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

The governing body of a housing development, condo or townhome complex that sets rules and regulations. This list of real estate investing abbreviations is useful for real estate brokers. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. MK Modern kitchen These abbreviations are typically written in all capital letters. Home affordability takes into account your income, down payment, and monthly debts. to cover taxes and insurance. Brk Brick OCN Ocean 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. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. 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. RELATED: What Does "TMI" Mean, and How Do You Use It? FXR Fixer Upper SKY Skylights 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). A security deposit made by the buyer to assure the seller of his or her intent to purchase. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. An encumbrance is a limit on how an owner can use real estate. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. The price of borrowing money. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Typically, putting away 5% of the rent . HOA Homeowners association Buying a Flipped House: Is It Right for You? A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. PLAY Playground Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. WHKP Washer Hookup Check out our glossary of frequently-used mortgage terms. PVT Private How to use real estate in a sentence. 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. 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. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. CFD Contract for Deed The seller has an agreed-upon contract with the potential buyer. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. WD PNL Wood paneling Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Dbl Double REC Recreation Room Dry Clothes Dryer Individuals could include neighbors or other people who have a right of way. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. ALM Aluminum Siding LR with Fplc? CLHMS Certified Luxury Home Marketing Specialist SLT Slate FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation Keep reading to learn more about this unique abbreviation. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. Sub2 Subject to existing financing 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. DOS Due On Sale Clause Fp, Fpl, Fplc Fireplace D/W Dishwasher Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. MBA Master Bedroom w/Bath But if thats not what youre looking for, keep shopping. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization FHA Federal Housing Administration Each lending institution sets its own prime rate. BKPORCH Back Porch Fees associated with the purchase of a home that are due at the end of the sales transaction. 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. Personal property is movable property. HDWD Hardwood The action you just performed triggered the security solution. SPLT Split-Level Normally, a piece of property can be easily classified as either personal property or real property. OSP Off-street parking is available MEIK Modern eat-in kitchen Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Affordability. APR Annual Percentage Rate The ratio compares the borrowers monthly debt payments to gross income. CRE Creative Real Estate LA Living area WLKIN Walk-in Closet ATT Attached Garage Abbreviations on the list may have capitalization variations. Banks, savings and loans, and credit unions. A property repossessed by a bank when the owner fails to make mortgage payments. Learn more about adjustable-rate mortgages here. DLO Seller Disclosure 2. INGRD PL pool in ground pool SFR Single Family Residence Step 2: Through your cost estimation, you figure out that $30,000 of investment will bring the property to a rental-ready state over the next 4 months. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . GAROP Garage Door Opener The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. SAT Satellite Dish 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. Mstr Master bed room REO Real Estate Owned NNN Triple Net Lease It may also give the breakdown of the number of floors, size of the rooms and their location within the home. PROP HT Propane Heat TRC Trash Compactor TIL Truth In Lending, A/G PL Above-ground Pool He also works as a digital marketer for a regional e-commerce website. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. PICK Picket Fence HOA Homeowners Association MIC Mint Condition (like new or new) Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. 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. I want to receive exclusive email updates from YourDictionary. SPDED Special Warranty Deed Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. COF Cost of Funds You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. 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. Real Estate Definition. Clbhs Clubhouse CCR Conditions, Covenants, and Restrictions 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. BB Baseboard Heat WBFP Wood Burning Fireplace Allow us to clear things up, by explaining what these things really mean in plain old English. BD Bedroom Real property is immovable property - its land and anything attached to the land. HPWA Water/Air Ht Pump This abbreviation is a shorthand way of showing your affection to your partner. SHNG Shingle BKYD Backyard That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. All of these abbreviations are commonly used to describe the features of a house or commercial property. BB. Refund Policy, U.S. Investment brokerage services are offered through Northwestern Mutual Investment Services, LLC (NMIS) a subsidiary of NM, brokerdealer, registered investment advisor, and member FINRA and SIPC. 1C : One-car garage. BR Bedroom The seller has an accepted offer but is waiting to see if the buyers bank will agree to it, says Realtor Dawn Rivera with Realty World-Viking Realty in Fremont, CA. AEK All electric kitchen Updated from an earlier version on realtor.com. