what does bb mean in real estate what does bb mean in real estate

REC Recreation Room Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. This claim belongs to a third party, who can either be an organization or an individual. 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. At Truist, our purpose is to inspire and build better lives and communities. WLKIN Walk-in Closet 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. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. 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. 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. BRRRR refinance example. HML Hard Money Lender This list of real estate investing abbreviations is useful for real estate brokers. FFE furniture, fixture, and equipment BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. Cvga Converted Garage A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Your IP: DET Detached garage Care starts with culture. Fpgas Gas Fireplace There are often additional notes with details that don't fit into the standard listing formula. Tiny houses are a trend, for sure. How-To Geek is where you turn when you want experts to explain technology. CRT. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. SEC SYS Security System 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. CP Carport Used under license. The owners bank must approve a lower listing price before the home can be sold. HOA Homeowners Association This was when the term exploded as a pet name between both lovers and friends. This means the propertys ownersare actively taking backup offers in case the first one falls through. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). A minimum requirement is often dictated by the loan type. WSH Washer What Does FS Mean, and How Do You Use It? OVER Oversized Garage 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. Lo dues:Low homeowners association dues. ASB Asbestos Siding LR Living Room ATFN Attic Fan Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? Clbhs Clubhouse 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. Closing costs are generally paid through escrow. Real estate terms to know when you've started house hunting. CBR Certified Buyer Representative SMP Sump Pump In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Its customary for the buyer to pay for the lenders title insurance policy. WHKP Washer Hookup PLAY Playground Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. 1. Both words imply motion, but the difference may b. Defenestration. The property is sold and no longer available. Large E-2 plan:This is one of several floor plans available in a specific building. 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. FRBO for rent by owner CLHMS Certified Luxury Home Marketing Specialist Inspection occurs when the home is under contract or in escrow. F/BSMT Fully finished basement Windows 11: How Much RAM Can Your PC Have? Learn more about foreclosure here. PAN Pantry The four items include, repairs, vacancy loss, property management, and miscellaneous. DBA Doing Business As MYOB Mind Your Own Business Keep reading to learn more about this unique abbreviation. The governing body of a housing development, condo or townhome complex that sets rules and regulations. Dbl Double Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. If they were not used, the ads for a home could get quite lengthy. Refinancing is generally done to secure better loan terms, such as a lower interest rate. 4B/2B: Four bedrooms and two bathrooms. GRES Graduate Real Estate Society When a home listing touts its custom features, take care. After the set time period your interest rate will change and so will your monthly payment. Real estate owned (REO) properties are homes that have fallen under the ownership of a mortgage lender or investor, typically because the property failed to sell at auction. Baseboard Heat + 2. Business, Property, Real Estate Advertising. DOT Deed of Trust AMO Accredited Management Organization SFR Single Family Residence How have you been?. SQ FT Square Feet Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. During this time, the home is inspected and appraised, and the title is searched for liens, etc. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. Crwl Crawl Space BD Bedroom Actv Active Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. SPAC Spacious SPLT Split-Level RV PRKG RV Parking An origination fee is not a single fee. FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation RELO Relocation office PWDR RM Powder room or half bath Miscellaneous. Even though a sale is highly likely, some pending properties may still accept backups. This browser is no longer supported. CREA. REO Real Estate Owned Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. ROI Return On Investment CRS. A state in which an escrow agent is responsible for closing. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . Read more about PMI here. 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. PRV, PVCY FENCE Privacy Fence If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. This is the escrow period, when both buyer and seller are workingtoward a closing. WINDT Window Treatment 1C : One-car garage. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. and FMV Fair Market Value BALC Balcony HIST Historical District Cen Central Air Fixtures are a frequent subject of buyer and seller disputes. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. F-bmt Finished Basement 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Property Records Read our stress-free guide to getting a mortgage. 7 meanings of BB abbreviation related to Real Estate: Real Estate. FIN LL Finished lower level Abbreviations on the list may have capitalization variations. 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. CAC Central air conditioning New real estate investors may wonder what the terms Class A, B, C, and D property mean. A minimum requirement is often dictated by the loan type. 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. BA Bathroom Bb. REIA Real Estate Investors Association A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. CCIM Certified Commercial Investment Member DLO Seller Disclosure Sub2 Subject to existing financing FDIC Federal Deposit Insurance Corporation TRSH Trash Pickup Bsmt Basement 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. C-fan Ceiling Fan 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. HRS Horses Allowed The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. The price of borrowing money. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. Brkf Breakfast Area 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. GRI Graduate Realtor Institute to cover taxes and insurance. PMP Well Pump That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. VYL Vinyl LLP Limited Liability Partnership Learn more about homeowners insurance here. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. CFD Contract for Deed 2. FML Formal A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. O/F Owner Finance OSP Off-street parking is available Fees associated with the purchase of a home that are due at the end of the sales transaction. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. ERS exclusive right to sell How to use real estate in a sentence. WIC Walk-in closet, ARV After-Repaired Value 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. The ratio compares the borrowers monthly debt payments to gross income. Suggest. 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. LRG Large "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 . They provide clues to what is included in the purchase price. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. SEC Security System Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. C/VAC Central vacuum Buying a Flipped House: Is It Right for You? 