will take a property off the market while they make home repairs or improvements., Under contract (UC):This statusalsoindicates thattheseller has acceptedan offer from a buyer, but the sale has not yet been completed. RPAC Realtors Political Action Committee LFT Loft Related:12 Ideas to Steal from Vintage Kitchens. And the real estate business is no different. 64 Real Estate Terms and Expressions You Should Know property in buildings and land; space, capacity See the full definition . REC Recreation Room STA State SKY Skylights 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. FNCD YD Fenced Yard FML Formal Hi ceils - This is an abbreviation for "high ceilings.". The status will show as pending until the closing. Real property is immovable property - its land and anything attached to the land. R/OPT Rent w/Opt-Buy Closing costs are generally paid through escrow. 2. You can email the site owner to let them know you were blocked. BD Bedroom 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). HD, HDFL Hardwood floors MWV Microwave Oven Tiny houses are a trend, for sure. UTRM Utility Room FFBR First Floor Bedroom Be sure to read the fine print carefully. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Translation: This home is small. WINDT Window Treatment FM RM Family Room This list of real estate investing abbreviations is useful for real estate brokers. Learn more about HOAs here. DOS Due On Sale Clause Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. PULL Pull-Down Attic Stair Bung Bungalow 1C : One-car garage. CATH Cathedral ceilings is part of the U.S. Department of Housing and Urban Development. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. A concrete point at which buying a home makes more financial sense than renting one. SD/W Storm Doors & Windows This means the propertys ownersare actively taking backup offers in case the first one falls through. BB Real Estate Abbreviation Meaning - All Acronyms Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Crwl Crawl Space RDR Radiator Det Detached Garage All Rights Reserved. A security deposit made by the buyer to assure the seller of his or her intent to purchase. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. NAT GS HT Natural gas heat The BRRRR method explained in 5 simple steps - Hemlane HI CEIL(S) High ceilings REI Real Estate Investing EIK Eat in kitchen If you hang around social media circles and forums that talk about TV, BB might also stand for Big Brother, a prominent reality show franchise involving a group of strangers living together in the same house. NYSAR New York State Association of Realtors In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery.