That doesnt mean that its a done deal by any means, however (more on that next). Read more about closing costs here. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Try. to see how much house you might be able to afford. LLC Limited Liability Company Clap Clapboard Siding The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Your IP: A half bathroom or powder room has only a toilet and a sink. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. FML Formal Maximum loan amounts can vary by county. This abbreviation is a shorthand way of showing your affection to your partner. HDWD Hardwood 67.211.219.14 A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Market conditions that exist when homes for sale outnumber buyers. NYSAR New York State Association of Realtors In-law potl:Potential for a separate apartment, subject to local zoning restrictions. FDIC Federal Deposit Insurance Corporation There is no MLS covering the whole country. NAT GS HT Natural gas heat If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. LA Living area Organizations can include local governments, utility companies, and homeowners associations. Performance & security by Cloudflare. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Learn more about refinancing here. Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. A buyers final inspection of a home before closing. 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 definition varies in different places. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. WIN Window/Wall Unit Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. 4B/2B:Four bedrooms and two bathrooms. APR Annual Percentage Rate Baseboard Heat + 2. Business, Property, Real Estate Advertising. GRM Gross Rent Multiplier In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. FAG Forced air gas Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). CMA Comparative Market Analysis 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. CPT Carpet or Carport The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. Fixtures are a frequent subject of buyer and seller disputes. Not all mortgages carry a prepayment penalty. 4B/2B: Four bedrooms and two bathrooms. SPLT Split-Level FMR Fair Market Rent 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. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. HML Hard Money Lender Prepaid interest owed at closing, with one point representing 1% of the loan. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. JTUB Jetted Tub Cth Cathedral Ceiling 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. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. It is in fact a real word (but that doesn't mean . Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. POF Proof of Funds You can email the site owner to let them know you were blocked. FFE furniture, fixture, and equipment These abbreviations are typically written in all capital letters. MULTI 3+ Car Garage 147.189.141.138 These abbreviations are typically written in all capital letters. Real property is immovable property - its land and anything attached to the land. Home affordability takes into account your income, down payment, and monthly debts. OBO Or Best Offer TRSH Trash Pickup RELO Relocation office Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. All of these abbreviations are commonly used to describe the features of a house or commercial property. Try our debt-to-income calculator to learn more. SHOP Workshop HW Hot Water An encumbrance is a limit on how an owner can use real estate. JV Joint Venture Fees associated with the purchase of a home that are due at the end of the sales transaction. The ratio compares the borrowers monthly debt payments to gross income. A property that has come back on the marketafter a pending sale. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. CMA:Comparative market analysis or competitive market analysis. Dry Clothes Dryer Related:12 Ideas to Steal from Vintage Kitchens. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. 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. POA Power of Attorney RTO Rent To Own Cloudflare Ray ID: 7a2835264c3fdd54 MWV Microwave Oven INLW In-Law Suite A three-quarter bathroom has a toilet, a sink and a shower. 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. Lenders reward lower LTV ratios. There are also a few other cultural definitions for BB. HD, HDFL Hardwood floors The sale of a home by an owner who owes more on the home than its worth. Clus Cluster NONQ Non-Qualifying Mstr Master bed room Lo dues:Low homeowners association dues. MO Month PL/A Above Ground Pool 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. CP Carport FFBR First Floor Bedroom If not, it could end up back on the market, so go ahead and inquire if youre interested. Cont Contemporary Real estate terms to know when you've started house hunting. And the real estate business is no different. RVR River EIK Eat in kitchen Care starts with culture. BB Real Estate Abbreviation. BALC Balcony 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. IRA Individual Retirement Account After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. MCOA Min $ on Assumption END End Unit ATFN Attic Fan SN Senior That happens through real care to make things better. The meaning of REAL ESTATE is property in buildings and land. LTV Loan to Value Our belief in better is at the core of everything that we do, every day. Cen Central Air So if you adore what you see in thelisting, it certainly canthurt to inquire. HSF Heated square feet REIA Real Estate Investors Association RV PRKG RV Parking Related:7 Features That Define the New American Home. WDSTV Wood-Burning Stove DLO Seller Disclosure and The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Only those representatives with Advisor in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. FPLC, FP, FRPLC Fireplace Read more about the Buy-Rent Breakeven Horizon here. If thats your style, you're in luck. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. CFan Ceiling Fan Usually, the realtor's website will give a good description without the real estate abbreviations. LTV loan to value If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. UNO Unit Number Your IP: Large E-2 plan:This is one of several floor plans available in a specific building. NOI Net Operating Income You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. BKPORCH Back Porch Business KIT, KT Kitchen APPLS Appliances MLS Multiple Listing Service 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. Inspection occurs when the home is under contract or in escrow. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. FHA Federal Housing Administration Copyright 2023 Acton Media Inc. All rights reserved. AJ Affidavit of Joint Tenant Deed. Go now! Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. WAR Warranty Plan 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. F-bmt Finished Basement Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Paying points, which are tax deductible, will lower the monthly mortgage payment. Suggest. BB. GLFP Gas log fire place WLKIN Walk-in Closet Here are a few examples of BB in action: Do you want to learn more internet slang terms? DLM Seller Disclaimer P&S Purchase and sale F/A Ht, FAH Forced Air Heat FEMA Federal Emergency Management Agency Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. PRQ Parquet OA Owner Agent Cbl,Cblh Cable/Hookup SQ FT Square Feet Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. MAO Maximum Allowable Offer RDR Radiator 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. They charge dues used to maintain common areas. OO Owner Occupied Tiny houses are a trend, for sure. PMP Well Pump MYOB Mind Your Own Business Both words imply motion, but the difference may b. Defenestration. The owners bank must approve a lower listing price before the home can be sold. CRB Certified Real Estate Broker Like, from the 50s. Read more about, escalation clauses and making an offer on a home, An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. During this time, the home is inspected and appraised, and the title searched for liens, etc. It should return to active soon enough, so its certainly worth piping up if youre smitten. 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. COCR or CCR Cash on Cash Return SEW Sewer 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. 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. WHKP Washer Hookup Each lending institution sets its own prime rate. 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. BR Bedroom WHF Whole House Fan That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. PUD Planned Unit Development DBA Doing Business As CLTV Combined Loan To Value Translation: This home is small. LOC Line of Credit The document includes loan terms, monthly payment and closing costs. 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. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Bonus information may be placed in "Other" field. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. OFC Office You may want the retreat, but ask yourself if you're truly ready for all it entails. W/D WD Washer and dryer GARD Garden DTI Debt to Income Ratio Even though a sale is highly likely, some pending properties may still accept backups. A contingent statusmeans that the seller has accepted an offer and the home is under contract. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. Cldsc Cul-de-sac 1. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. 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. FM RM Family Room A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. HUD Housing and Urban Development ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. SCRND PORCH Screened Porch Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. ASG Assessment Assessment. Active This means that a property is currently on the market and available for sale. FHA Federal Housing Administration This claim is brought up by a party who is not the owner and restricts what an owner can do with the property.
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