what does bb mean in real estate

A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. 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. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. This is important, as identifying a property's class can predict how the asset might perform. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Det Detached Garage Related:The Best 10 Plants to Grow for Backyard Privacy. SHOP Workshop PULL Pull-Down Attic Stair Contingent vs. under contract? Back Bay + 1 1. CREA. Crystal R. BA Bathroom All Rights Reserved, Hey bb! WDSTV Wood-Burning Stove If not, it could end up back on the market, so go ahead and inquire if youre interested. The property is sold and no longer available. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. CRE Commercial Real Estate Look for this accreditation or something similar when shopping for a home inspector. 2023 LoveToKnow Media. 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. RDR Radiator Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. This browser is no longer supported. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. This abbreviation is a shorthand way of showing your affection to your partner. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. The ratio compares the borrowers monthly debt payments to gross income. A portion of your monthly payment goes into the. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. WIN Window/Wall Unit This website is using a security service to protect itself from online attacks. Prospective purchasers of an inn need to know exactly what they mean. SMB Split Master Bedroom SEC Security System Before you start calling someone BB, you might need to establish ground rules. FHA Federal Housing Administration Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Learn more about refinancing here. AMO Accredited Management Organization If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. AST Assessment Lien Lien, JTL. During this time, the home is inspected and appraised, and the title searched for liens, etc. YD Yard TIL Truth In Lending, A/G PL Above-ground Pool ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Dry Clothes Dryer Disclosure: BobVila.com participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for publishers to earn fees by linking to Amazon.com and affiliated sites. There are often additional notes with details that don't fit into the standard listing formula. OBO Or Best Offer DWF, DWAC Deep Water/Access You may want the retreat, but ask yourself if you're truly ready for all it entails. This means the propertys ownersare actively taking backup offers in case the first one falls through. Bring vs. Take. BRRRR refinance example. P&S Purchase and sale 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. Real Estate: Definition, Types, How to Invest in It - Investopedia The Real Estate Terms to Know When You're Looking at Home Listings RTO Rent To Own EA exclusive agency OSP Off-street parking is available MSN Masonry 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. Cozy Charm. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. Business A property repossessed by a bank when the owner fails to make mortgage payments. A three-quarter bathroom has a toilet, a sink and a shower. JV Joint Venture INT Intercom VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization What sounds impressive on paper may look less appealing in person. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. 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. REI Real Estate Investing HUD Department of Housing and Urban Development SEC SYS Security System 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. Not all mortgages carry a prepayment penalty. Read more about back-end ratio here. Try our affordability calculator to see how much house you might be able to afford. 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. There are also a few other cultural definitions for BB. The BRRRR method explained in 5 simple steps - Hemlane One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. The governing body of a housing development, condo or townhome complex that sets rules and regulations. LR with Fplc? Title Records Corp.160 Greentree DriveDover, DE [email protected], #ustitlerecords #ustitlerecords #ustitlerecords. There are five main categories of real estate. Dk Deck Prices are often higher than average. CPT Carpet or Carport MEIK Modern eat-in kitchen If its back on the market, theres a reason why the original sale fell through. Read more about pre-qualification here. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. OO Owner Occupied Copyright 2022 Ann Arbor Area Board of REALTORS. But if thats not what youre looking for, keep shopping. