what does bb mean in real estate

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. A concrete point at which buying a home makes more financial sense than renting one. VWS, VW, VU View or views BR Bedroom Fixture:Anything of value that is permanently attached to or a part of real property. is part of the U.S. Department of Housing and Urban Development. You are not obligated to accept the loan just because you received a loan estimate. PMI Private mortgage insurance Zillow, Inc. holds real estate brokerage licenses in multiple states. ELE Electric MAO Maximum Allowable Offer OFF Off Street Parking HIST Historical District Updated from an earlier version on realtor.com. GRI Graduate REALTOR Institute 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. Keep reading to learn more about this unique abbreviation. 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. HD, HDFL Hardwood floors OFC Office After the set time period your interest rate will change and so will your monthly payment. HDWD Hardwood HSF Heated square feet W/D HKUP Washer/Dryer hookup Cdrcl Cedar Closet Learn more about down payments here. If not, it could end up back on the market, so go ahead and inquire if youre interested. 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. FFBR First Floor Bedroom BKPORCH Back Porch WDSTV Wood-Burning Stove The number of days a property listing is considered active. PITI Principal, Interest, Taxes and Insurance The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Click to reveal You can email the site owner to let them know you were blocked. Bidding wars are common. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? 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. R/OPT Rent w/Opt-Buy Privacy Policy. WAR Warranty Plan A security deposit made by the buyer to assure the seller of his or her intent to purchase. GAR, GR Garage YD Yard The New Outlook Is Opening Up to More People, Windows 11 Feature Updates Are Speeding Up, E-Win Champion Fabric Gaming Chair Review, Amazon Echo Dot With Clock (5th-gen) Review, Grelife 24in Oscillating Space Heater Review: Comfort and Functionality Combined, VCK Dual Filter Air Purifier Review: Affordable and Practical for Home or Office, LatticeWork Amber X Personal Cloud Storage Review: Backups Made Easy, Neat Bumblebee II Review: It's Good, It's Affordable, and It's Usually On Sale. W/D Washer/Dryer A percentage of the homes value owned by the homeowner. SHOP Workshop Read more about closing costs here. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. HBR Harbor Learn, The act of paying off one loan by obtaining another. Our advisors will help to answer your questions and share knowledge you never knew you needed to get you to your next goal, and the next. Step 2: Through your cost estimation, you figure out that $30,000 of investment will bring the property to a rental-ready state over the next 4 months. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Affordability. FPLC, FP, FRPLC Fireplace Market conditions that exist when buyers outnumber homes for sale. BA Bathroom POF Proof of Funds A contingent statusmeans that the seller has accepted an offer and the home is under contract. Refinancing is generally done to secure better loan terms, such as a lower interest rate. BB is most commonly used on the internet (and in text messages) as an abbreviated form of baby. However, baby in this context is used as a pet name or term of endearment for your romantic partner and not an infant child. But unlike an AWC, the property is no longer available forshowings., Whileabbreviations and acronymsfor property descriptionsvary by listingand source,thetermsbelow canbe used as a general guide to help you translateanything unfamiliar.If youre still unclear whata shorthand is referring to,reach out to the listing agent., As-is:Theowner is selling the home in its current condition and willnot makeanyrepairs orcorrect any flaws with the property., OLREA:Owner is a licensed real estate agent. MTG Mortgage Repairs. The price of a home, as set by the seller. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. SRO Single Room Occupancy These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Privacy Policy Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. MLS multiple listing service REC Recreation Room CRE Creative Real Estate Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. The property is sold and no longer available. WF Waterfront L/O Lease Option WSH Washer Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. The meaning of REAL ESTATE is property in buildings and land. JTUB Jetted Tub Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. AST Assessment Lien Lien, JTL. PICK Picket Fence And the real estate business is no different. CAC Central air conditioning Keep an eye out for seriousmaintenance issues that may be disguised by quick surface repairs, and call in a trusted home inspector to help you spot any hidden problems. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. An encumbrance can create a cloud on the title of a real property. 2. FNCD YD Fenced Yard Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. 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. SN Senior PMI Private Mortgage Insurance HUD Department of Housing and Urban Development GNMA Ginnie Mae or Government National Mortgage Association These abbreviations are typically written in all capital letters. Not all mortgages. Market conditions that exist when homes for sale outnumber buyers. RTO Rent to Own Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions If you wish to report an issue or seek an accommodation, please let us know. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. HW Hot Water CRB Certified Real Estate Broker O/F Owner Finance Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Fpgas Gas Fireplace Cloudflare Ray ID: 7a2835264c3fdd54 You can use BB to mean basketball, especially in internet communities dedicated to the sport. GARB Garbage 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. Windows 11: How Much RAM Can Your PC Have? FR Family room Anne Miller lives in New York and writes real estate news and advice stories. SPC Drive parking spaces BA; BTH : Bathroom. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. 2023 All Rights Reserved. Try our affordability calculator to see how much house you might be able to afford. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. BB Real Estate Abbreviation. INT Intercom IGSP In-Ground Sprinkler Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. Check out our glossary of frequently-used mortgage terms. