GAR, GR Garage APT Apartment The ratio compares the borrowers monthly debt payments to gross income. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. FSBO For Sale by Owner GARD Garden One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. Listing:An agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owners home. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. FMV Fair Market Value Try our affordability calculator to see how much house you might be able to afford. What is BB meaning in Real Estate? Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). What Does BB Mean, and How Do I Use It? Try our amortization calculator to learn more. An origination fee is not a single fee. IRA Individual Retirement Account Col Colonial P&S Purchase and Sale ELE Electric Learn more about HOAs here. Even though a sale is highly likely, some pending properties may still accept backups. U/G SPRK Underground Sprinkler COF Cost of Funds 2-LV : Two living levels. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. GMT Kitchen Gourmet kitchen Learn, The act of paying off one loan by obtaining another. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. This means that aproperty is currently on the market and available for sale. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. Home affordability takes into account your income, down payment, and monthly debts. 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. 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. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Personal property is movable property. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. A loan estimate can help borrowers shop and compare costs of loans with lenders. Prices are often higher than average. Its customary for the buyer to pay for the lenders title insurance policy. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. STOR Assigned Storage MYOB Mind Your Own Business The "P" represents percent. There are also a few other cultural definitions for BB. NNN Triple Net Lease Cent h/a Central Heat&Air AG Agreement Agreement Comm. Refund Policy, U.S. 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. TXS Taxes WTR PD Water paid A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Banks, savings and loans, and credit unions. Try. All Rights Reserved. MULTI 3+ Car Garage Learn more about refinancing here. If they were not used, the ads for a home could get quite lengthy. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. A percentage of the homes value owned by the homeowner. SRES Senior Real Estate Specialist, Additional Resources: A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. Dk Deck OP Occupancy Permit Clap Clapboard Siding Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Best for: Buyer's agents looking to separate themselves from the rest of the field. END End Unit In the event there is a DUAL commission split the two digits would be followed by a letter code: Example: P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000). REI Real Estate Investing Related:12 Things Realtors Look For in Homes of Their Own. I/O Interest Only (loan) PITI Principal, Interest, Taxes, and Insurance Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. PERM Perm Attic Stairs Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. Allow us to clear things up, by explaining what these things really mean in plain old English. These abbreviations are typically written in all capital letters. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Contingent vs. under contract? I want to receive exclusive email updates from YourDictionary. The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. Back Bay. OFF Off Street Parking OBO Or Best Offer Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. Det Detached Garage LLP Limited Liability Partnership Since we launched in 2006, our articles have been read billions of times. Miscellaneous. Fixture:Anything of value that is permanently attached to or a part of real property. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. Cloudflare Ray ID: 7a2835264c3fdd54 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. is part of the U.S. Department of Housing and Urban Development. to cover taxes and insurance. HI CEIL(S) High ceilings FML Formal Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Lenders reward lower LTV ratios. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. Read, 42. To meet client needs, to empower teammates, and to lift up communities. This was when the term exploded as a pet name between both lovers and friends. 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. Paying points, which are tax deductible, will lower the monthly mortgage payment. When you boil it down to the basics, real estate has a simple meaning. CLHMS Certified Luxury Home Marketing Specialist But if thats not what youre looking for, keep shopping. All Rights Reserved, Hey bb! IGSP In-Ground Sprinkler HWH Hot water heater Home RPAC Realtors Political Action Committee POA Power of Attorney Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Bring vs. Take. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. CATH Cathedral ceilings The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. They charge dues used to maintain common areas. When used in a real estate listing, the words cozy or charming aren't describing the ambiance of the space so much as the size. RNCH Ranch IRR Internal Rate of Return C/VAC Central vacuum MSN Masonry This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. The first entry for this abbreviation on Urban Dictionary was made in 2006 and referred to it as Netspeak for baby, normally placed at the end of a text.. This is important, as identifying a property's class can predict how the asset might perform. Example: P30 (3% offered) The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". If you have the money to hire a handyman for every household woe, go ahead. Real property is immovable property - its land and anything attached to the land. 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. An encumbrance can create a cloud on the title of a real property. After the set time period your interest rate will change and so will your monthly payment. MLSs are local or regional. PMI Private Mortgage Insurance Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. RVR River PROP HT Propane Heat Yes! SPAC Spacious REO Real Estate Owned Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. That happens through real care to make things better. All rights reserved. FFBR First Floor Bedroom A combination of loans bundled to avoid private mortgage insurance. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. An encumbrance is a claim that limits how a property owner can use their property. 67.211.219.14 LLC Limited Liability Company Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. SPDED Special Warranty Deed SEW Sewer Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. 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. Click to reveal Q POS Available for quick possession HP Heat Pump 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. 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. CDS Cul de sac Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. GRI Graduate Realtor Institute TRAD Traditional PL, SP, S/P Swimming pool Read more about the Buy-Rent Breakeven Horizon here. UTRM Utility Room 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. FDIC Federal Deposit Insurance Corporation 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. CAC Central air conditioning The amount of the loan divided by the price of the house. A fee charged to borrowers who make a down payment that is less than 20% of the homes value.
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