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. POA Power of Attorney If you're still unclear what a shorthand is referring to, reach out to the listing agent. Q POS Available for quick possession A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Cloudflare Ray ID: 7a28359a3f44c34a Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). What Is a Short Sale? If thats your style, you're in luck. R/OPT Rent w/Opt-Buy LLC Limited Liability Company Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. Care starts with culture. W/D HKUP Washer/Dryer hookup BA; BTH : Bathroom. O/F Owner Finance FML Formal MWV Microwave Oven Fha Forced Hot Air Read, A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Performance & security by Cloudflare. ALM Aluminum Siding AC Acre If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. FPLC, FP, FRPLC Fireplace That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. Cen Central Air Exr Exercise Room REALTOR Member of the National Association of Realtors Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Related:18 Big Storage Ideas to Steal from Tiny Homes. Our belief in better is at the core of everything that we do, every day. MK Modern kitchen Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations The word listing is also used to refer to the for-sale home itself. NAT GS HT Natural gas heat But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. MO Month DEDRS Deed Restrictions You can use BB to mean basketball, especially in internet communities dedicated to the sport. Typically, putting away 5% of the rent . The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Read, 42. Translation: This home is small. SCRND PORCH Screened Porch Paying points, which are tax deductible, will lower the monthly mortgage payment. CLTV Combined Loan To Value SPLT Split-Level The action you just performed triggered the security solution. 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. Encumbrance In Real Estate: Defined & Explained - FortuneBuilders 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. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. 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. OA Owner Agent MBA Master Bedroom w/Bath FDIC Federal Deposit Insurance Corporation "Bedroom" usually means a sleeping area with a window and a closetin some areas, laws define what a room needs to be called a bedroombut the . After the set time period your interest rate will change and so will your monthly payment. Canadian Real Estate Association, the national association for Canada. MCOA Min $ on Assumption KIT, KT Kitchen CPM Certified Property Manager 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. What Is Real Estate? A Definition And A Guide | Rocket Mortgage to cover taxes and insurance. MTG Mortgage This list of real estate investing abbreviations is useful for real estate brokers. Mstr Master bed room 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. GRMET KIT, GRMT KIT Gourmet kitchen Usually, the realtor's website will give a good description without the real estate abbreviations. A certain portion of the homes purchase price that a buyer must pay. Resources Read more about mortgage insurance. STR On Street Parking NAR National Association of Realtors 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. Learn more about HOAs here. Related:10 Signs That Fixer-Upper Might Be a Money Pit. If you see a bathroom or kitchen described as vintage, that means theyre old. BD Bedroom Bedroom usually means a sleeping area with a window and a closetin some areas, laws define what a room needs to be called a bedroombut the definition varies in different places. But the cap rate is not the only metric used to evaluate a real estate investment. FFE furniture, fixture, and equipment Miscellaneous. C-fan Ceiling Fan Related:7 Features That Define the New American Home. Dr -Dining Room A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. PRV, PVCY FENCE Privacy Fence HTUB Hot Tub If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). AG Agreement Agreement Comm. A ratio that compares a home buyers expenses to gross income. A security deposit made by the buyer to assure the seller of his or her intent to purchase. CMA:Comparative market analysis or competitive market analysis. A percentage of the homes value owned by the homeowner. SKY Skylights Learn, The act of paying off one loan by obtaining another. E Rng Electric Range IRA Individual Retirement Account PICK Picket Fence HD, HDFL Hardwood floors The difference between the two is usually fairly . Refinancing is generally done to secure better loan terms, such as a lower interest rate. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. UTLVL Utility Room Level CDS Cul de sac Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. WIC Walk-in closet, ARV After-Repaired Value A minimum requirement is often dictated by the loan type. Title Records posts and articles. Yes! HWH Hot water heater 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. Farm Farmhouse Read, 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. Go now! Learn, Study these real estate terms when youre applying for a mortgage, Real estate terms you might hear when youve had your offer accepted, more about adjustable-rate mortgages here, The 12 Most Popular Vacation Towns for Home Shoppers. PMI Private Mortgage Insurance Real Estate Abbreviations And Acronyms - U.S. Title Records Col Colonial These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Bonus information may be placed in "Other" field. FNCD YD Fenced Yard FSBO For Sale By Owner Sub2 Subject to existing financing Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. Be sure to read the fine print carefully. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. 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. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Principal, interest, property taxes and homeowners insurance (PITI), A fee charged to borrowers who make a down payment that is less than 20% of the homes value. After all, you wouldn't want to get stuck with a money pit. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Maximum loan amounts can vary by county. CAC Central Air Conditioning REIA Real Estate Investors Association One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. They provide clues to what is included in the purchase price. PRQ Parquet HB Half Bath (toilet + sink) FSBO For Sale by Owner CRB Certified Real Estate Broker SRES Senior Real Estate Specialist, Additional Resources: FM RM Family Room Cvga Converted Garage REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. Brkf Breakfast Area Try. HUD Housing and Urban Development So if you adore what you see in thelisting, it certainly canthurt to inquire. Cldsc Cul-de-sac Market conditions that exist when homes for sale outnumber buyers. POA Power of Attorney CHMS Certified Home Marketing Specialist ASB Asbestos Siding HVAC heating, ventilation and air conditioning NONQ Non-Qualifying In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. LR Living Room In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. Please switch to a supported browser or download one of our Mobile Apps. To meet client needs, to empower teammates, and to lift up communities. 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. The owners bank must approve a lower listing price before the home can be sold. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. This claim belongs to a third party, who can either be an organization or an individual. The meaning of REAL ESTATE is property in buildings and land. During this time, the home is inspected and appraised, and the title is searched for liens, etc. LA Living area Keep this five-part guide handy youll be fluent in the language of home buying before you know it. LRG Large DLM Seller Disclaimer Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. A property was withdrawn from the realty market. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. Get the top BB abbreviation related to 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. UPF, UPR Upper floor A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. A rehabilitation loan backed by the federal government that permits home buyers to finance money into a mortgage to repair, improve or upgrade a home. . Read more about the Buy-Rent Breakeven Horizon here. These abbreviations are typically written in all capital letters. A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage. Translation: This home is small. NOI Net Operating Income PUD Planned Unit Development Dsp Garbage Disposal WTR PD Water paid CNS Certified Negotiation Specialist Buying a Flipped House: Is It Right for You? When you purchase through our links we may earn a commission. 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. 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. Its customary for the buyer to pay for the lenders title insurance policy. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. Crk Creek In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. REO Real Estate Owned The "P" represents percent. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. What Does FS Mean, and How Do You Use It? Zillow, Inc. holds real estate brokerage licenses in multiple states. Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records FSBO For Sale by Owner OP Occupancy Permit Have questions about buying, selling or renting during COVID-19? BR Bedroom There are four important items that must be included in a buyer's pro forma. Read more about origination fees here. PITI Principal, Interest, Taxes, and Insurance If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. Decoding an MLS Listing - Weichert HDWD Hardwood The reason for a botched sale could lie with the previous buyer, but you'll want to do your homework before you give the seller the benefit of the doubt. SMP Sump Pump 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. WBS Wood-Burning Stove POF Proof of Funds Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Clbhs Clubhouse What Is a Short Sale? - Ramsey - Ramsey Solutions 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. FEMA Federal Emergency Management Agency A not-for-profit professional association that sets and promotes standards for property inspections. SPDED Special Warranty Deed Deco Decorative Fence Usually . Privacy Policy I want to receive exclusive email updates from YourDictionary. D/D Dishwasher and a garbage disposal Read, A ratio that compares a home buyers expenses to gross income. 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). 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. The owners bank must approve a lower listing price before the home can be sold. PMI Private mortgage insurance The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). DOS Due On Sale Clause It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. In many listings, the term is used to describe to an area that's in the process of transition. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. CBR Certified Buyer Representative MIC Mint Condition (like new or new) IGSP In-Ground Sprinkler FFBR First Floor Bedroom Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Not all mortgages. If you have the money to hire a handyman for every household woe, go ahead. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. By submitting your email, you agree to the Terms of Use and Privacy Policy. 4/3 4 bedrooms / 3 bathrooms GRT RM Great room CLHMS Certified Luxury Home Marketing Specialist 2. Real property is immovable property - its land and anything attached to the land. 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.

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