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Col Colonial NGS Natural Gas MYOB Mind Your Own Business HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. HI CEIL(S) High ceilings Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Bung Bungalow There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. HB Half Bath (toilet + sink) Have questions about your home financingpaperwork? These structures can be both above and under the ground. PRQ Parquet Please switch to a supported browser or download one of our Mobile Apps. The sale of a home by an owner who owes more on the home than its worth. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. Related:12 Ideas to Steal from Vintage Kitchens. UTCL Utility Closet 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. PMI Private Mortgage Insurance PICK Picket Fence These abbreviations are typically written in all capital letters. BD Bedroom CVAC Central Vacuum Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Buying a Flipped House: Is It Right for You? Read more about mortgage insurance. Read our stress-free guide to getting a mortgage. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. GNMA Ginnie Mae or Government National Mortgage Association PMP Well Pump PL, SP, S/P Swimming pool BLDRS REDO Builders Renovation The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Bidding wars are common. Title Records Corp.160 Greentree DriveDover, DE, #ustitlerecords #ustitlerecords #ustitlerecords. CATH Cathedral ceilings Miscellaneous. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Maximum loan amounts can vary by county. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. CRB Certified Real Estate Broker INGRD PL pool in ground pool HWH Hot water heater Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. Essentially, "turnkey" means that . D/W Dishwasher Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Example: P30 (3% offered) NOO Non-Owner Occupied Repairs. TRSH Trash Pickup GRMET KIT, GRMT KIT Gourmet kitchen An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. R/OPT Rent w/Opt-Buy When you purchase through our links we may earn a commission. A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. DOS Due On Sale Clause Large E-2 plan:This is one of several floor plans available in a specific building. A contingent statusmeans that the seller has accepted an offer and the home is under contract. 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. 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. NAR National Association of Realtors A minimum requirement is often dictated by the loan type. 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. FPLC, FP, FRPLC Fireplace Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Zillow, Inc. holds real estate brokerage licenses in multiple states. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. Usually . GRT RM Great room There are five main categories of real estate. A buyers final inspection of a home before closing. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? This list of real estate investing abbreviations is useful for real estate brokers. ELE Electric After the set time period your interest rate will change and so will your monthly payment. Clbhs Clubhouse GRI Graduate REALTOR Institute Even though a sale is highly likely, some pending properties may still accept backups. Deco Decorative Fence HOA Homeowners association and MBA Master Bedroom w/Bath TXS Taxes 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. UPF, UPR Upper floor 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. AEK All electric kitchen An FDR with a DK? TRC Trash Compactor CAC Central air conditioning Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. Look for this accreditation or something similar when shopping for a home inspector. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. A/G PL : Above-ground swimming pool. BA; BTH : Bathroom. ROI Return On Investment VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization BCH Beach REL Related to Seller 3/4 Bath toilet + sink + shower or tub SMB Split Master Bedroom POF Proof of Funds During this time, the home is inspected and appraised, and the title is searched for liens, etc. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. Not all Northwestern Mutual representatives are advisors. HVAC heating, ventilation and air conditioning GRM Gross Rent Multiplier A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. 2023 LoveToKnow Media. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Read, 42. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. Try. Crk Creek This means that aproperty is currently on the market and available for sale. MK Modern kitchen DET Detached garage Cer Ceramic Tile MEIK Modern eat-in kitchen HOA Homeowners Association BLT Built-in A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. Clap Clapboard Siding glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. FSBO For Sale by Owner At Truist, our purpose is to inspire and build better lives and communities. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal. 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. ATT Attached Garage GRES Graduate Real Estate Society Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. PL/1 In-Ground Pool No purchase is necessary to view U.S. Related:12 Things Realtors Look For in Homes of Their Own. APR Annual Percentage Rate NONQ Non-Qualifying Read more about back-end ratio here. CRS Certified Residential Specialist SPKLR Sprinkler Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Read, A property repossessed by a bank when the owner fails to make mortgage payments. Related:18 Big Storage Ideas to Steal from Tiny Homes. What Is a Short Sale? CREA. PUD Planned Unit Development The fascinating story behind . 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. But if thats not what youre looking for, keep shopping. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. FSBO For Sale By Owner PAR Partially Fenced The seller has an agreed-upon contract with the potential buyer. 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. G-RNG Gas Range FSBO For Sale by Owner RNCH Ranch 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. RPAC Realtors Political Action Committee An encumbrance is a limit on how an owner can use real estate. If you see a bathroom or kitchen described as vintage, that means theyre old. SPLT Split-Level He's invested in internet culture, social media, and how people interact with the web. PVT Private GRI Graduate Realtor Institute UTRM Utility Room An origination fee is not a single fee. A property that has come back on the marketafter a pending sale.

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what does bb mean in real estate
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