EMC Earnest money contract 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. PAR Partially Fenced It may sound charming, but a house that's described as having lots of character could look just plain weird in person. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. CMA:Comparative market analysis or competitive market analysis. Here are a few examples of BB in action: Do you want to learn more internet slang terms? IRA Individual Retirement Account When you purchase through our links we may earn a commission. These structures can be both above and under the ground. Typically, putting away 5% of the rent . Suggest. When this happens, he or she risks the home heading into the foreclosure process. 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. TIL Truth In Lending, A/G PL Above-ground Pool A minimum requirement is often dictated by the loan type. An encumbrance can create a cloud on the title of a real property. PICK Picket Fence Usually . Are You Confused With These Real Estate Abbreviations? If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. CVAC Central Vacuum PILE Pilings OFF Off Street Parking O/F Owner Finance SWR Sewer W/W CRPT Wall To Wall Carpet OP Occupancy Permit Step 2: Through your cost estimation, you figure out that $30,000 of investment will bring the property to a rental-ready state over the next 4 months. PULL Pull-Down Attic Stair 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 more about HOAs here. to cover taxes and insurance. That doesnt mean that its a done deal by any means, however (more on that next). Fp, Fpl, Fplc Fireplace FHA Federal Housing Administration The Real Estate Commission: How Much Are Realtor Fees? Q POS Available for quick possession IGSP In-Ground Sprinkler A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. Home affordability takes into account your income, down payment, and monthly debts. AG Agreement Agreement Comm. Buying a Flipped House: Is It Right for You? A not-for-profit professional association that sets and promotes standards for property inspections. They provide clues to what is included in the purchase price. Contact Us If they were not used, the ads for a home could get quite lengthy. The components of a monthly mortgage payment. Read more about closing costs here. OFC Office/Study Fees associated with the purchase of a home that are due at the end of the sales transaction. A concrete point at which buying a home makes more financial sense than renting one. OBO Or Best Offer This means that aproperty is currently on the market and available for sale. 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. Clbhs Clubhouse MSN Masonry Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. SFH Single Family House 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). Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. At Truist, our purpose is to inspire and build better lives and communities. This is the escrow period, when both buyer and seller are workingtoward a closing. Read more about FHA loans here. CFan Ceiling Fan A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. BR Bedroom Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. 2. A loan estimate can help borrowers shop and compare costs of loans with lenders. MULTI 3+ Car Garage An MLS allows brokers to see one another's listings of. REI Real Estate Investing A state in which an escrow agent is responsible for closing. OO Owner Occupied Cap rates can provide valuable insight into a property. NOO Non-Owner Occupied CAC Central Air Conditioning HDW, HWF, hdwd - This means there is hardwood flooring in the home. FFE furniture, fixture, and equipment The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). 2-LV : Two living levels. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. PMP Well Pump O/F Owner Finance Business 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. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. Have questions about your home financingpaperwork? Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. SQ FT Square Feet Since we launched in 2006, our articles have been read billions of times. Market conditions that exist when buyers outnumber homes for sale. Margaret Heidenry is a writer living in Brooklyn, NY. FM RM Family Room And the real estate business is no different. INT Intercom This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. 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. Title insurance:An insurance policy that protects a lenders or owners interest in real property from assorted types of unexpected or fraudulent claims of ownership. FDR Formal dining room G/A Garage, Attached MLS:Multiple Listing Service. Home On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. 2/1 2 bedrooms / 1 bathrooms YD Yard 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. HD, HDFL Hardwood floors STA State GLF Golf Course Performance & security by Cloudflare. DBA Doing Business As A fee charged to borrowers who make a down payment that is less than 20% of the homes value. 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. 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. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. No purchase is necessary to view U.S. Translation: This home is small. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. 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. MK Modern kitchen You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Home affordability takes into account your income, down payment, and monthly debts. CDS Cul de sac FSBO For Sale by Owner Large E-2 plan:This is one of several floor plans available in a specific building. U/G SPRK Underground Sprinkler 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. The "P" represents percent. Read, A property repossessed by a bank when the owner fails to make mortgage payments. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Actv Active 2. Sort. After the set time period your interest rate will change and so will your monthly payment. Get the top BB abbreviation related to Real Estate. You can use BB to mean basketball, especially in internet communities dedicated to the sport. NBHD Neighborhood WTR Water WIN Window/Wall Unit Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. What Does FS Mean, and How Do You Use It? MTG Mortgage D/W Dishwasher A percentage of the homes value owned by the homeowner. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. TEN Tennis Court SPAC Spacious Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. 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. SHOP Workshop He's invested in internet culture, social media, and how people interact with the web. 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. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. ATT Attached Garage PCF Price to Cash Flow (ratio) Miscellaneous. 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. An origination fee is not a single fee. Banks, savings and loans, and credit unions. SD Security Deposit The word listing is also used to refer to the for-sale home itself. Cdrcl Cedar Closet 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. PUD Planned Unit Development The owners bank must approve a lower listing price before the home can be sold. Back Bay. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. DLM Seller Disclaimer 4B/2B: Four bedrooms and two bathrooms. Bonus information may be placed in "Other" field. What Is a Short Sale? C/VAC Central vacuum BA Bath BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. PVT Private HUD Housing and Urban Development SRES Senior Real Estate Specialist, Additional Resources: All Rights Reserved, Hey bb! ALM Aluminum Siding In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. BBbb. A half bathroom or powder room has only a toilet and a sink. BA; BTH : Bathroom. PMI Private mortgage insurance Brk Brick RNCH Ranch If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly.