what does bb mean in real estate

A three-page document sent to an applicant three days after they apply for a home loan. Crk Creek CVAC Central Vacuum Learn, The act of paying off one loan by obtaining another. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. CAP Capitalization REIA Real Estate Investors Association BCH Beach SMART Typically computer-controlled heating and cooling, alarms, lights etc. An MLS allows brokers to see one another's listings of. And the real estate business is no different. Brkf Breakfast Area NGS Natural Gas FFBR First Floor Bedroom 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. FHA Federal Housing Administration Here are a few examples of BB in action: Do you want to learn more internet slang terms? The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). COF Cost of Funds F-bmt Finished Basement HIST Historical District FRBO for rent by owner DK Deck He also works as a digital marketer for a regional e-commerce website. PROP HT Propane Heat HBR Harbor Powered by webmasterWP.com. EMC Earnest money contract Real estate agents and other real estate professionals often need to have specific certifications and may work with or belong to different associations or groups. DTI Debt to Income Ratio 2/1 2 bedrooms / 1 bathrooms POA Power of Attorney Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. A security deposit made by the buyer to assure the seller of his or her intent to purchase. Your IP: Clus Cluster 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. Tiny houses are a trend, for sure. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Press F to Pay Respects: What Does F Mean Online? G/A Garage, Attached GAR Garage WDSTV Wood-Burning Stove BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. MEIK Modern eat-in kitchen What sounds impressive on paper may look less appealing in person. The owners bank must approve a lower listing price before the home can be sold. Baseboard Heat + 2. Business, Property, Real Estate Advertising. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. REI Real Estate Investing In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. SMP Sump Pump Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Questions And Answers UTCL Utility Closet Bung Bungalow CAC Central air conditioning Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. Back Bay. Individuals could include neighbors or other people who have a right of way. Maximum loan amounts can vary by county. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. F/A Ht, FAH Forced Air Heat GLF Golf Course INT Intercom But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. Not all Northwestern Mutual representatives are advisors. SD Security Deposit Read our stress-free guide to getting a mortgage. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. Foyr Foyer Real Estate Definition. FCRA Fair Credit Reporting Act SAT Satellite Dish INLW In-Law Suite After the set time period your interest rate will change and so will your monthly payment. is part of the U.S. Department of Housing and Urban Development. Clap Clapboard Siding A three-quarter bathroom has a toilet, a sink and a shower. 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. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. But if thats not what youre looking for, keep shopping. Copyright 2022 Ann Arbor Area Board of REALTORS. FML Formal In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. 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. Real estate terms to know when you've started house hunting. Click to reveal Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. FDR Formal dining room 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 . TEN Tennis Court ASG Assessment Assessment. 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 contingent statusmeans that the seller has accepted an offer and the home is under contract. Canadian Real Estate Association, the national association for Canada. The four items include, repairs, vacancy loss, property management, and miscellaneous. BB Baseboard Heat WF Waterfront Home affordability takes into account your income, down payment, and monthly debts. ASB Asbestos Siding A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. A/G PL : Above-ground swimming pool. The property is sold and no longer available. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. W/D HKUP Washer/Dryer hookup 27. EIK Eat in kitchen A buyers final inspection of a home before closing. When a home listing touts its custom features, take care. Cap rates can provide valuable insight into a property. Market conditions that exist when buyers outnumber homes for sale. FLR Floor Furnace TRAN Transitional Learn more about foreclosure here. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. This list of real estate investing abbreviations is useful for real estate brokers. WINDT Window Treatment The price of a home, as set by the seller. UNO Unit Number Zillow, Inc. holds real estate brokerage licenses in multiple states. OSP Off-street parking is available Often, the listing will indicate which rooms have hardwood flooring. Updated from an earlier version on realtor.com. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. POR, POR-S Porch/Screened A database where real estate agents list properties for sale. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. 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. The meaning of REAL ESTATE is property in buildings and land. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. 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. GAROP Garage Door Opener 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. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. The status will show as pending until the closing. TRC Trash Compactor VYL Vinyl FDR/DR Dining room or a formal dining room IRA Individual Retirement Account ATT Attached Garage WHKP Washer Hookup All Rights Reserved. A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. You can use BB to mean basketball, especially in internet communities dedicated to the sport. PVT Private Learn more about short sales here. E Rng Electric Range There are also a few other cultural definitions for BB. Cent h/a Central Heat&Air BBbb. Deco Decorative Fence Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. TXS Taxes O/F Owner Finance 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. 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. BA Bath NOO Non-Owner Occupied So if you adore what you see in thelisting, it certainly canthurt to inquire. FM RM Family Room FDIC Federal Deposit Insurance Corporation Try our affordability calculator to see how much house you might be able to afford. These abbreviations are typically written in all capital letters. Each lending institution sets its own prime rate. CH Central heat Translation: This home is small. Zkratka ESG (z anglickho Environmental . HB Half Bath (toilet + sink) Typically, putting away 5% of the rent . This website is using a security service to protect itself from online attacks. A concrete point at which buying a home makes more financial sense than renting one. What is BB meaning in Real Estate Advertising? Not all mortgages carry a prepayment penalty. 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. 