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. 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. Read our stress-free guide to getting a mortgage. This is the escrow period, when both buyer and seller are workingtoward a closing. Since we launched in 2006, our articles have been read billions of times. Refinancing is generally done to secure better loan terms, such as a lower interest rate. 2. Bonus information may be placed in "Other" field. You may want the retreat, but ask yourself if you're truly ready for all it entails. Get the top BB abbreviation related to Real Estate. It's anything that can be subject to ownership, except land. Read more about origination fees here. Learn more about short sales here. WDSTV Wood Burn Stove BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. 1C, 2C 1 or 2 car Garage And the real estate business is no different. It is for information purposes only, and any links provided are for the users convenience. When a home listing touts its custom features, take care. LLC Limited Liability Company O/F Owner Finance DET Detached garage Zillow, Inc. holds real estate brokerage licenses in multiple states. 1 /8. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. 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). Essentially, "turnkey" means that . Your IP: A half bathroom or powder room has only a toilet and a sink. PWDR RM Powder room or half bath Back Bay. 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. AG Agreement Agreement Comm. How-To Geek is where you turn when you want experts to explain technology. A loan estimate can help borrowers shop and compare costs of loans with lenders. What sounds impressive on paper may look less appealing in person. Prices are often higher than average. HUD Housing and Urban Development Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. The action you just performed triggered the security solution. Performance & security by Cloudflare. They charge dues used to maintain common areas. AC Acre A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. OA Owner Agent FFE furniture, fixture, and equipment Go now! JV Joint Venture LOC Line of Credit OO Owner Occupied 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. The fascinating story behind . 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. NOI Net Operating Income A not-for-profit professional association that sets and promotes standards for property inspections. SUN Sun Room Care starts with culture. Miscellaneous. Related:The Best 10 Plants to Grow for Backyard Privacy. Learn more about HOAs here. All Rights Reserved. Business L/O Lease Option MAO Maximum Allowable Offer WIC Walk-in closet, ARV After-Repaired Value HSF Heated square feet A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. RV PRKG RV Parking The components of a monthly mortgage payment. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. BLT Built-in OVER Oversized Garage PAT Patio END End Unit FDR/DR Dining room or a formal dining room WBS Wood-Burning Stove ERS exclusive right to sell There are four important items that must be included in a buyer's pro forma. What is BB meaning in Real Estate Advertising? RDR Radiator BB Real Estate Abbreviation. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. APT Apartment 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. W/W CRPT Wall To Wall Carpet CRS. GRNO Ground Maintenance NGS Natural Gas Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Crk Creek Closing costs are generally paid through escrow. 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. Maximum loan amounts can vary by county. WDSTV Wood-Burning Stove COCR or CCR Cash on Cash Return 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. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. This website is using a security service to protect itself from online attacks. FSBO For Sale By Owner Read, 42. 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. PGS Propane Look for this accreditation or something similar when shopping for a home inspector. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. W/D Washer/Dryer Cnl Canal Repairs. BLDRS REDO Builders Renovation FSBO For Sale by Owner W/D HKUP Washer/Dryer hookup CFan Ceiling Fan Bung Bungalow At Truist, our purpose is to inspire and build better lives and communities. HW Hot Water Margaret Heidenry is a writer living in Brooklyn, NY. WIN Window/Wall Unit But the cap rate is not the only metric used to evaluate a real estate investment. Cer Ceramic Tile Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . NBHD Neighborhood ROI Return On Investment 4B/2B: Four bedrooms and two bathrooms. WTR Water TRAN Transitional REI Real Estate Investing A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. GRM Gross Rent Multiplier 1. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. A/G PL : Above-ground swimming pool. The "P" represents percent. What Does FS Mean, and How Do You Use It? Learn more about pre-approval here. During this time, the home is inspected and appraised, and the title is searched for liens, etc. 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. is part of the U.S. Department of Housing and Urban Development. 2023 LoveToKnow Media. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Cap rates can provide valuable insight into a property. CMA:Comparative market analysis or competitive market analysis. Each lending institution sets its own prime rate. PUD Planned Unit Development Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. Bsmt Basement That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. SEC Security System IRR Internal Rate of Return Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Learn more about refinancing here. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Read more about FHA loans here. A contingent statusmeans that the seller has accepted an offer and the home is under contract. PAR Partially Fenced To meet client needs, to empower teammates, and to lift up communities. The owners bank must approve a lower listing price before the home can be sold. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. PRTL Partial Cdrcl Cedar Closet A minimum requirement is often dictated by the loan type. C/VAC Central vacuum 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 . 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. Resources 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. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. ASM Assumptions The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. While any seller can entertainbackup offers as a precautionary measure as long as this is made clear in the contract, this term most often crops up with short sales, since they can often fall through, and it can be helpful if a secondbuyer is waiting in the wings. 2-LV : Two living levels. MRSH Marsh DWF, DWAC Deep Water/Access 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. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. OP Occupancy Permit If thats your style, you're in luck. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. LR Living Room G/A Garage, Attached Privacy Policy. This means the propertys ownersare actively taking backup offers in case the first one falls through. PITI Principal, Interest, Taxes and Insurance DCR, DSCR, DSR Debt Service Coverage Ratio A combination of loans bundled to avoid private mortgage insurance. DhkpP Dryer Hookup AMO Accredited Management Organization An FDR with a DK? An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. After all, you wouldn't want to get stuck with a money pit. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Exr Exercise Room A three-page document sent to an applicant three days after they apply for a home loan. 4/3 4 bedrooms / 3 bathrooms Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. A portion of your monthly payment goes into the. FNCD YD Fenced Yard Click to reveal INT Intercom Actv Active CRB Certified Real Estate Broker RTO Rent To Own glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Both words imply motion, but the difference may b. Defenestration. Inspection occurs when the home is under contract or in escrow. 147.189.141.138 If its back on the market, theres a reason why the original sale fell through. SMP Sump Pump 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. GARB Garbage Windows 11: How Much RAM Can Your PC Have? PERM Perm Attic Stairs Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. MLSs are local or regional. So if you adore what you see in thelisting, it certainly canthurt to inquire. Farm Farmhouse 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. Before you start calling someone BB, you might need to establish ground rules. CH Central heat Keep this five-part guide handy youll be fluent in the language of home buying before you know it. FLR Floor Furnace 1. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. NONQ Non-Qualifying ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. 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. 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. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. PAN Pantry AST Assessment Lien Lien, JTL. Fixtures are a frequent subject of buyer and seller disputes. I/O Interest Only (loan) Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). The status will show as pending until the closing. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Contingent vs. under contract? POA Power of Attorney Foyr Foyer Not all products and services are available in all states. VWS, VW, VU View or views Read, A ratio that compares a home buyers expenses to gross income. Since many phrases can be shortened to BB, this acronym might refer to other things online. RAD Radiant Heat REF Refrigerator GRT RM Great room Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. REL Related to Seller REALTOR Member of the National Association of Realtors The four items include, repairs, vacancy loss, property management, and miscellaneous. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. "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 . UTLVL Utility Room Level GLF Golf Course 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. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. MTG Mortgage 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. Its customary for the buyer to pay for the lenders title insurance policy. SCRND PORCH Screened Porch Cont Contemporary HP Heat Pump LTV loan to value 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. MLS:Multiple Listing Service. What Is a Short Sale? 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. WAR Warranty Plan Buyers should budget for an amount that is 2% to 5% of the homes purchase price. These institutions underwrite as well as set home loan pricing in-house. SPKLR Sprinkler A concrete point at which buying a home makes more financial sense than renting one. Lock box:Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. Related:7 Features That Define the New American Home. The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. Try our debt-to-income calculator to learn more. The sale of a home by an owner who owes more on the home than its worth.