D/D Dishwasher and a garbage disposal W/D HKUP Washer/Dryer hookup L/O Lease Option OSP Off-street parking is available POA Power of Attorney SAT Satellite Dish MK Modern kitchen Fees associated with the purchase of a home that are due at the end of the sales transaction. DWF, DWAC Deep Water/Access After all, you wouldn't want to get stuck with a money pit. AMO Accredited Management Organization Cloudflare Ray ID: 7a2835264c3fdd54 And the real estate business is no different. CLHMS Certified Luxury Home Marketing Specialist Articles may contain affiliate links which enable us to share in the revenue of any purchases made. 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. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. LTV Loan to Value Clus Cluster How-To Geek is where you turn when you want experts to explain technology. PITI Principal, Interest, Taxes and Insurance 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. All Rights Reserved, Hey bb! SUN Sun Room REC Recreation Room BR Bedroom BB Real Estate Abbreviation. Cap rates can provide valuable insight into a property. PMP Well Pump KIT, KT Kitchen That happens through real care to make things better. FNCD YD Fenced Yard The ratio compares the borrowers monthly debt payments to gross income. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. Not all mortgages carry a prepayment penalty. MOPOA Monthly POA Fee Resources HI CEIL(S) High ceilings GNMA Ginnie Mae or Government National Mortgage Association PRO Internet Professional 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. A property that has come back on the marketafter a pending sale. 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. NOI Net Operating Income The "P" represents percent. The price of borrowing money. DK Deck The action you just performed triggered the security solution. MLS multiple listing service RPAC Realtors Political Action Committee 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. This abbreviation is a shorthand way of showing your affection to your partner. FM RM Family Room A three-page document sent to an applicant three days after they apply for a home loan. Real estate terms to know when you've started house hunting. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . PGS Propane Lenders reward lower LTV ratios. Abbreviations on the list may have capitalization variations. Sub2 Subject to existing financing Both words imply motion, but the difference may b. Defenestration. A property was withdrawn from the realty market. The property is sold and no longer available. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. The ratio compares the borrowers monthly debt payments to gross income. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Chn Chain Link Fence Back Bay. WTR PD Water paid CFan Ceiling Fan Learn more about short sales here. A state in which an escrow agent is responsible for closing. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Translation: This home is small. Best for: Buyer's agents looking to separate themselves from the rest of the field. PLAY Playground Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. An FDR with a DK? Contingent vs. under contract? DTI Debt to Income Ratio 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. FCRA Fair Credit Reporting Act A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. UNO Unit Number FDR Formal dining room Example: P30 (3% offered) If not, it could end up back on the market, so go ahead and inquire if youre interested. ROI Return On Investment and BKPORCH Back Porch IRA Individual Retirement Account Usually, the realtor's website will give a good description without the real estate abbreviations. 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. CRS Certified Residential Specialist 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. LTV loan to value Read more about escalation clauses and making an offer on a home. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. LLP Limited Liability Partnership GRI Graduate REALTOR Institute In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Cer Ceramic Tile PL/1 In-Ground Pool Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. END End Unit BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. GRES Graduate Real Estate Society INLW In-Law Suite There are often additional notes with details that don't fit into the standard listing formula. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. 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. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. The reason for a botched sale could lie with the previous buyer, but you'll want to do your homework before you give the seller the benefit of the doubt. PULL Pull-Down Attic Stair LR Living Room An encumbrance can create a cloud on the title of a real property. 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). Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Not all real estate agents are REALTORS. All abbreviations on this list are typically written in all capital letters. When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Your IP: GLF Golf Course G-RNG Gas Range property in buildings and land; space, capacity See the full definition . Deco Decorative Fence Not all Northwestern Mutual representatives are advisors. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. A three-quarter bathroom has a toilet, a sink and a shower. STOR Assigned Storage TRC Trash Compactor But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. 1. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Bung Bungalow MULTI 3+ Car Garage Normally, a piece of property can be easily classified as either personal property or real property. 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. Read more about PMI here. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. Not all mortgages. LR Living room It's anything that can be subject to ownership, except land. Check out our glossary of frequently-used mortgage terms. 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.. Learn more. HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. FIN LL Finished lower level A loan estimate can help borrowers shop and compare costs of loans with lenders. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. REL Related to Seller NGS Natural Gas 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. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. SN Senior Banks, savings and loans, and credit unions. All rights reserved. What sounds impressive on paper may look less appealing in person. Mstr Master bed room CCR Conditions, Covenants, and Restrictions SMB Split Master Bedroom PICK Picket Fence GAR, GR Garage FSBO For Sale by Owner OWN Owner Financing No purchase is necessary to view U.S. Privacy Policy. SPC Drive parking spaces STA State DCR, DSCR, DSR Debt Service Coverage Ratio A fee, charged by a broker or lender, to underwrite and process a home loan application. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. The number of days a property listing is considered active. Often, the listing will indicate which rooms have hardwood flooring. 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. When a home listing touts its custom features, take care. 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. WHKP Washer Hookup Translation: This home is small. HTUB Hot Tub Allow us to clear things up, by explaining what these things really mean in plain old English. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. At Truist, our purpose is to inspire and build better lives and communities. 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. PCF Price to Cash Flow (ratio) Back Bay + 1 1. This abbreviation is a shorthand way of showing your affection to your partner. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Cloudflare Ray ID: 7a28359a3f44c34a TOWN Town House Performance & security by Cloudflare. DBA Doing Business As This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. This is important, as identifying a property's class can predict how the asset might perform. PMI Private mortgage insurance A contingent statusmeans that the seller has accepted an offer and the home is under contract. NOO Non-Owner Occupied If thats your style, you're in luck. The difference between the two is usually fairly . If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. Learn more about refinancing here. INT Intercom BB Baseboard Heat IRR Internal Rate of Return Please switch to a supported browser or download one of our Mobile Apps. Privacy Policy 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. A percentage of the homes value owned by the homeowner. FXR Fixer Upper By submitting your email, you agree to the Terms of Use and Privacy Policy. DOS Due On Sale Clause OCN Ocean This was when the term exploded as a pet name between both lovers and friends. SEC SYS Security System Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. These abbreviations are typically written in all capital letters. But if thats not what youre looking for, keep shopping. The owners bank must approve a lower listing price before the home can be sold. "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 .
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