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

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. F/BSMT Fully finished basement CRS. The seller has an agreed-upon contract with the potential buyer. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. BB Real Estate Abbreviation. INGRD PL pool in ground pool FML Formal Be sure to read the fine print carefully. 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. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. Clbhs Clubhouse Large E-2 plan:This is one of several floor plans available in a specific building. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Real property is immovable property - its land and anything attached to the land. RPAC Realtors Political Action Committee Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). EIK Eat in kitchen Not all mortgages carry a prepayment penalty. Learn more about down payments here. NONQ Non-Qualifying Crprt Carport Class A, B, C, D Real Estate: A Guide to Property Class Types Affordability. OO Owner Occupied What sounds impressive on paper may look less appealing in person. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. WBS Wood-Burning Stove A full bathroom is a room with a toilet, a sink and a bathtub. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. Cldsc Cul-de-sac There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. BD Bedroom REL Related to Seller 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. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. WAR Warranty Plan A portion of your monthly payment goes into the. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Encumbrance In Real Estate: Defined & Explained - FortuneBuilders DEDRS Deed Restrictions "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 . Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Banks, savings and loans, and credit unions. This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. RDR Radiator NAR National Association of Realtors One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. BRRRR refinance example. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. The "P" represents percent. MULTI 3+ Car Garage property in buildings and land; space, capacity See the full definition . 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. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Cent h/a Central Heat&Air 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. The components of a monthly mortgage payment. HI CEIL(S) High ceilings OWN Owner Financing Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Canadian Real Estate Association, the national association for Canada. REIA Real Estate Investors Association Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. GRI Graduate REALTOR Institute Crystal R. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. A buyers final inspection of a home before closing. UTRM Utility Room 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. This website is using a security service to protect itself from online attacks. A not-for-profit professional association that sets and promotes standards for property inspections. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. FFE furniture, fixture, and equipment A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. A security deposit made by the buyer to assure the seller of his or her intent to purchase. 2-LV : Two living levels. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. How to use real estate in a sentence. PUD Planned Unit Development Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. 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. A concrete point at which buying a home makes more financial sense than renting one. 8 Real Estate Terms to Watch Out For - Bob Vila Maximum loan amounts can vary by county. These abbreviations are typically written in all capital letters. By submitting your email, you agree to the Terms of Use and Privacy Policy. Cth Cathedral Ceiling RTO Rent To Own WLKIN Walk-in Closet OSP Off-street parking is available Prospective purchasers of an inn need to know exactly what they mean. HP Heat Pump Prepaid interest owed at closing, with one point representing 1% of the loan. VYL Vinyl POR, POR-S Porch/Screened This website is using a security service to protect itself from online attacks. E Rng Electric Range These institutions underwrite as well as set home loan pricing in-house. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. SEC SYS Security System FDR Formal dining room So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. Crk Creek Buying a Flipped House: Is It Right for You? A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. A minimum requirement is often dictated by the loan type. GAR Garage After the set time period your interest rate will change and so will your monthly payment. PL/1 In-Ground Pool G/A Garage, Attached All Rights Reserved. The price of a home, as set by the seller. Copyright 2023 Acton Media Inc. All rights reserved. Dk Deck Business SEW Sewer NAT GS HT Natural gas heat Deco Decorative Fence BOT Boat Slip MLS - Multiple Listing Service; database of real estate for sale, Smart -a computer controls some electronic devices like heating, alarms, and lights, CCIM Certified Commercial Investment Member, PITI principal, interest, taxes and insurance, CCR conditions, covenants, and restrictions, ACRP - Association of Commercial Real Estate Professionals, CHMS Certified Home Marketing Specialist, CLHMS Certified Luxury Home Marketing Specialist, FDIC Federal Deposit Insurance Corporation, FEMA Federal Emergency Management Agency, FHLMC Freddie Mac (Federal Home Loan Mortgage Corporation), GNMA Ginnie Mae (Government National Mortgage Association), REALTOR Member of the National Association of Realtors. SKY Skylights These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. It's anything that can be subject to ownership, except land. CRE Commercial Real Estate All abbreviations on this list are typically written in all capital letters. Repairs. BLT Built-in Normally, a piece of property can be easily classified as either personal property or real 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. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. The action you just performed triggered the security solution. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. 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 . FFBR First Floor Bedroom WDSTV Wood Burn Stove There is no MLS covering the whole country. Dry Clothes Dryer HOA Homeowners Association TXS Taxes The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. L/O Lease Option HRS Horses Allowed Related:The Best 10 Plants to Grow for Backyard Privacy. MSN Masonry D/W Dishwasher W/D Washer/Dryer Fees imposed by the state, county or municipality on transfer of title. I havent seen you in forever. 64 Real Estate Terms and Expressions You Should Know COCR or CCR Cash on Cash Return A minimum requirement is often dictated by the loan type. When you boil it down to the basics, real estate has a simple meaning. CRB Certified Real Estate Broker These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. MWV Microwave Oven FHA Federal Housing Administration REALTOR Member of the National Association of Realtors FEMA Federal Emergency Management Agency If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Cdrcl Cedar Closet WIN Window/Wall Unit Learn more about foreclosure here. To meet client needs, to empower teammates, and to lift up communities. 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. Not all Northwestern Mutual representatives are advisors. WD PNL Wood paneling JV Joint Venture is part of the U.S. Department of Housing and Urban Development. PRV, PVCY FENCE Privacy Fence Essentially, "turnkey" means that . Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. REI Real Estate Investing W/W CRPT Wall To Wall Carpet ATT Attached Garage BB. Typically, putting away 5% of the rent . Individuals could include neighbors or other people who have a right of way. CMA:Comparative market analysis or competitive market analysis. PERM Perm Attic Stairs BB Real Estate Advertising Abbreviation Meaning - All Acronyms Each lending institution sets its own prime rate. EMC Earnest money contract Bonus information may be placed in "Other" field. AC or A/C Air conditioning LTV Loan to Value SLT Slate Lenders reward lower LTV ratios. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. AST Assessment Lien Lien, JTL. PICK Picket Fence Read more about origination fees here. CCR Conditions, Covenants, and Restrictions AJ Affidavit of Joint Tenant Deed. Clus Cluster BA; BTH : Bathroom. Get the top BB abbreviation related to Real Estate. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. PAR Partially Fenced Copyright 2022 Ann Arbor Area Board of REALTORS. TRAN Transitional FM RM Family Room OFF Off Street Parking PAN Pantry A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Learn, The act of paying off one loan by obtaining another. Cozy Charm. What Is a Short Sale? Performance & security by Cloudflare. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. MLSs are local or regional. Cont Contemporary WHKP Washer Hookup A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. HUD Department of Housing and Urban Development An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Step 3: You then find tenants in 30-60 days to take over the two . UTCL Utility Closet The. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Learn more here. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Inspection occurs when the home is under contract or in escrow. GMT Kitchen Gourmet kitchen Articles may contain affiliate links which enable us to share in the revenue of any purchases made. Mstr Master bed room PITI Principal, Interest, Taxes and Insurance RVR River HIST Historical District REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. APPLS Appliances F/A Ht, FAH Forced Air Heat Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Paying points, which are tax deductible, will lower the monthly mortgage payment. This is the escrow period, when both buyer and seller are workingtoward a closing. What is BB meaning in Real Estate? I/O Interest Only (loan) 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. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. 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. BCH Beach F-bmt Finished Basement FHA Federal Housing Administration It may also give the breakdown of the number of floors, size of the rooms and their location within the home. 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. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Sort. MAR Marble 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. Pro Forma Real Estate: Everything You Need to Know - RealWealth D/D Dishwasher and a garbage disposal Like other shorthand slang terms in text messages, this abbreviation is primarily written in the lowercase bb rather than the uppercase BB. On top of that, many acronyms use the uppercase BB, while the lowercase version almost exclusively refers to baby. BB is already an abbreviation of a fairly short word, so some people ditch the shorthand altogether and use baby or babe. Alternatively, you might see some people use variations such as bby, b2, or even just b., While baby has been a pet name for a romantic partner long before the internet age, the widespread use of BB is pretty recent. COF Cost of Funds Refinancing is generally done to secure better loan terms, such as a lower interest rate. Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. The owners bank must approve a lower listing price before the home can be sold. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. 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. What Does "Default" Mean In Real Estate? - Inman C-fan Ceiling Fan Contingent vs. under contract? Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. VWS, VW, VU View or views OFC Office Related:7 Features That Define the New American Home. CHMS Certified Home Marketing Specialist An FDR with a DK? The ratio compares the borrowers monthly debt payments to gross income. 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. 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.