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. HRS Horses Allowed The owners bank must approve a lower listing price before the home can be sold. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. PRQ Parquet Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Try our debt-to-income calculator to learn more. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. This abbreviation is a shorthand way of showing your affection to your partner. COCR or CCR Cash on Cash Return We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Home affordability takes into account your income, down payment, and monthly debts. HI CEIL(S) High ceilings Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. Actv Active Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Learn more about short sales here. Read more about the Buy-Rent Breakeven Horizon here. Margaret Heidenry is a writer living in Brooklyn, NY. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Real estate abbreviations are important to save time and money. CFan Ceiling Fan 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. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). SPDED Special Warranty Deed SD Security Deposit This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. RTO Rent To Own REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. ASG Assessment Assessment. GRMET KIT, GRMT KIT Gourmet kitchen PVT Private Addendum to Purchase Agreement COVID-19 EVENT EXTENSION, AA Public Schools - Attendance Area by Street directory, Presenting and Negotiating Multiple Offers, Washtenaw County Resources & Millage Rates, How to Pick the Best Home Inspectors and Appraisers, P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000), B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013), B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). Press F to Pay Respects: What Does F Mean Online? BCH Beach Prices are often higher than average. Copyright 2023 Acton Media Inc. All rights reserved. A visual evaluation performed by a licensed home inspector to look for any potential defects or items of note related to the property, building(s), and the systems in a home. Cozy Charm. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. There are also a few other cultural definitions for BB. EIK Eat in kitchen The four items include, repairs, vacancy loss, property management, and miscellaneous. But if not, you'll want to factor in the cost ofrenovationsbefore deciding if this home is both in your budget and worth a visit. A ratio that compares a home buyers expenses to gross income. Dk Deck POR, POR-S Porch/Screened WBS Wood-Burning Stove Investment advisory and trust services are offered through Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee, WI, a subsidiary of NM and a federal savings bank. WBFP Wood Burning Fireplace Baseboard Heat + 2. Business, Property, Real Estate Advertising. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Crystal R. 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. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. When you purchase through our links we may earn a commission. MAR Marble DET Detached garage That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. A property that has come back on the marketafter a pending sale. A loan estimate can help borrowers shop and compare costs of loans with lenders. PMP Well Pump UTLVL Utility Room Level glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. Bung Bungalow Title Records posts and articles. The status will show as pending until the closing. RPAC Realtors Political Action Committee If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. The Real Estate Commission: How Much Are Realtor Fees? Crk Creek Since many phrases can be shortened to BB, this acronym might refer to other things online. Not all products and services are available in all states. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Fees imposed by the state, county or municipality on transfer of title. Our belief in better is at the core of everything that we do, every day. NAT GS HT Natural gas heat Fees associated with the purchase of a home that are due at the end of the sales transaction. EA exclusive agency OWN Owner Financing Abbreviations on the list may have capitalization variations. MOPOA Monthly POA Fee CHMS Certified Home Marketing Specialist 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. NOO Non-Owner Occupied Buyers should budget for an amount that is 2% to 5% of the homes purchase price. CFD Contract for Deed property in buildings and land; space, capacity See the full definition . This website is using a security service to protect itself from online attacks. TOWN Town House DOS Due On Sale Clause 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. SPLT Split-Level Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. It's anything that can be subject to ownership, except land. Your IP: Have questions about buying, selling or renting during COVID-19? Your IP: SQ FT Square Feet END End Unit DLM Seller Disclaimer A full bathroom is a room with a toilet, a sink and a bathtub. There is no MLS covering the whole country. Buying a Flipped House: Is It Right for You? There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. MRSH Marsh The trademarks MLS, Multiple Listing Service and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Related:The Best 10 Plants to Grow for Backyard Privacy. Read, 42. REL Related to Seller Organizations can include local governments, utility companies, and homeowners associations. For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. It is in fact a real word (but that doesn't mean . A database where real estate agents list properties for sale. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. WD PNL Wood paneling DBA Doing Business As Cbl,Cblh Cable/Hookup A property repossessed by a bank when the owner fails to make mortgage payments. When a home listing touts its custom features, take care. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. HUD Housing and Urban Development P&S Purchase and Sale The word listing is also used to refer to the for-sale home itself. You can email the site owner to let them know you were blocked. CLHMS Certified Luxury Home Marketing Specialist TXS Taxes NNN Triple Net Lease What is BB meaning in Real Estate Advertising? REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Read more about pre-qualification here. The content on this site is not intended to provide legal, financial or real estate advice. A state in which an escrow agent is responsible for closing. SPAC Spacious LA Living area 147.189.141.138 There are five main categories of real estate. Cloudflare Ray ID: 7a28359a3f44c34a UPF, UPR Upper floor 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. