The number of days a property listing is considered active. What Is a Short Sale? One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. Not all Northwestern Mutual representatives are advisors. Clap Clapboard Siding REC Recreation Room TXS Taxes SPAC Spacious You can email the site owner to let them know you were blocked. RELATED: How to Stream U.S. Sports for Free Online. 1. FSBO For Sale by Owner Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. POA Power of Attorney It is in fact a real word (but that doesn't mean . KIT, KT Kitchen Read more about escalation clauses and making an offer on a home. Read more about origination fees here. WLKIN Walk-in Closet One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. Market conditions that exist when homes for sale outnumber buyers. Bb. IGSP In-Ground Sprinkler SKY Skylights Like other shorthand slang terms in text messages, this abbreviation is primarily written in the lowercase bb rather than the uppercase BB. On top of that, many acronyms use the uppercase BB, while the lowercase version almost exclusively refers to baby. BB is already an abbreviation of a fairly short word, so some people ditch the shorthand altogether and use baby or babe. Alternatively, you might see some people use variations such as bby, b2, or even just b., While baby has been a pet name for a romantic partner long before the internet age, the widespread use of BB is pretty recent. SRO Single Room Occupancy Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. CRS. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. MAO Maximum Allowable Offer A property that has come back on the marketafter a pending sale. Cont Contemporary PL/1 In-Ground Pool Ann Arbor Area Board of REALTORS - MLS Compensation Codes When you purchase through our links we may earn a commission. PRTL Partial Your IP: PL -Swimming Pool But the cap rate is not the only metric used to evaluate a real estate investment. COF Cost of Funds One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. Yes! Maximum loan amounts can vary by county. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. DBA Doing Business As HWH Hot water heater What Does BB Mean, and How Do I Use It? TOWN Town House An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. The difference between the two is usually fairly . FXR Fixer Upper The property is sold and no longer available. Care starts with culture. HSF Heated square feet Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. GAR Garage TRC Trash Compactor OVER Oversized Garage These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. During this time, the home is inspected and appraised, and the title searched for liens, etc. Fees imposed by the state, county or municipality on transfer of title. GAROP Garage Door Opener Pro Forma Real Estate: Everything You Need to Know - RealWealth Real Estate: Definition, Types, How to Invest in It - Investopedia If not, it could end up back on the market, so go ahead and inquire if youre interested. 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. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. 2023 All Rights Reserved. There is no MLS covering the whole country. Terms Of Use Suggest. That doesnt mean that its a done deal by any means, however (more on that next). FHA Federal Housing Administration STOR Assigned Storage ATFN Attic Fan What Does FS Mean, and How Do You Use It? 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. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Like, from the 50s. Questions And Answers One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. NAT GS HT Natural gas heat PERM Perm Attic Stairs What Is Real Estate? A Definition And A Guide | Rocket Mortgage A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. U/G SPRK Underground Sprinkler A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. Large E-2 plan:This is one of several floor plans available in a specific building. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. SEC SYS Security System Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. 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. If thats your style, you're in luck. A full bathroom is a room with a toilet, a sink and a bathtub. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. There are often additional notes with details that don't fit into the standard listing formula. Try our affordability calculator to see how much house you might be able to afford. Not all mortgages carry a prepayment penalty. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. DLO Seller Disclosure AC Acre I havent seen you in forever. 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. GRM Gross Rent Multiplier 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. CDS Cul de sac Our belief in better is at the core of everything that we do, every day. Look for this accreditation or something similar when shopping for a home inspector. 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. NBHD Neighborhood While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. If you're still unclear what a shorthand is referring to, reach out to the listing agent. GRES Graduate Real Estate Society A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. You may want the retreat, but ask yourself if you're truly ready for all it entails. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. This is the escrow period, when both buyer and seller are workingtoward a closing. Repairs. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Cap Rate: Defined And Explained | Rocket Mortgage 2-LV : Two living levels. You are not obligated to accept the loan just because you received a loan estimate. Learn, The act of paying off one loan by obtaining another. SD Security Deposit POF Proof of Funds TIL Truth In Lending, A/G PL Above-ground Pool What Does "Default" Mean In Real Estate? - Inman The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). CCR Conditions, Covenants, and Restrictions PAR Partially Fenced SPDED Special Warranty Deed This list of real estate investing abbreviations is useful for real estate brokers. 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. 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. SEW Sewer 7 meanings of BB abbreviation related to Real Estate: Real Estate. Real Estate Acronyms By cnyREALTOR PAT Patio The ratio compares the borrowers monthly debt payments to gross income. C/VAC Central vacuum A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Cozy Charm. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Typically, most consumers mortgage interest rate is going to be higher than the prime rate.