SUN Sun Room BALC Balcony The sale of a home by an owner who owes more on the home than its worth. WAR Warranty Plan CP Carport County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. COF Cost of Funds 2023 LoveToKnow Media. 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). Buyers should budget for an amount that is 2% to 5% of the homes purchase price. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. WIC Walk-in closet, ARV After-Repaired Value Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. ALM Aluminum Siding TRAD Traditional CRT. Often, the listing will indicate which rooms have hardwood flooring. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Not all Northwestern Mutual representatives are advisors. CAC Central air conditioning The ratio compares the borrowers monthly debt payments to gross income. 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. BR Bedroom Real estate terms to know when you've started house hunting. SEC Security System The seller has an agreed-upon contract with the potential buyer. Individuals could include neighbors or other people who have a right of way. CCR Conditions, Covenants, and Restrictions SPC Drive parking spaces If a place is advertised as needing TLC then its likely a bona fide fixer-upper. Bb. What is BB meaning in Real Estate? LR Living Room The status will show as pending until the closing. A property that has come back on the marketafter a pending sale. DEDRS Deed Restrictions Clap Clapboard Siding The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). 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. OBO Or Best Offer Typically, most consumers mortgage interest rate is going to be higher than the prime rate. This website is using a security service to protect itself from online attacks. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Like, from the 50s. By submitting your email, you agree to the Terms of Use and Privacy Policy. Read more about mortgage insurance. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. 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 . Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. FSBO For Sale by Owner After all, you wouldn't want to get stuck with a money pit. PMP Well Pump ELV Elevator Have questions about your home financingpaperwork? 1 /8. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. This is the escrow period, when both buyer and seller are workingtoward a closing. Privacy Policy. and CAC Central Air Conditioning FXR Fixer Upper 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. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. FFE furniture, fixture, and equipment New real estate investors may wonder what the terms Class A, B, C, and D property mean. A three-quarter bathroom has a toilet, a sink and a shower. This list of real estate investing abbreviations is useful for real estate brokers. SFH Single Family House HW Hot Water No purchase is necessary to view U.S. CRB Certified Real Estate Broker The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. The document includes loan terms, monthly payment and closing costs. DOS Due On Sale Clause During this time, the home is inspected and appraised, and the title is searched for liens, etc. HTUB Hot Tub If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. PL, SP, S/P Swimming pool In many listings, the term is used to describe to an area that's in the process of transition. SWR Sewer POF Proof of Funds The. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). RAD Radiant Heat PICK Picket Fence Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. The ratio compares the borrowers monthly debt payments to gross income. All Rights Reserved. 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. Be sure to read the fine print carefully. The word listing is also used to refer to the for-sale home itself. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. EA exclusive agency This means that aproperty is currently on the market and available for sale. WDSTV Wood Burn Stove When you boil it down to the basics, real estate has a simple meaning. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. The governing body of a housing development, condo or townhome complex that sets rules and regulations. FM RM Family Room A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. CRS Certified Residential Specialist This abbreviation is a shorthand way of showing your affection to your partner. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. STOR Assigned Storage Your IP: 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. Windows 11: How Much RAM Can Your PC Have? HDW, HWF, hdwd - This means there is hardwood flooring in the home. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. Dry Clothes Dryer If you have the money to hire a handyman for every household woe, go ahead. Repairs. SMP Sump Pump LPOA Limited Power of Attorney Both words imply motion, but the difference may b. Defenestration. NYSAR New York State Association of Realtors Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. HRS Horses Allowed An origination fee is not a single fee. Terms Of Use You can use BB to mean basketball, especially in internet communities dedicated to the sport. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. There are five main categories of real estate. HDWD Hardwood The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. WDSTV Wood-Burning Stove BKYD Backyard Care starts with culture. 4B/2B:Four bedrooms and two bathrooms. to cover taxes and insurance. BCH Beach If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. An encumbrance is a limit on how an owner can use real estate. VYL Vinyl Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. Be sure to read the fine print carefully. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. SMART Typically computer-controlled heating and cooling, alarms, lights etc. GNMA Ginnie Mae or Government National Mortgage Association HVAC heating, ventilation and air conditioning BOT Boat Slip Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . CDS Cul de sac SMB Split Master Bedroom 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. Refund Policy, U.S. Best for: Buyer's agents looking to separate themselves from the rest of the field. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. LR with Fplc? LA Living area If not, it could end up back on the market, so go ahead and inquire if youre interested. Read more about PMI here. Resources A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. 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. If they were not used, the ads for a home could get quite lengthy. 