4B/2B:Four bedrooms and two bathrooms. SN Senior CP Carport Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. HVAC heating, ventilation and air conditioning property in buildings and land; space, capacity See the full definition . A concrete point at which buying a home makes more financial sense than renting one. RTO Rent To Own PMI Private mortgage insurance This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. BKYD Backyard Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. When you boil it down to the basics, real estate has a simple meaning. 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. A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. LLC Limited Liability Company 1. Usually . W/D WD Washer and dryer MYOB Mind Your Own Business FXR Fixer Upper These institutions underwrite as well as set home loan pricing in-house. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. I/O Interest Only (loan) An encumbrance can create a cloud on the title of a real property. MSN Masonry RELO Relocation office R/OPT Rent w/Opt-Buy We select and review products independently. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. Learn more. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. Sub2 Subject to existing financing RAD Radiant Heat BR Bedroom SEC Security System 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. OFC Office There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? Banks, savings and loans, and credit unions. What is BB meaning in Real Estate? MLSs are local or regional. FSBO For Sale by Owner 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. "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 . UTRM Utility Room The ratio compares the borrowers monthly debt payments to gross income. MRSH Marsh Maximum loan amounts can vary by county. SHOP Workshop RVR River BRRRR refinance example. WBFP Wood Burning Fireplace 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. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. LLP Limited Liability Partnership If they were not used, the ads for a home could get quite lengthy. 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. All rights reserved. Care starts with culture. CPT Carpet or Carport PL -Swimming Pool APR Annual Percentage Rate It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. REO Real Estate Owned Before you start calling someone BB, you might need to establish ground rules. LA Living area Real property is immovable property - its land and anything attached to the land. Example: P30 (3% offered) REL Related to Seller PITI Principal, Interest, Taxes and Insurance We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. 4/3 4 bedrooms / 3 bathrooms DWF, DWAC Deep Water/Access During this time, the home is inspected and appraised, and the title is searched for liens, etc. How have you been?. RV PRKG RV Parking SEC SYS Security System The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. FAG Forced air gas 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. Learn more about homeowners insurance here. LR Living Room GRMET KIT, GRMT KIT Gourmet kitchen Used under license. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. OP Occupancy Permit 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). NAT GS HT Natural gas heat 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. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. ATFN Attic Fan MLS Multiple Listing Service Related:10 Signs That Fixer-Upper Might Be a Money Pit. 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. FNCD YD Fenced Yard Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Miscellaneous. Allow us to clear things up, by explaining what these things really mean in plain old English. AC or A/C Air conditioning The price of borrowing money. 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. 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. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. OFF Off Street Parking 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. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Cloudflare Ray ID: 7a28359a3f44c34a Fpgas Gas Fireplace Get the top BB abbreviation related to Real Estate. 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. CNS Certified Negotiation Specialist *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. OFC Office/Study Learn more about refinancing here. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. If you have the money to hire a handyman for every household woe, go ahead. KIT, KT Kitchen If thats your style, you're in luck. Translation: This home is small. LRG Large A loan estimate can help borrowers shop and compare costs of loans with lenders. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. An encumbrance is a limit on how an owner can use real estate. Property Records The action you just performed triggered the security solution. 7 meanings of BB abbreviation related to Real Estate: Real Estate. By submitting your email, you agree to the Terms of Use and Privacy Policy. APT Apartment Anne Miller lives in New York and writes real estate news and advice stories. CDS Cul de sac 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. INGRD PL pool in ground pool BALC Balcony Read more about escalation clauses and making an offer on a home. DOT Deed of Trust CREA. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Fp, Fpl, Fplc Fireplace This means the propertys ownersare actively taking backup offers in case the first one falls through. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Dsp Garbage Disposal STA State Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. New real estate investors may wonder what the terms Class A, B, C, and D property mean. Not all real estate agents are REALTORS. Active This means that a property is currently on the market and available for sale. CBR Certified Buyer Representative POA Power of Attorney C-fan Ceiling Fan NNN Triple Net Lease MULTI 3+ Car Garage A/C Air Conditioning A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. GAR, GR Garage CRB Certified Real Estate Broker An origination fee is not a single fee. Business NYSAR New York State Association of Realtors One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. The difference between the two is usually fairly . A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. The "P" represents percent. In many listings, the term is used to describe to an area that's in the process of transition. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. The number of days a property listing is considered active. This is the most popular NAR official designation and is relatively easy to get and maintain. Learn more about pre-approval here. AEK All electric kitchen Brokerage. ALM Aluminum Siding It may sound charming, but a house that's described as having lots of character could look just plain weird in person. 4 Misconceptions Buyers and Sellers Have About the Housing Market, 10 Hottest Housing Markets of 2023, and What to Know if Youre Shopping in One, 13 Home-Buying Myths to Unlearn Right Now, 10 Hottest Housing Markets of 2023, and What to Know if You're Shopping in One, Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures. AC Acre 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.

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