Closing costs are generally paid through escrow. SHOP Workshop Dbl Double Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. ATFN Attic Fan 2-LV : Two living levels. Miscellaneous. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. WTR Water to see how much house you might be able to afford. FML Formal Real Estate: Definition, Types, How to Invest in It - Investopedia RV PRKG RV Parking By submitting your email, you agree to the Terms of Use and Privacy Policy. 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. BLDRS REDO Builders Renovation BD Bedroom Learn more about homeowners insurance here. POA Power of Attorney Look for this accreditation or something similar when shopping for a home inspector. and If its back on the market, theres a reason why the original sale fell through. Fees associated with the purchase of a home that are due at the end of the sales transaction. Most real estate agents use similar abbreviations as part ofreal estate lingo, so once you get the jist, you can read any listing with confidence. If you're still unclear what a shorthand is referring to, reach out to the listing agent. Not all real estate agents are REALTORS. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. BRRRR refinance example. An FDR with a DK? If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Inspection occurs when the home is under contract or in escrow. No purchase is necessary to view U.S. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. Learn more about adjustable-rate mortgages here. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. What Does FS Mean, and How Do You Use It? Typically, most consumers mortgage interest rate is going to be higher than the prime rate. EA exclusive agency OVER Oversized Garage In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. 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. CATH Cathedral ceilings Deco Decorative Fence Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. Baseboard Heat + 2. Business, Property, Real Estate Advertising. HML Hard Money Lender Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions VYL Vinyl An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home based on recently sold homes of similar condition, size, features and age that are located in the same area. CRE Creative Real Estate All Rights Reserved. A percentage of the homes value owned by the homeowner. SMP Sump Pump The number of days a property listing is considered active. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. If not, it could end up back on the market, so go ahead and inquire if youre interested. SKY Skylights REO Real Estate Owned GRI Graduate Realtor Institute OBO Or Best Offer GARB Garbage Back Bay. 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 . This means that the home fell out of escrow,perhaps due to contract issues, says Tania Matthews, an agent with Keller Williams Classic III Realtyin Central Florida. FMR Fair Market Rent Please switch to a supported browser or download one of our Mobile Apps. 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. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. CMA:Comparative market analysis or competitive market analysis. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. 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 reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. FRBO for rent by owner COCR or CCR Cash on Cash Return Since many phrases can be shortened to BB, this acronym might refer to other things online. GARD Garden This list of real estate investing abbreviations is useful for real estate brokers. Canadian Real Estate Association, the national association for Canada. TXS Taxes 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. Foyr Foyer OFC Office/Study HOA Homeowners association HWH Hot water heater 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. If you wish to report an issue or seek an accommodation, please let us know. Copyright 2022 Ann Arbor Area Board of REALTORS. The seller has an agreed-upon contract with the potential buyer. This means the propertys ownersare actively taking backup offers in case the first one falls through. 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). Cer Ceramic Tile The document includes loan terms, monthly payment and closing costs. Market conditions that exist when buyers outnumber homes for sale. Your IP: WAR Warranty Plan HDW, HWF, hdwd - This means there is hardwood flooring in the home. 2/1 2 bedrooms / 1 bathrooms LTV loan to value 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. What is BB meaning in Real Estate? Encumbrance, Defined And Explained | Rocket Mortgage BB Real Estate Abbreviation. PAR Partially Fenced Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Get the top BB abbreviation related to Real Estate. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. UTRM Utility Room A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. SEC SYS Security System GAR, GR Garage 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. 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. 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.. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. Allow us to clear things up, by explaining what these things really mean in plain old English. MRSH Marsh A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. LA Living area A buyers final inspection of a home before closing. CAC Central air conditioning Cnl Canal The word listing is also used to refer to the for-sale home itself. FXR Fixer Upper Related:10 Signs That Fixer-Upper Might Be a Money Pit. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. OFF Off Street Parking MK Modern kitchen MIC Mint Condition (like new or new) CVAC Central Vacuum Before you start calling someone BB, you might need to establish ground rules. A database where real estate agents list properties for sale. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. W/D HKUP Washer/Dryer hookup UTCL Utility Closet The price of borrowing money. Read more about back-end ratio here. INLW In-Law Suite An MLS allows brokers to see one another's listings of. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Class A, B, C, D Real Estate: A Guide to Property Class Types About Truist | Truist Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. What sounds impressive on paper may look less appealing in person. W/D WD Washer and dryer 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. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. SHNG Shingle 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. MEIK Modern eat-in kitchen Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. WLKIN Walk-in Closet WSH Washer An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. 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. I want to receive exclusive email updates from YourDictionary. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Press F to Pay Respects: What Does F Mean Online? We select and review products independently. HDWD Hardwood There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. A property repossessed by a bank when the owner fails to make mortgage payments. DLM Seller Disclaimer Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. MOPOA Monthly POA Fee E Rng Electric Range The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Read, A property repossessed by a bank when the owner fails to make mortgage payments. HB Half Bath (toilet + sink) CPM Certified Property Manager DEDRS Deed Restrictions IGSP In-Ground Sprinkler WD PNL Wood paneling Clus Cluster CBR Certified Buyer Representative GAR Garage CCR Conditions, Covenants, and Restrictions Ann Arbor Area Board of REALTORS - MLS Compensation Codes Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. 7 meanings of BB abbreviation related to Real Estate: Real Estate. Performance & security by Cloudflare. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. Cap Rate: Defined And Explained | Rocket Mortgage REF Refrigerator MLS multiple listing service If they were not used, the ads for a home could get quite lengthy. 64 Real Estate Terms and Expressions You Should Know Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. Organizations can include local governments, utility companies, and homeowners associations. This website is using a security service to protect itself from online attacks. SPC Drive parking spaces 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). Real property is immovable property - its land and anything attached to the land. 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. 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. PL, SP, S/P Swimming pool Cdrcl Cedar Closet ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. MLSs are local or regional. Normally, a piece of property can be easily classified as either personal property or real property. MBA Master Bedroom w/Bath SRO Single Room Occupancy 1C : One-car garage. PL/1 In-Ground Pool Col Colonial GNMA Ginnie Mae or Government National Mortgage Association Title Records posts and articles. Maximum loan amounts can vary by county. What Is Real Estate? A Definition And A Guide | Rocket Mortgage Encumbrance In Real Estate: Defined & Explained - FortuneBuilders One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. SD Security Deposit BB Real Estate Abbreviation Meaning - All Acronyms This is a statement a borrower will receive from their lender at least three days before closing on a home. The. An encumbrance is a claim that limits how a property owner can use their property. 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. REL Related to Seller RDR Radiator MULTI 3+ Car Garage A not-for-profit professional association that sets and promotes standards for property inspections. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. HOA Homeowners Association And the real estate business is no different. Sub2 Subject to existing financing . 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. OFC Office You are not obligated to accept the loan just because you received a loan estimate. RTO Rent to Own TRAN Transitional This website is using a security service to protect itself from online attacks. Large E-2 plan:This is one of several floor plans available in a specific building. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Zillow, Inc. holds real estate brokerage licenses in multiple states. Chn Chain Link Fence HW Hot Water LR Living Room Related:12 Things Realtors Look For in Homes of Their Own. 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. ARI Articles of Incorporation Notice, certificate. MCOA Min $ on Assumption Fpgas Gas Fireplace DCR, DSCR, DSR Debt Service Coverage Ratio This means that aproperty is currently on the market and available for sale. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. These abbreviations are typically written in all capital letters. BKYD Backyard Det Detached Garage GLF Golf Course There are five main categories of real estate. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. SPDED Special Warranty Deed The owners bank must approve a lower listing price before the home can be sold. Try our debt-to-income calculator to learn more. MTG Mortgage A half bathroom or powder room has only a toilet and a sink. It is in fact a real word (but that doesn't mean . PULL Pull-Down Attic Stair Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Buying a Flipped House: Is It Right for You? 