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. Fp, Fpl, Fplc Fireplace You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. HP Heat Pump There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. 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. Real estate abbreviations are important to save time and money. Fees imposed by the state, county or municipality on transfer of title. SRO Single Room Occupancy MEIK Modern eat-in kitchen This abbreviation is a shorthand way of showing your affection to your partner. 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. 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. He's invested in internet culture, social media, and how people interact with the web. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". Bung Bungalow On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Bring vs. Take. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. They charge dues used to maintain common areas. A loan estimate can help borrowers shop and compare costs of loans with lenders. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. The action you just performed triggered the security solution. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. WTR PD Water paid RTO Rent To Own Read, A ratio that compares a home buyers expenses to gross income. FNCD YD Fenced Yard CLTV Combined Loan To Value SKY Skylights Hi ceils - This is an abbreviation for "high ceilings.". Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Brk Brick Refinancing is generally done to secure better loan terms, such as a lower interest rate. APPLS Appliances AG Agreement Agreement Comm. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. MBRFP Master Bedroom w/FP A state in which an escrow agent is responsible for closing. KIT, KT Kitchen There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. An MLS allows brokers to see one another's listings of. A database where real estate agents list properties for sale. F-bmt Finished Basement If you see a bathroom or kitchen described as vintage, that means theyre old. Each lending institution sets its own prime rate. Closing costs are generally paid through escrow. Homes can sit on the market for a long time, and prices tend to drop. 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. HSF Heated square feet PULL Pull-Down Attic Stair C-fan Ceiling Fan A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. What Is a Short Sale? It should return to active soon enough, so its certainly worth piping up if youre smitten. Yes! MYOB Mind Your Own Business Cer Ceramic Tile FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation GAROP Garage Door Opener 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. PAN Pantry NOI Net Operating Income Keep reading to learn more about this unique abbreviation. MLS multiple listing service A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. This browser is no longer supported. UTCL Utility Closet ASB Asbestos Siding SD/W Storm Doors & Windows Foyr Foyer LOI Letter of Intent MRSH Marsh PL/1 In-Ground Pool 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. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). SEW Sewer 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. 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. CCR Conditions, Covenants, and Restrictions A certain portion of the homes purchase price that a buyer must pay. Q POS Available for quick possession A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Privacy Policy CREA. UTRM Utility Room PITI Principal, Interest, Taxes, and Insurance OFC Office/Study Since many phrases can be shortened to BB, this acronym might refer to other things online. Cth Cathedral Ceiling Crk Creek Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). These structures can be both above and under the ground. 7 meanings of BB abbreviation related to Real Estate: Real Estate. W/D WD Washer and dryer DCR, DSCR, DSR Debt Service Coverage Ratio 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). 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. Before you start calling someone BB, you might need to establish ground rules. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. GRI Graduate REALTOR Institute OO Owner Occupied The property is sold and no longer available. Property Records Get the top BB abbreviation related to Real Estate. 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. AJ Affidavit of Joint Tenant Deed. The action you just performed triggered the security solution. NOO Non-Owner Occupied REL Related to Seller HBR Harbor NONQ Non-Qualifying Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Personal property is movable property. Click to reveal JV Joint Venture An FDR with a DK? Cloudflare Ray ID: 7a28359a3f44c34a Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. O/F Owner Finance Cozy Charm. REALTOR Member of the National Association of Realtors CNS Certified Negotiation Specialist Clus Cluster Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Usually . BRRRR refinance example. There are often additional notes with details that don't fit into the standard listing formula. All Rights Reserved, Hey bb! Step 3: You then find tenants in 30-60 days to take over the two . Not all mortgages carry a prepayment penalty. The act of paying off one loan by obtaining another. 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. Typically, putting away 5% of the rent . Cap rates can provide valuable insight into a property. Inspection occurs when the home is under contract or in escrow. Baseboard Heat + 2. Business, Property, Real Estate Advertising. TRAN Transitional Cont Contemporary FMV Fair Market Value 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. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. Performance & security by Cloudflare. FEMA Federal Emergency Management Agency FR Family room Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. GMT Kitchen Gourmet kitchen POA Power of Attorney Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. The "P" represents percent. There are also a few other cultural definitions for BB. Cnl Canal Fpgas Gas Fireplace Maximum loan amounts can vary by county. REF Refrigerator DOS Due On Sale Clause IGSP In-Ground Sprinkler Brokerage. CVAC Central Vacuum Read, 42. PWDR RM Powder room or half bath G/A Garage, Attached Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. 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. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. MULTI 3+ Car Garage DBA Doing Business As FLR Floor Furnace 1. Bulk Bulkhead 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.
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