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. Real estate terms to know when you've started house hunting. 27. Since we launched in 2006, our articles have been read billions of times. U/G SPRK Underground Sprinkler A/C Air Conditioning PRO Internet Professional What sounds impressive on paper may look less appealing in person. TRAN Transitional VYL Vinyl Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. SEC SYS Security System Real estate agents and other real estate professionals often need to have specific certifications and may work with or belong to different associations or groups. 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. D/W Dishwasher In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. If its back on the market, theres a reason why the original sale fell through. POA Power of Attorney Its customary for the buyer to pay for the lenders title insurance policy. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Lock box:Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. INGRD PL pool in ground pool FDR/DR Dining room or a formal dining room An origination fee is not a single fee. OP Occupancy Permit A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. TRSH Trash Pickup CRS. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. BALC Balcony HML Hard Money Lender PICK Picket Fence TRC Trash Compactor GRI Graduate Realtor Institute REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Be sure to read the fine print carefully. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. The Real Estate Terms to Know When You're Looking at Home Listings FAG Forced air gas REIA Real Estate Investors Association AC or A/C Air conditioning HRS Horses Allowed If you have the money to hire a handyman for every household woe, go ahead. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. O/F Owner Finance Prepaid interest owed at closing, with one point representing 1% of the loan. F/BSMT Fully finished basement SD Security Deposit I/O Interest Only (loan) What Does 'NNN' Mean in Commercial Real Estate? Learn more about adjustable-rate mortgages here. Allow us to clear things up, by explaining what these things really mean in plain old English. Market conditions that exist when homes for sale outnumber buyers. Investment brokerage services are offered through Northwestern Mutual Investment Services, LLC (NMIS) a subsidiary of NM, brokerdealer, registered investment advisor, and member FINRA and SIPC. Banks, savings and loans, and credit unions. 1. Clus Cluster Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Cnl Canal You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. DBA Doing Business As HSF Heated square feet SFH Single Family House CMA:Comparative market analysis or competitive market analysis. An FDR with a DK? 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). The components of a monthly mortgage payment. ASB Asbestos Siding You can use BB to mean basketball, especially in internet communities dedicated to the sport. RNCH Ranch Refinancing is generally done to secure better loan terms, such as a lower interest rate. Decoding an MLS Listing - Weichert UPF, UPR Upper floor Read more about mortgage insurance. Back Bay. What Does "BB" Mean, and How Do I Use It? - How-To Geek If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. to see how much house you might be able to afford. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. ATT Attached Garage Market conditions that exist when buyers outnumber homes for sale. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. GMT Kitchen Gourmet kitchen Crprt Carport MEIK Modern eat-in kitchen HW Hot Water GAROP Garage Door Opener Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . 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 real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. MBA Master Bedroom w/Bath and UNO Unit Number Read more about origination fees here. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. This claim belongs to a third party, who can either be an organization or an individual. Get the top BB abbreviation related to Real Estate. What Does "Default" Mean In Real Estate? - Inman OWN Owner Financing Col Colonial This list of real estate investing abbreviations is useful for real estate brokers. HWH Hot water heater Home affordability takes into account your income, down payment, and monthly debts. 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. 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. ELV Elevator 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. WD PNL Wood paneling Updated from an earlier version on realtor.com. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). L/O Lease Option BB Real Estate Abbreviation Meaning - All Acronyms Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. PUD Planned Unit Development You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. DhkpP Dryer Hookup An origination fee is not a single fee. The Real Estate Commission: How Much Are Realtor Fees? 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. 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. Guide To REO Properties And How To Buy Them | Quicken Loans Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Tiny . Exr Exercise Room Before you start calling someone BB, you might need to establish ground rules. However, the widespread use of BB started in the 2010s, with the rise of smartphones and chat apps becoming the primary form of communication between teenagers. The action you just performed triggered the security solution. HB Half Bath (toilet + sink) BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. They provide clues to what is included in the purchase price. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. OFC Office Cap Rate: Defined And Explained | Rocket Mortgage MLS multiple listing service 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. A property that has come back on the marketafter a pending sale. Large E-2 plan:This is one of several floor plans available in a specific building. HPWA Water/Air Ht Pump A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. DCR, DSCR, DSR Debt Service Coverage Ratio The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". 3/4 Bath toilet + sink + shower or tub A fee, charged by a broker or lender, to underwrite and process a home loan application. PGS Propane Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Cer Ceramic Tile This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. 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. RDR Radiator A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. NYSAR New York State Association of Realtors It is for information purposes only, and any links provided are for the users convenience. How-To Geek is where you turn when you want experts to explain technology. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. FFE furniture, fixture, and equipment By submitting your email, you agree to the Terms of Use and Privacy Policy. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. DOS Due On Sale Clause If thats your style, you're in luck. Cth Cathedral Ceiling MIC Mint Condition (like new or new) A concrete point at which buying a home makes more financial sense than renting one. Farm Farmhouse Usually . Foyr Foyer AG Agreement Agreement Comm. PL, SP, S/P Swimming pool PROP HT Propane Heat Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. MCOA Min $ on Assumption 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. An MLS allows brokers to see one another's listings of. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Refinancing is generally done to secure better loan terms, such as a lower interest rate. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. MLS:Multiple Listing Service. Essentially, "turnkey" means that . Not all real estate agents are REALTORS. Back Bay + 1 1. WIC Walk-in closet, ARV After-Repaired Value CH Central heat SD/W Storm Doors & Windows A Short Guide to Real Estate Lingo - realtor.com Home affordability takes into account your income, down payment, and monthly debts. A minimum requirement is often dictated by the loan type. LTV Loan to Value Read more about back-end ratio here. 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. 4/3 4 bedrooms / 3 bathrooms Real estate Definition & Meaning - Merriam-Webster Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. 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. How have you been?. Mstr Master bed room GRT RM Great room A three-quarter bathroom has a toilet, a sink and a shower. I havent seen you in forever. LA Living area Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Even though a sale is highly likely, some pending properties may still accept backups. O/F Owner Finance Care starts with culture. LOI Letter of Intent 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. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . You can email the site owner to let them know you were blocked. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. MAO Maximum Allowable Offer Real Estate Acronyms By cnyREALTOR FDR Formal dining room I want to receive exclusive email updates from YourDictionary. FPLC, FP, FRPLC Fireplace SPC Drive parking spaces Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Fha Forced Hot Air NBHD Neighborhood Look for this accreditation or something similar when shopping for a home inspector. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. When this happens, he or she risks the home heading into the foreclosure process. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. RV PRKG RV Parking Keep this five-part guide handy youll be fluent in the language of home buying before you know it. UTRM Utility Room Cbl,Cblh Cable/Hookup After the set time period your interest rate will change and so will your monthly payment. Homes can sit on the market for a long time, and prices tend to drop. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. Privacy Policy Privacy Policy. These abbreviations are typically written in all capital letters. CFD Contract for Deed HDWD Hardwood A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. WLKIN Walk-in Closet If you're still unclear what a shorthand is referring to, reach out to the listing agent. G-RNG Gas Range There are four important items that must be included in a buyer's pro forma. F/A Ht, FAH Forced Air Heat ERS exclusive right to sell The "P" represents percent. 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. Performance & security by Cloudflare. BB Baseboard Heat APT Apartment HOA Homeowners Association F-bmt Finished Basement Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations to cover taxes and insurance. 1. Encumbrance In Real Estate: Defined & Explained - FortuneBuilders Check out our glossary of frequently-used mortgage terms. CCIM Certified Commercial Investment Member 3B/2B - three bedrooms and two bathrooms 2C - two-car garage A/C - air conditioning Appls - appliances Apt - apartment Ba - bathroom Br - bedroom CAC - central air conditioning Ch - central heat CBR Certified Buyer Representative Try our amortization calculator to learn more.
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