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. HIST Historical District Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. MAO Maximum Allowable Offer U/G SPRK Underground Sprinkler Learn more about down payments here. Real property is immovable property - its land and anything attached to the land. Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Have questions about buying, selling or renting during COVID-19? PAR Partially Fenced The ratio compares the borrowers monthly debt payments to gross income. Cdrcl Cedar Closet That doesnt mean that its a done deal by any means, however (more on that next). Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. HUD Housing and Urban Development ATT Attached Garage These abbreviations are typically written in all capital letters. 18 Big Storage Ideas to Steal from Tiny Homes, The 12 Fall Home Maintenance Tasks You Can't Ignore, 7 Features That Define the New American Home, 9 Ways Your Neighbors Can Screw Up Your Home Sale, 10 Signs That Fixer-Upper Might Be a Money Pit, 12 Things Realtors Look For in Homes of Their Own, The Best 10 Plants to Grow for Backyard Privacy, 15 Warning Signs to Look for Before Making an Offer on a Property, Data Shows This Listing Trick Sells Homes for More Money, As-Is Real Estate: What Buyers and Sellers Need to Know, 15 Things Not to Say in Your Real Estate Listing, Watch Out for 12 Real Estate Tactics Designed to Make You Spend More, 11 Awful Real Estate PhotosAnd How to Make Yours Great, 12 Things You Don't Realize Are Annoying Your Neighbors. PL -Swimming Pool Exr Exercise Room W/D Washer/Dryer 4/3 4 bedrooms / 3 bathrooms The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. RV PRKG RV Parking CPM Certified Property Manager And the real estate business is no different. CAC Central air conditioning NBHD Neighborhood A security deposit made by the buyer to assure the seller of his or her intent to purchase. OVER Oversized Garage MTG Mortgage But if not, you'll want to factor in the cost ofrenovationsbefore deciding if this home is both in your budget and worth a visit. 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. If thats your style, you're in luck. BOT Boat Slip HUD Department of Housing and Urban Development He's invested in internet culture, social media, and how people interact with the web. Buying a Flipped House: Is It Right for You? Learn more about short sales here. OFC Office A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Cen Central Air There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Read more about escalation clauses and making an offer on a home. Closing costs are generally paid through escrow. 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. 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. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. PWDR RM Powder room or half bath NOI Net Operating Income Privacy Policy These abbreviations are typically written in all capital letters. TRAD Traditional Not all mortgages. HD, HDFL Hardwood floors Our belief in better is at the core of everything that we do, every day. GLFP Gas log fire place A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. CDS Cul de sac A ratio that compares a home buyers expenses to gross income. 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. Col Colonial BCH Beach FFE furniture, fixture, and equipment MRSH Marsh HOA Homeowners Association Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. STOR Assigned Storage One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. If you wish to report an issue or seek an accommodation, please let us know. A portion of your monthly payment goes into the. This website is using a security service to protect itself from online attacks. G/A Garage, Attached A buyers final inspection of a home before closing. FDR Formal dining room LTV loan to value Refund Policy, U.S. 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. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. PRO Internet Professional A half bathroom or powder room has only a toilet and a sink. PITI Principal, Interest, Taxes and Insurance BR Bedroom Copyright 2023 Acton Media Inc. All rights reserved. Fixture:Anything of value that is permanently attached to or a part of real property. Care starts with culture. Read more about origination fees here. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. PROP HT Propane Heat The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. PGS Propane 7 meanings of BB abbreviation related to Real Estate: Real Estate. Both words imply motion, but the difference may b. Defenestration. 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. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Active This means that a property is currently on the market and available for sale. This means that aproperty is currently on the market and available for sale. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. O/F Owner Finance BR Bedroom It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. This is important, as identifying a property's class can predict how the asset might perform. Learn, The act of paying off one loan by obtaining another. You are not obligated to accept the loan just because you received a loan estimate. Tiny . On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. What is BB meaning in Real Estate Advertising? Real Estate Abbreviations And Acronyms - U.S. Title Records is part of the U.S. Department of Housing and Urban Development. Cer Ceramic Tile Bsmt Basement A Short Guide to Real Estate Lingo - realtor.com PRTL Partial A three-quarter bathroom has a toilet, a sink and a shower. Try our debt-to-income calculator to learn more. A minimum requirement is often dictated by the loan type. Press F to Pay Respects: What Does F Mean Online? Performance & security by Cloudflare. Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. PERM Perm Attic Stairs A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Before you buy, consider what the neighborhood will look like in the long term and if you want to live in a neighborhood that's still in the process of change. Often, the listing will indicate which rooms have hardwood flooring. Crprt Carport WBFP Wood Burning Fireplace That happens through real care to make things better. 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. Hi ceils - This is an abbreviation for "high ceilings.". Dr -Dining Room Yes! SLT Slate Brokerage. You may want the retreat, but ask yourself if you're truly ready for all it entails. TOWN Town House Keep an eye out for seriousmaintenance issues that may be disguised by quick surface repairs, and call in a trusted home inspector to help you spot any hidden problems. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. CCR Conditions, Covenants, and Restrictions LFT Loft Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. 2-LV : Two living levels. FLR Floor Furnace 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. HI CEIL(S) High ceilings A three-page document sent to an applicant three days after they apply for a home loan. Go now! Market conditions that exist when buyers outnumber homes for sale. CRB Certified Real Estate Broker COCR or CCR Cash on Cash Return A state in which an escrow agent is responsible for closing. NOO Non-Owner Occupied CMA:Comparative market analysis or competitive market analysis. This is the most popular NAR official designation and is relatively easy to get and maintain. If not, it could end up back on the market, so go ahead and inquire if youre interested. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Be sure to read the fine print carefully. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. 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. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? AC Acre Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. BD Bedroom 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.