CRS Certified Residential Specialist BB Real Estate Advertising Abbreviation Meaning - All Acronyms 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. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Actv Active If you have the money to hire a handyman for every household woe, go ahead. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative CCR Conditions, Covenants, and Restrictions Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. Read more about escalation clauses and making an offer on a home. Related:12 Ideas to Steal from Vintage Kitchens. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. CFan Ceiling Fan Lenders reward lower LTV ratios. RDR Radiator 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. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Real estate terms to know when you've started house hunting. MLS:Multiple Listing Service. A three-page document sent to an applicant three days after they apply for a home loan. 4/3 4 bedrooms / 3 bathrooms A concrete point at which buying a home makes more financial sense than renting one. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. The BRRRR method explained in 5 simple steps - Hemlane Related:18 Big Storage Ideas to Steal from Tiny Homes. SHNG Shingle AJ Affidavit of Joint Tenant Deed. Home affordability takes into account your income, down payment, and monthly debts. EIK Eat in kitchen Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. 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). The sale of a home by an owner who owes more on the home than its worth. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. U/G SPRK Underground Sprinkler 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. WINDT Window Treatment Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. DET Detached garage OSP Off-street parking is available L/O Lease Option RELATED: How to Stream U.S. Sports for Free Online. 8 Real Estate Designations That Will Actually Make You Money PRV, PVCY FENCE Privacy Fence FDIC Federal Deposit Insurance Corporation 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. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. E Rng Electric Range D/W Dishwasher Pro Forma Real Estate: Everything You Need to Know - RealWealth Foyr Foyer Not all Northwestern Mutual representatives are advisors. What Does BB Mean, and How Do I Use It? This is a statement a borrower will receive from their lender at least three days before closing on a home. OWN Owner Financing C/VAC Central vacuum NOI Net Operating Income Try our amortization calculator to learn more. Best for: Buyer's agents looking to separate themselves from the rest of the field. 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. This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. 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. WIC Walk-in closet, ARV After-Repaired Value CLHMS Certified Luxury Home Marketing Specialist The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Normally, a piece of property can be easily classified as either personal property or real property. Closing costs are generally paid through escrow. BD Bedroom HP Heat Pump LLC Limited Liability Company PRO Internet Professional How to use real estate in a sentence. The Real Estate Commission: How Much Are Realtor Fees? An encumbrance can create a cloud on the title of a real property. RELO Relocation office Q POS Available for quick possession It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. Bidding wars are common. Read, 42. CVAC Central Vacuum 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. Lo dues:Low homeowners association dues. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Read more about origination fees here. Real estate Definition & Meaning - Merriam-Webster DOS Due On Sale Clause One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? The price of a home, as set by the seller. SCRND PORCH Screened Porch IGSP In-Ground Sprinkler An origination fee is not a single fee. PULL Pull-Down Attic Stair 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. Deco Decorative Fence A deed is the legal document that establishes ownership of real property, and is also used to transfer the ownership of real property to another person or entity. Maximum loan amounts can vary by county. SUN Sun Room I/O Interest Only (loan) PAT Patio Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Press F to Pay Respects: What Does F Mean Online? CCR Conditions, Covenants, and Restrictions PMP Well Pump Example: P30 (3% offered) During this time, the home is inspected and appraised, and the title searched for liens, etc. Try. Dsp Garbage Disposal 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. Real Estate: Definition, Types, How to Invest in It - Investopedia 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. Learn more about adjustable-rate mortgages here. No purchase is necessary to view U.S. Crk Creek 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. AEK All electric kitchen It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. What Does 'NNN' Mean in Commercial Real Estate? 1. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. HRS Horses Allowed 8 Real Estate Terms to Watch Out For - Bob Vila Large E-2 plan:This is one of several floor plans available in a specific building. An MLS allows brokers to see one another's listings of. Cen Central Air HI CEIL(S) High ceilings Our belief in better is at the core of everything that we do, every day. WIN Window/Wall Unit 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 . Clap Clapboard Siding FCRA Fair Credit Reporting Act Learn more about homeowners insurance here. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Fees associated with the purchase of a home that are due at the end of the sales transaction. SAT Satellite Dish 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. Learn, Study these real estate terms when youre applying for a mortgage, Real estate terms you might hear when youve had your offer accepted, more about adjustable-rate mortgages here, The 12 Most Popular Vacation Towns for Home Shoppers. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. GAROP Garage Door Opener PILE Pilings Zkratka ESG (z anglickho Environmental . 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. The difference between the two is usually fairly . Real Estate Terms - B&B Team To meet client needs, to empower teammates, and to lift up communities. WHF Whole House Fan CAC Central air conditioning Read, A property repossessed by a bank when the owner fails to make mortgage payments. The price of borrowing money. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. PRQ Parquet 2. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Related:7 Features That Define the New American Home. Farm Farmhouse PLAY Playground If you see a bathroom or kitchen described as vintage, that means theyre old. Refinancing is generally done to secure better loan terms, such as a lower interest rate. C-fan Ceiling Fan A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. CRT. What Is a Short Sale? - Ramsey - Ramsey Solutions 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. WSH Washer EA exclusive agency BA; BTH : Bathroom. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. 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. A minimum requirement is often dictated by the loan type. MAR Marble A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. FSBO For Sale by Owner PMI Private mortgage insurance GRNO Ground Maintenance LLP Limited Liability Partnership GRI Graduate Realtor Institute WDSTV Wood Burn Stove The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. 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. LPOA Limited Power of Attorney Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. DOT Deed of Trust A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. 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. DTI Debt to Income Ratio G/A Garage, Attached A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. Here are a few examples of BB in action: Do you want to learn more internet slang terms? BBbb. TIL Truth In Lending, A/G PL Above-ground Pool 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. INGRD PL pool in ground pool Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. CCIM Certified Commercial Investment Member If you wish to report an issue or seek an accommodation, please let us know. Cvga Converted Garage This list of real estate investing abbreviations is useful for real estate brokers. Encumbrance In Real Estate: Defined & Explained - FortuneBuilders