Bird Dog to Board Foot

 

Bird Dog

Someone who locates, discovers or uncovers prospective investments for other investors, usually in exchange for a finders fee or commission. Bird dogs make money by referring potential investment opportunities to real estate investors.

Bitumen

See the Asphalt entry.

Biweekly Amortization

The biweekly mortgage calls for a mortgage payment every two weeks, instead of every month. The biweekly payments are exactly half of the monthly payments. This payment plan translates into 13 monthly payments per year (52 weeks = 26 biweekly payments = 13 monthly). This prepayment will reduce the loan term, reduce total interest paid and build equity more quickly.

Biweekly Loan

See the Biweekly Amortization entry.

Biweekly Plan

See the Biweekly Amortization entry.

Blackwater

Any body or flow of water contaminated with sewage or human waste.

Blanket Bog

A type of bog produced in high rainfall areas that blanket much of the land with bog vegetation. Because the of the prolonged presence of waterlogged soil, a layer of peat and bog vegetation forms over whole swaths of land.

Blanket Insulation

Sometimes called batt insulation, blanket insulation are commonly used to fill air spaces in walls, floors, attics and roofs. The most common type are fiberglass or rock wool insulation attached to a paper sheet.

Blanket Insurance

An insurance policy that covers more than one person or property. For example, condominiums and cooperatives normally have a blanket insurance policy that covers all of the units under one policy (although the standard coverage does not include personal property).

Blanket Loan

A type of mortgage that pledges more than one parcel of real estate as collateral. This is normally not allowed with residential loans; however, many business and commercial loans will allow and even demand this arrangement. This is also often used with development projects. For example, a developer will have one large construction or development loan secured by the entire project. As each parcel is completed and sold, that property is released from the blanket, through the use of partial releases.

Blanket Mortgage

See the Blanket Loan entry.

Blanket Trust Deed

See the Blanket Loan entry.

Bleeding a Project

Diverting funds and cash flow from an investment. This often entails delaying or sacrificing needed repairs (or maintenance), resulting in deferred maintenance and possible loss of value.

Blended Mortgage Refinance

A type of refinance offered by some lenders, which takes the average or median interest rate between the current market rate and note rate of the loan to be refinanced. This is sometimes offered by the lender on the loan to be refinanced, because they don’t want to lose the borrower and loan. For example, Renee has had a mortgage with XYZ Bank at 7.00%. She receives an offer from another lender to refinance her loan down to 6.00%. XYZ Bank counter-offers and proposes to lower her rate to 6.40%. Even though that is not as low as the competing offer, Renee may be willing to stay with XYZ Bank because she won’t have to go through the hassle and expense of refinancing.

Blended Rate

With concurrent or piggyback loans, the blended rate is the interest rate between the rates of the two mortgage loans that express the interest charges for both loans. It is not the average of the two interest rates; rather, it is the total interest charges on both loans amortized against the total principal balances of both loans.

Blended Space

A method or style of interior design that minimizes hallways and maximizes room sizes. Hallways are no longer needed, as the bedrooms, dining room, kitchen and foyers are connected to (or blend into) a large central room, usually a living room.

Blended Vacancy Rate

A vacancy rate that takes into account multiple buildings, often in multiple locations. For example, a large investment company may want to calculate the vacancy rates of its many properties according to their classifications or use.

Blighted Area

A neighborhood, community or region that is suffering from extreme physical deterioration and/or economic depression.

Blind Ad

In the real estate and mortgage industry, it is any advertisement that fails to include the name and physical address of the business or person placing the ad. Instead, they usually only indicate a phone number and/or post office box. Blind ads are prohibited by most state licensing laws.

Blind Nailing

Non-visible nails, often used in finishing, in which the nails are covered with drywall or joint compound.

BLM

See the Bureau of Land Management entry.

Block

A segment of a subdivision. Each block normally contains several lots or parcels. In cities such as Chicago, each full block is equal to one-eighth (1/8) or one-tenth (1/10) of a mile

Blockbusting

An unethical and fraudulent practice, in which real estate agents frighten homeowners to sell, usually at lower-than-market prices. The most common tactic is to instigate white flight by insinuating that minority homebuyers are moving into the neighborhood.

Blue Sky Laws

Federal and state regulations that requires securities sellers and brokers to notify buyers of the true and total risk of the securities being purchase.

Blueprint

A detailed design plan of a building or improvement. Traditionally, architects and engineers printed their detailed designs on blue paper with white lines. Modern computer-generated design negated the need for that old method, but the name remains.

Board and Batten Siding

A vertical style of board siding used for exterior wall covering. Compare to Drop Siding and Clapboard entries.

Board Foot

The commonly used method of measuring lumber that is 1″ thick, 12″ wide and 12″ in length.