I have just taken steps to re-enter the world of REO and BPO work. I was having a discussion with a friend, filling her in on my newest ventures and she stopped me with, “Hold on! I am feeling like you speak a foreign language…what the heck are you saying?”
This market has brought our business to the foreground of the media and I think we often take for granted that “laymen” understand our lingo. We abbreviate everything and as my friend pointed out to me, sometimes we are speaking jibberish to the normal person.
In the effort to clear up some of your questions, here is a small lexicon of abbreviations and their meanings…I hope it will shed some light for those normal people and serve as a reminder to us professionals to speak clearly!
REO=real estate owned by a lender
BPO= broker’s price opinion similar to a:
CMA=Competitive Market Analysis
MLS= Multiple Listing Service
UAG= Under Agreement
PCG= Price Change
FHA – Federal Housing Administration
FMR – Fair Market Rent
FMV – Fair Market Value
FSBO – For Sale by Owner
HML – Hard Money Lender
HOA – Homeowners Association
HUD – Housing and Urban Development
LLC – Limited Liability Company
LLP – Limited Liability Partnership
LTV – Loan to Value
NNN – Triple Net Lease
NOI – Net Operating Income
NOO – Non-Owner Occupied
OO – Owner Occupied
O/F – Owner Finance
P&S – Purchase and Sale
PITI – Principal, Interest, Taxes and Insurance
PUD – Planned Unit Development
REI – Real Estate Investing
Still need some help in the real estate glossary department? Visit http://www.realestatewords.com/ or give me a shout out! www.therealestatenatural.com I am here to help!