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. GRT RM Great room This is the escrow period, when both buyer and seller are workingtoward a closing. Farm Farmhouse SMP Sump Pump D/W Dishwasher There are often additional notes with details that don't fit into the standard listing formula. WHKP Washer Hookup Property Records ASB Asbestos Siding 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. Get the top BB abbreviation related to Real Estate. SEW Sewer The first entry for this abbreviation on Urban Dictionary was made in 2006 and referred to it as Netspeak for baby, normally placed at the end of a text.. Prospective purchasers of an inn need to know exactly what they mean. A not-for-profit professional association that sets and promotes standards for property inspections. By submitting your email, you agree to the Terms of Use and Privacy Policy. They provide clues to what is included in the purchase price. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. That happens through real care to make things better. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. It should return to active soon enough, so its certainly worth piping up if youre smitten. BKYD Backyard APR Annual Percentage Rate One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. 1. Listing:An agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owners home. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". This list of real estate investing abbreviations is useful for real estate brokers. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. MLS:Multiple Listing Service. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. 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. A buyers final inspection of a home before closing. 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. BLT Built-in Performance & security by Cloudflare. Both words imply motion, but the difference may b. Defenestration. PAN Pantry Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. FMV Fair Market Value If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. PRV, PVCY FENCE Privacy Fence CH Central heat This website is using a security service to protect itself from online attacks. OVER Oversized Garage REALTOR Member of the National Association of Realtors DLO Seller Disclosure Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. UTRM Utility Room IRA Individual Retirement Account MBA Master Bedroom w/Bath But if thats not what youre looking for, keep shopping. 2. Those real estate terms and definitions should give you a good start when it comes to understanding your real estate agent and the listings they . Before you start calling someone BB, you might need to establish ground rules. CAC Central Air Conditioning Real Estate Definition. RELATED: What Does "TMI" Mean, and How Do You Use It? Before you jump on a house with a "too good to be true" price, you need to understand how the short sale process works and connect with your real estate agent for more details. Usually, the realtor's website will give a good description without the real estate abbreviations. Hi ceils - This is an abbreviation for "high ceilings.". A property was withdrawn from the realty market. 4B/2B: Four bedrooms and two bathrooms. Cvga Converted Garage The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. When offering a selling bonus to a selling broker, the listing broker must specify the terms of the bonus offer according to the following guideline code: B dollar amount/terms/expiration date of offer (if applies), Examples: B1000/APT/010113 ($1000 Bonus on Accepted Price & Terms Offer Good until January 1, 2013) B1000/FPT/010113 ($1000 Bonus on Full Price & Terms Offer Good until January 1, 2013). PERM Perm Attic Stairs This happens when the catcher manages to catch four pitches that classify as a ball, and the batter gets to move to first base without the danger of going out. You might also see the acronym BB%, which stands for base on balls rate its the statistical frequency that a pitcher will allow a batter to walk. STA State F/A Ht, FAH Forced Air Heat Q POS Available for quick possession GARD Garden GAR Garage Tiny houses are a trend, for sure. FRBO for rent by owner If you have the money to hire a handyman for every household woe, go ahead. CAP Capitalization A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. Have questions about your home financingpaperwork? MULTI 3+ Car Garage Crprt Carport Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). FMR Fair Market Rent Sub2 Subject to existing financing RELATED: How to Stream U.S. Sports for Free Online. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. PL, SP, S/P Swimming pool CPM Certified Property Manager A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. FSBO For Sale by Owner TEN Tennis Court CATH Cathedral ceilings 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. The amount of the loan divided by the price of the house. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. 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. The ratio compares the borrowers monthly debt payments to gross income. Here are a few examples of BB in action: Do you want to learn more internet slang terms? Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. NAR National Association of Realtors LPOA Limited Power of Attorney Cth Cathedral Ceiling PGS Propane NAR National Association of Realtors Dsp Garbage Disposal It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. But the cap rate is not the only metric used to evaluate a real estate investment. HWH Hot water heater Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. PLAY Playground SFH Single Family House W/D WD Washer and dryer The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. Read more about back-end ratio here. Each lending institution sets its own prime rate. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Essentially, "turnkey" means that . But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. Real property is immovable property - its land and anything attached to the land. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. When youre well-established enough to give each other pet names, you might want to try calling them baby or babe in person before you start calling them bb in chat. During this time, the home is inspected and appraised, and the title is searched for liens, etc. PAR Partially Fenced Bb. Personal property is movable property. INLW In-Law Suite MSN Masonry

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