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. AG Agreement Agreement Comm. DLO Seller Disclosure ARM Adjustable Rate Mortgage Articles may contain affiliate links which enable us to share in the revenue of any purchases made. HIST Historical District A contingent statusmeans that the seller has accepted an offer and the home is under contract. MAO Maximum Allowable Offer Bsmt Basement DET Detached garage MAR Marble MSN Masonry This means that even though theres an accepted offer on the home, the seller is looking for backup offers in case the primary buyerfalls through. Contingent vs. under contract? FCRA Fair Credit Reporting Act The action you just performed triggered the security solution. Read more about the Buy-Rent Breakeven Horizon here. This abbreviation is a shorthand way of showing your affection to your partner. Bidding wars are common. FR Family room C/VAC Central vacuum Related:The Best 10 Plants to Grow for Backyard Privacy. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. DTI Debt to Income Ratio AJ Affidavit of Joint Tenant Deed. Property Records CLTV Combined Loan To Value REALTOR Member of the National Association of Realtors GRMET KIT, GRMT KIT Gourmet kitchen A three-page document sent to an applicant three days after they apply for a home loan. Call it what you willjargon, shorthand, lingobut every industry, including the real estate world, has its own language, a collection of terms that are essential to understand if you hope to play ball. 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. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). The four items include, repairs, vacancy loss, property management, and miscellaneous. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Fha Forced Hot Air Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. An origination fee is not a single fee. Our belief in better is at the core of everything that we do, every day. Since we launched in 2006, our articles have been read billions of times. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. PROP HT Propane Heat 147.189.141.138 BALC Balcony MLS Multiple Listing Service The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. OCN Ocean A loan estimate can help borrowers shop and compare costs of loans with lenders. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. FDIC Federal Deposit Insurance Corporation END End Unit DOS Due On Sale Clause Learn, The act of paying off one loan by obtaining another. Clap Clapboard Siding You may want the retreat, but ask yourself if you're truly ready for all it entails. MWV Microwave Oven OSP Off-street parking is available STA State You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. 67.211.219.14 Resources Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. The "P" represents percent. O/F Owner Finance Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. 3B/2B - three bedrooms and two bathrooms 2C - two-car garage A/C - air conditioning Appls - appliances Apt - apartment Ba - bathroom Br - bedroom CAC - central air conditioning Ch - central heat The CRS designation indicates a triple threat - on average, these agents have been in business three times longer, have three times the amount of transactions, and generate three times more sales revenue than the average . LFT Loft During this time, the home is inspected and appraised, and the title is searched for liens, etc. 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. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. REC Recreation Room Have questions about buying, selling or renting during COVID-19? FHA Federal Housing Administration Exr Exercise Room Copyright 2023 Acton Media Inc. All rights reserved. CDS Cul de sac 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative Step 3: You then find tenants in 30-60 days to take over the two . Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. PCF Price to Cash Flow (ratio) Home affordability takes into account your income, down payment, and monthly debts. Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. CH Central heat Tiny houses are a trend, for sure. TRC Trash Compactor All abbreviations on this list are typically written in all capital letters. BOT Boat Slip PMI Private mortgage insurance A fee, charged by a broker or lender, to underwrite and process a home loan application. Q POS Available for quick possession Here are a few examples of BB in action: Do you want to learn more internet slang terms? Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. 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. Best for: Buyer's agents looking to separate themselves from the rest of the field. Anne Miller lives in New York and writes real estate news and advice stories. HPWA Water/Air Ht Pump TRSH Trash Pickup The "P" represents percent. How have you been?. BB. When a home listing touts its custom features, take care. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. What Does BB Mean, and How Do I Use It? The act of paying off one loan by obtaining another. GLFP Gas log fire place BB Real Estate Advertising Abbreviation Meaning - All Acronyms G-RNG Gas Range KIT, KT Kitchen After all, you wouldn't want to get stuck with a money pit. PRTL Partial A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. WF Waterfront A three-quarter bathroom has a toilet, a sink and a shower. 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. 4 Misconceptions Buyers and Sellers Have About the Housing Market, 10 Hottest Housing Markets of 2023, and What to Know if Youre Shopping in One, 13 Home-Buying Myths to Unlearn Right Now, 10 Hottest Housing Markets of 2023, and What to Know if You're Shopping in One, Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures. DWF, DWAC Deep Water/Access Performance & security by Cloudflare. All Rights Reserved, Hey bb! BA; BTH : Bathroom. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? PAN Pantry Banks, savings and loans, and credit unions. Affordability. SMART Typically computer-controlled heating and cooling, alarms, lights etc.
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