what does bb mean in real estate

One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. CRT. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. NOO Non-Owner Occupied SHNG Shingle WDSTV Wood-Burning Stove Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a homes value. 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. 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. FSBO For Sale by Owner Read our stress-free guide to getting a mortgage. FPLC, FP, FRPLC Fireplace P&S Purchase and sale Sub2 Subject to existing financing Press F to Pay Respects: What Does F Mean Online? The status will show as pending until the closing. It is in fact a real word (but that doesn't mean . SPKLR Sprinkler 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. Performance & security by Cloudflare. LR with Fplc? Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. Crwl Crawl Space APR Annual Percentage Rate HUD Department of Housing and Urban Development An encumbrance is a limit on how an owner can use real estate. DTI Debt to Income Ratio LOC Line of Credit HIST Historical District Bsmt Basement Col Colonial Refund Policy, U.S. BD Bedroom Market conditions that exist when homes for sale outnumber buyers. 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. Bb. 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. SN Senior This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Learn more about down payments here. The seller has an agreed-upon contract with the potential buyer. D/D Dishwasher and a garbage disposal Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Look for this accreditation or something similar when shopping for a home inspector. PITI Principal, Interest, Taxes, and Insurance If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Its customary for the buyer to pay for the lenders title insurance policy. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Read more about mortgage insurance. CPT Carpet or Carport Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. Our belief in better is at the core of everything that we do, every day. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. FDIC Federal Deposit Insurance Corporation OCN Ocean SFH Single Family House 2. 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. Decoding an MLS Listing - Weichert Real estate Definition & Meaning - Merriam-Webster Clus Cluster 147.189.141.138 1C, 2C 1 or 2 car Garage Is A House Considered Real Estate? - Ascent Law 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. Dr -Dining Room All Rights Reserved. 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. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. Cer Ceramic Tile FAG Forced air gas CAP Capitalization During this time, the home is inspected and appraised, and the title searched for liens, etc. is part of the U.S. Department of Housing and Urban Development. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. The "P" represents percent. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. Usually, the realtor's website will give a good description without the real estate abbreviations. And the real estate business is no different. Clbhs Clubhouse CMA:Comparative market analysis or competitive market analysis. to see how much house you might be able to afford. 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. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. He also works as a digital marketer for a regional e-commerce website. PAT Patio RELO Relocation office A combination of loans bundled to avoid private mortgage insurance. 1C : One-car garage. What Does "BB" Mean, and How Do I Use It? - How-To Geek BRRRR refinance example. WTR Water Bring vs. Take. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. DOT Deed of Trust Buyers should budget for an amount that is 2% to 5% of the homes purchase price. LLC Limited Liability Company A/C Air Conditioning FXR Fixer Upper Maximum loan amounts can vary by county. But if thats not what youre looking for, keep shopping. Read more about origination fees here. 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. 8 Real Estate Designations That Will Actually Make You Money 4B/2B: Four bedrooms and two bathrooms. You can use BB to mean basketball, especially in internet communities dedicated to the sport. The act of paying off one loan by obtaining another. and 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. Homes can sit on the market for a long time, and prices tend to drop. Home BB Real Estate Abbreviation. FDR/DR Dining room or a formal dining room WHF Whole House Fan The. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. 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. In the event there is a DUAL commission split the two digits would be followed by a letter code: Example: P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000). The amount of the loan divided by the price of the house. Title Records posts and articles. MLSs are local or regional. 2. An encumbrance can create a cloud on the title of a real property. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. BOT Boat Slip CCR Conditions, Covenants, and Restrictions Closing costs are generally paid through escrow. New real estate investors may wonder what the terms Class A, B, C, and D property mean. SPLT Split-Level ERS exclusive right to sell OA Owner Agent LTV loan to value Read more about back-end ratio here. What is BB meaning in Real Estate? Not all Northwestern Mutual representatives are advisors. 1. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. Essentially, "turnkey" means that . FSBO For Sale by Owner AG Agreement Agreement Comm. The sale of a home by an owner who owes more on the home than its worth. PRV, PVCY FENCE Privacy Fence Performance & security by Cloudflare. HI CEIL(S) High ceilings Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. 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. A three-page document sent to an applicant three days after they apply for a home loan. ATFN Attic Fan FHA Federal Housing Administration Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. After the set time period your interest rate will change and so will your monthly payment. Real Estate Terms - B&B Team FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. PL/A Above Ground Pool REALTOR Member of the National Association of Realtors Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Pro Forma Real Estate: Everything You Need to Know - RealWealth If not, it could end up back on the market, so go ahead and inquire if youre interested. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. POA Power of Attorney After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. FMR Fair Market Rent Exr Exercise Room GLF Golf Course INT Intercom 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. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. The fascinating story behind . CRS Certified Residential Specialist Yes! CRE Commercial Real Estate WIN Window/Wall Unit Privacy Policy 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. Clap Clapboard Siding One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. MO Month Real Estate Acronyms By cnyREALTOR EIK Eat in kitchen Guide To REO Properties And How To Buy Them | Quicken Loans A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. GARB Garbage There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Real Estate Definition. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. Multiple Listing Service (MLS): Definition, Benefits, and Fees Cnl Canal CRS. 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. HP Heat Pump The owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. MAR Marble Chn Chain Link Fence Det Detached Garage A ratio that compares a home buyers expenses to gross income. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. MRSH Marsh HOA Homeowners association LR Living room Keep reading to learn more about this unique abbreviation. WBFP Wood Burning Fireplace 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. Learn more about pre-approval here. ASB Asbestos Siding OO Owner Occupied Tiny . Get the top BB abbreviation related to Real Estate. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Mstr Master bed room NAR National Association of Realtors TXS Taxes A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 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. LFT Loft Oftentimes, a seller will take a property off the market while they make home repairs or improvements., Under contract (UC):This statusalsoindicates thattheseller has acceptedan offer from a buyer, but the sale has not yet been completed. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. 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. Cvga Converted Garage PROP HT Propane Heat COCR or CCR Cash on Cash Return Learn more about short sales here. 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. The "P" represents percent. A database where real estate agents list properties for sale. FFBR First Floor Bedroom PWDR RM Powder room or half bath Maximum loan amounts can vary by county. NBHD Neighborhood To meet client needs, to empower teammates, and to lift up communities. 4/3 4 bedrooms / 3 bathrooms These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Related:12 Ideas to Steal from Vintage Kitchens. This abbreviation is a shorthand way of showing your affection to your partner. 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). FRBO for rent by owner An encumbrance is a claim that limits how a property owner can use their property. What Do All Those Real Estate Listing Terms Really Mean? If you're still unclear what a shorthand is referring to, reach out to the listing agent. MBRFP Master Bedroom w/FP 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. APT Apartment Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. 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. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. 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. Crystal R. MYOB Mind Your Own Business MK Modern kitchen Q POS Available for quick possession Actv Active Prospective purchasers of an inn need to know exactly what they mean. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. POF Proof of Funds This website is using a security service to protect itself from online attacks. Your IP: Translation: This home is small. 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. Buying a Flipped House: Is It Right for You? TEN Tennis Court Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Cbl,Cblh Cable/Hookup 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. SD/W Storm Doors & Windows MAO Maximum Allowable Offer WAR Warranty Plan F/A Ht, FAH Forced Air Heat CLHMS Certified Luxury Home Marketing Specialist These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. BB Real Estate Abbreviation. Bung Bungalow REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. BKPORCH Back Porch Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. Even though a sale is highly likely, some pending properties may still accept backups. SPC Drive parking spaces A security deposit made by the buyer to assure the seller of his or her intent to purchase. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. TIL Truth In Lending, A/G PL Above-ground Pool Since we launched in 2006, our articles have been read billions of times. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. 2023 All Rights Reserved. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. No purchase is necessary to view U.S. Contact Us This is a statement a borrower will receive from their lender at least three days before closing on a home. CRB Certified Real Estate Broker Cap rates can provide valuable insight into a property. G-RNG Gas Range CFD Contract for Deed Related:12 Things Realtors Look For in Homes of Their Own. HVAC heating, ventilation and air conditioning Articles may contain affiliate links which enable us to share in the revenue of any purchases made. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. LPOA Limited Power of Attorney Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Personal property is movable property. DET Detached garage PMI Private mortgage insurance SFR Single Family Residence Bidding wars are common. 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. CP Carport CAC Central air conditioning Sort. Learn more about refinancing here. During this time, the home is inspected and appraised, and the title is searched for liens, etc. Before you buy, consider what the neighborhood will look like in the long term and if you want to live in a neighborhood that's still in the process of change. Fpgas Gas Fireplace Powered by webmasterWP.com. Market conditions that exist when buyers outnumber homes for sale. A concrete point at which buying a home makes more financial sense than renting one. Bonus information may be placed in "Other" field. Cdrcl Cedar Closet 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. Learn more about adjustable-rate mortgages here. Read, A ratio that compares a home buyers expenses to gross income. ARI Articles of Incorporation Notice, certificate. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Both words imply motion, but the difference may b. Defenestration. You can email the site owner to let them know you were blocked. SRES Senior Real Estate Specialist, Additional Resources: It may also give the breakdown of the number of floors, size of the rooms and their location within the home. A concrete point at which buying a home makes more financial sense than renting one. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. Margaret Heidenry is a writer living in Brooklyn, NY. Related:10 Signs That Fixer-Upper Might Be a Money Pit. DCR, DSCR, DSR Debt Service Coverage Ratio 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. FLR Floor Furnace This is important, as identifying a property's class can predict how the asset might perform.

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