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). 27. CAC Central Air Conditioning LTV Loan to Value But if thats not what youre looking for, keep shopping. The owners bank must approve a lower listing price before the home can be sold. GARB Garbage Try our debt-to-income calculator to learn more. BA; BTH : Bathroom. Real estate abbreviations are important to save time and money. During this time, the home is inspected and appraised, and the title searched for liens, etc. It is in fact a real word (but that doesn't mean . Related:7 Features That Define the New American Home. Not all mortgages. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). LOC Line of Credit PULL Pull-Down Attic Stair FFBR First Floor Bedroom A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 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. You can email the site owner to let them know you were blocked. REI Real Estate Investing What is BB meaning in Real Estate Advertising? Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. NYSAR New York State Association of Realtors Cent h/a Central Heat&Air The amount of the loan divided by the price of the house. GRT RM Great room A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. 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. The sale of a home by an owner who owes more on the home than its worth. 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. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. All abbreviations on this list are typically written in all capital letters. MWV Microwave Oven WBFP Wood Burning Fireplace Home affordability takes into account your income, down payment, and monthly debts. WAR Warranty Plan The number of days a property listing is considered active. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. MRSH Marsh 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. GARD Garden Bulk Bulkhead ALM Aluminum Siding MBRFP Master Bedroom w/FP But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. ASG Assessment Assessment. TRAN Transitional GAR Garage NOO Non-Owner Occupied Read more about mortgage insurance. NNN Triple Net Lease An FDR with a DK? GMT Kitchen Gourmet kitchen A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. The document includes loan terms, monthly payment and closing costs. 1 /8. 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. LPOA Limited Power of Attorney Keep this five-part guide handy youll be fluent in the language of home buying before you know it. All of these abbreviations are commonly used to describe the features of a house or commercial property. 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. This means that aproperty is currently on the market and available for sale. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. RVR River In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. FLR Floor Furnace . Copyright 2022 Ann Arbor Area Board of REALTORS. FSBO For Sale by Owner A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. WHF Whole House Fan Back Bay. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. CPM Certified Property Manager PRO Internet Professional If you wish to report an issue or seek an accommodation, please let us know. PUD Planned Unit Development POR, POR-S Porch/Screened GLF Golf Course A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. STR On Street Parking MULTI 3+ Car Garage REF Refrigerator STOR Assigned Storage Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. That happens through real care to make things better. GRM Gross Rent Multiplier Hi ceils - This is an abbreviation for "high ceilings.". 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. E Rng Electric Range Dk Deck A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions SHNG Shingle A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Have questions about your home financingpaperwork? Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. D/D Dishwasher and a garbage disposal Cont Contemporary In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. SPKLR Sprinkler Cloudflare Ray ID: 7a2835264c3fdd54 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. Learn more. Example: P30 (3% offered) It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. Crk Creek Classifying property is in part about age but should also consider things like affordability, amenities, and livability. OA Owner Agent Normally, a piece of property can be easily classified as either personal property or real property. After the set time period your interest rate will change and so will your monthly payment. W/D HKUP Washer/Dryer hookup A database where real estate agents list properties for sale. Homes can sit on the market for a long time, and prices tend to drop. PRQ Parquet PITI Principal, Interest, Taxes and Insurance Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. UTRM Utility Room These abbreviations are typically written in all capital letters. And the real estate business is no different. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. 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. 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. HVAC heating, ventilation and air conditioning You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. O/F Owner Finance ELE Electric Brokerage. SRO Single Room Occupancy It may sound charming, but a house that's described as having lots of character could look just plain weird in person. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. PL, SP, S/P Swimming pool Prepaid interest owed at closing, with one point representing 1% of the loan. JV Joint Venture Deco Decorative Fence NAR National Association of Realtors An MLS allows brokers to see one another's listings of. A property repossessed by a bank when the owner fails to make mortgage payments. DK Deck 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. 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. LR with Fplc? Our belief in better is at the core of everything that we do, every day. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Performance & security by Cloudflare. You are not obligated to accept the loan just because you received a loan estimate. Read more about closing costs here. Performance & security by Cloudflare. PL/1 In-Ground Pool RELATED: How to Stream U.S. Sports for Free Online. RDR Radiator DWF, DWAC Deep Water/Access COCR or CCR Cash on Cash Return NBHD Neighborhood Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. DEDRS Deed Restrictions What Is a Short Sale? HB Half Bath (toilet + sink) The action you just performed triggered the security solution. Real property is immovable property - its land and anything attached to the land. 18 Big Storage Ideas to Steal from Tiny Homes, The 12 Fall Home Maintenance Tasks You Can't Ignore, 7 Features That Define the New American Home, 9 Ways Your Neighbors Can Screw Up Your Home Sale, 10 Signs That Fixer-Upper Might Be a Money Pit, 12 Things Realtors Look For in Homes of Their Own, The Best 10 Plants to Grow for Backyard Privacy, 15 Warning Signs to Look for Before Making an Offer on a Property, Data Shows This Listing Trick Sells Homes for More Money, As-Is Real Estate: What Buyers and Sellers Need to Know, 15 Things Not to Say in Your Real Estate Listing, Watch Out for 12 Real Estate Tactics Designed to Make You Spend More, 11 Awful Real Estate PhotosAnd How to Make Yours Great, 12 Things You Don't Realize Are Annoying Your Neighbors. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. Related:The Best 10 Plants to Grow for Backyard Privacy. 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. There are five main categories of real estate. 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. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Cer Ceramic Tile Press F to Pay Respects: What Does F Mean Online? PAR Partially Fenced