The ratio compares the borrowers monthly debt payments to gross income. What Is a Short Sale? - Ramsey - Ramsey Solutions Before you start calling someone BB, you might need to establish ground rules. HTUB Hot Tub Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Each lending institution sets its own prime rate. 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. DBA Doing Business As A three-page document sent to an applicant three days after they apply for a home loan. Personal property is movable property. What sounds impressive on paper may look less appealing in person. RELATED: What Does "TMI" Mean, and How Do You Use It? 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. NNN Triple Net Lease 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. NAT GS HT Natural gas heat One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. A/G PL : Above-ground swimming pool. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. SD Security Deposit Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. AG Agreement Agreement Comm. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Try our amortization calculator to learn more. TOWN Town House Be sure to read the fine print carefully. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Dbl Double 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. LR with Fplc? NBHD Neighborhood These abbreviations are typically written in all capital letters. STR On Street Parking Typically, most consumers mortgage interest rate is going to be higher than the prime rate. 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. WSH Washer The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. POA Power of Attorney DTI Debt to Income Ratio Real Estate Definition. Fixture:Anything of value that is permanently attached to or a part of real property. PRQ Parquet This means that aproperty is currently on the market and available for sale. WTR Water RELO Relocation office G-RNG Gas Range Property Records Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Farm Farmhouse HWH Hot water heater 1 /8. MCOA Min $ on Assumption This is important, as identifying a property's class can predict how the asset might perform. STOR Assigned Storage INGRD PL pool in ground pool Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. 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. Related:12 Ideas to Steal from Vintage Kitchens. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Tiny . Business COO or C of O Certificate of Occupancy BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Cloudflare Ray ID: 7a28359a3f44c34a Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Resources DWF, DWAC Deep Water/Access Your IP: HSF Heated square feet Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. What Is Real Estate? A Definition And A Guide | Rocket Mortgage MIC Mint Condition (like new or new) FIN LL Finished lower level U/G SPRK Underground Sprinkler RV PRKG RV Parking Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. 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. This website is using a security service to protect itself from online attacks. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. WF Waterfront The price of a home, as set by the seller. Copyright 2022 Ann Arbor Area Board of REALTORS. JV Joint Venture Miscellaneous. 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. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. LFT Loft NOO Non-Owner Occupied Home affordability takes into account your income, down payment, and monthly debts. 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. SPKLR Sprinkler A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. PAT Patio An encumbrance can create a cloud on the title of a real property. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. Back Bay. GAROP Garage Door Opener AC Acre A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. Real Estate Acronyms By cnyREALTOR FHA Federal Housing Administration A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. BA Bath Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Try our affordability calculator to see how much house you might be able to afford. Read more about mortgage insurance. 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. FR Family room Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. SHNG Shingle HBR Harbor Terms Of Use That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. If you wish to report an issue or seek an accommodation, please let us know. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. APPLS Appliances An FDR with a DK? The action you just performed triggered the security solution. Clus Cluster Not all real estate agents are REALTORS. Cnl Canal Articles may contain affiliate links which enable us to share in the revenue of any purchases made. HUD Housing and Urban Development They provide clues to what is included in the purchase price. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. LTV loan to value ASG Assessment Assessment. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. COCR or CCR Cash on Cash Return HRS Horses Allowed On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Performance & security by Cloudflare. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. Real Estate Terms - B&B Team A minimum requirement is often dictated by the loan type. WHF Whole House Fan This website is using a security service to protect itself from online attacks. 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. Learn more about HOAs here. LR Living room But the cap rate is not the only metric used to evaluate a real estate investment. The price of borrowing money. Keep reading to learn more about this unique abbreviation. CPT Carpet or Carport They charge dues used to maintain common areas. SFH Single Family House Cent h/a Central Heat&Air FDR Formal dining room Title Records posts and articles. HB Half Bath (toilet + sink) A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Most real estate agents use similar abbreviations as part ofreal estate lingo, so once you get the jist, you can read any listing with confidence. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). APR Annual Percentage Rate F/A Ht, FAH Forced Air Heat Try our debt-to-income calculator to learn more. A fee, charged by a broker or lender, to underwrite and process a home loan application. Learn, The act of paying off one loan by obtaining another. Click to reveal P&S Purchase and Sale 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). 4/3 4 bedrooms / 3 bathrooms These structures can be both above and under the ground. MULTI 3+ Car Garage 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 terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". Paying points, which are tax deductible, will lower the monthly mortgage payment. Not all mortgages. PVT Private 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. 8 Real Estate Designations That Will Actually Make You Money Cer Ceramic Tile NGS Natural Gas MAR Marble Best for: Buyer's agents looking to separate themselves from the rest of the field. 1. Typically, putting away 5% of the rent . During this time, the home is inspected and appraised, and the title is searched for liens, etc. SEC Security System Market conditions that exist when homes for sale outnumber buyers. WINDT Window Treatment GRES Graduate Real Estate Society PILE Pilings BOT Boat Slip TRC Trash Compactor Yes! BRRRR refinance example. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. OFC Office/Study But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. Bulk Bulkhead TEN Tennis Court Contingent vs. under contract? Often, the listing will indicate which rooms have hardwood flooring. 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. When you boil it down to the basics, real estate has a simple meaning. RTO Rent to Own Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. HP Heat Pump Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. A portion of your monthly payment goes into the. A full bathroom is a room with a toilet, a sink and a bathtub. Maximum loan amounts can vary by county. 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. An MLS allows brokers to see one another's listings of. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. 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. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. The owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Prices are often higher than average. Fees imposed by the state, county or municipality on transfer of title. CDS Cul de sac O/F Owner Finance A not-for-profit professional association that sets and promotes standards for property inspections. This abbreviation is a shorthand way of showing your affection to your partner. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. IGSP In-Ground Sprinkler Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. WBS Wood-Burning Stove SPAC Spacious Have questions about your home financingpaperwork? REC Recreation Room Actv Active Real Estate Abbreviations And Acronyms - U.S. Title Records Performance & security by Cloudflare. The difference between the two is usually fairly . 64 Real Estate Terms and Expressions You Should Know After all, you wouldn't want to get stuck with a money pit. Read, 42. Translation: This home is small. In many listings, the term is used to describe to an area that's in the process of transition. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. FFBR First Floor Bedroom NAR National Association of Realtors SMB Split Master Bedroom Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. If you're still unclear what a shorthand is referring to, reach out to the listing agent. Please switch to a supported browser or download one of our Mobile Apps. VYL Vinyl CFD Contract for Deed CVAC Central Vacuum You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Det Detached Garage DOS Due On Sale Clause BALC Balcony R/OPT Rent w/Opt-Buy 3/4 Bath toilet + sink + shower or tub Learn more about refinancing here. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. RNCH Ranch W/W CRPT Wall To Wall Carpet SKY Skylights 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. CHMS Certified Home Marketing Specialist 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. CLTV Combined Loan To Value An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Home affordability takes into account your income, down payment, and monthly debts. If they were not used, the ads for a home could get quite lengthy. Each lending institution sets its own prime rate. 2-LV : Two living levels. Related:10 Signs That Fixer-Upper Might Be a Money Pit. . Privacy Policy. Related:7 Features That Define the New American Home. GRI Graduate REALTOR Institute What Does "BB" Mean, and How Do I Use It? - How-To Geek Crwl Crawl Space C/VAC Central vacuum About Truist | Truist AST Assessment Lien Lien, JTL. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Disclosure: BobVila.com participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for publishers to earn fees by linking to Amazon.com and affiliated sites. Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. You can email the site owner to let them know you were blocked. MTG Mortgage 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. PWDR RM Powder room or half bath One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. The ratio compares the borrowers monthly debt payments to gross income. Addendum to Purchase Agreement COVID-19 EVENT EXTENSION, AA Public Schools - Attendance Area by Street directory, Presenting and Negotiating Multiple Offers, Washtenaw County Resources & Millage Rates, How to Pick the Best Home Inspectors and Appraisers, P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000), 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). This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. POF Proof of Funds 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. 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.