what does bb mean in real estate

The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Even though a sale is highly likely, some pending properties may still accept backups. OCN Ocean Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Refund Policy, U.S. Privacy Policy FDR/DR Dining room or a formal dining room BR Bedroom MLS multiple listing service LOI Letter of Intent SEC SYS Security System DLO Seller Disclosure Read, A ratio that compares a home buyers expenses to gross income. But the cap rate is not the only metric used to evaluate a real estate investment. TRAD Traditional WLKIN Walk-in Closet W/D WD Washer and dryer Read more about FHA loans here. A state in which an escrow agent is responsible for closing. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Cbl,Cblh Cable/Hookup PVT Private GAR, GR Garage You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. BA Bathroom If you're still unclear what a shorthand is referring to, reach out to the listing agent. GRI Graduate Realtor Institute F-bmt Finished Basement Read more about origination fees here. You may want the retreat, but ask yourself if you're truly ready for all it entails. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. CRE Commercial Real Estate HW Hot Water CRS Certified Residential Specialist Read more about the Buy-Rent Breakeven Horizon here. Not all products and services are available in all states. P&S Purchase and Sale If thats your style, you're in luck. A half bathroom or powder room has only a toilet and a sink. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage. The word listing is also used to refer to the for-sale home itself. 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. Paying points, which are tax deductible, will lower the monthly mortgage payment. A full bathroom is a room with a toilet, a sink and a bathtub. PMI Private mortgage insurance 3/4 Bath toilet + sink + shower or tub NONQ Non-Qualifying P&S Purchase and sale HSF Heated square feet Learn more. Example: P30 (3% offered) Baseboard Heat + 2. Business, Property, Real Estate Advertising. GARD Garden Cent h/a Central Heat&Air CCR Conditions, Covenants, and Restrictions SD Security Deposit One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. DK Deck WDSTV Wood Burn Stove RNCH Ranch Bidding wars are common. Fixtures are a frequent subject of buyer and seller disputes. RELATED: What Does "TMI" Mean, and How Do You Use It? HD, HDFL Hardwood floors O/F Owner Finance This abbreviation is a shorthand way of showing your affection to your partner. They charge dues used to maintain common areas. Privacy Policy. He's invested in internet culture, social media, and how people interact with the web. ROI Return On Investment The four items include, repairs, vacancy loss, property management, and miscellaneous. HRS Horses Allowed REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. HML Hard Money Lender BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. An origination fee is not a single fee. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. NOO Non-Owner Occupied Chn Chain Link Fence Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. How to use real estate in a sentence. C/VAC Central vacuum Decoding an MLS Listing - Weichert 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. 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. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Hi ceils - This is an abbreviation for "high ceilings.". Clbhs Clubhouse An encumbrance is a claim that limits how a property owner can use their property. To meet client needs, to empower teammates, and to lift up communities. Real Estate: Definition, Types, How to Invest in It - Investopedia GRMET KIT, GRMT KIT Gourmet kitchen FFE furniture, fixture, and equipment A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Refinancing is generally done to secure better loan terms, such as a lower interest rate. SCRND PORCH Screened Porch Anne Miller lives in New York and writes real estate news and advice stories. PAR Partially Fenced That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Go now! A/C Air Conditioning Learn more about foreclosure here. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Care starts with culture. CFD Contract for Deed IGSP In-Ground Sprinkler 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. CBR Certified Buyer Representative Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Cen Central Air PRV, PVCY FENCE Privacy Fence A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. This list of real estate investing abbreviations is useful for real estate brokers. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. 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. FSBO For Sale by Owner In-law potl:Potential for a separate apartment, subject to local zoning restrictions. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Brk Brick BR Bedroom 2. I/O Interest Only (loan) Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. The price of borrowing money. JV Joint Venture 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. A property was withdrawn from the realty market. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. SD/W Storm Doors & Windows RTO Rent To Own SQ FT Square Feet 27. F/BSMT Fully finished basement Learn more about down payments here. Bulk Bulkhead The owners bank must approve a lower listing price before the home can be sold. Each lending institution sets its own prime rate. COO or C of O Certificate of Occupancy ELV Elevator 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. Fpgas Gas Fireplace 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. Not all real estate agents are REALTORS. ATT Attached Garage Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Cloudflare Ray ID: 7a2835264c3fdd54 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). LR Living room Cont Contemporary PRTL Partial The difference between the two is usually fairly . Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. 1C, 2C 1 or 2 car Garage Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. 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. ASB Asbestos Siding A minimum requirement is often dictated by the loan type. But if thats not what youre looking for, keep shopping. 3B/2B - three bedrooms and two bathrooms 2C - two-car garage A/C - air conditioning Appls - appliances Apt - apartment Ba - bathroom Br - bedroom CAC - central air conditioning Ch - central heat RVR River Related:The Best 10 Plants to Grow for Backyard Privacy. Click to reveal The action you just performed triggered the security solution. 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. A property that has come back on the marketafter a pending sale. ELE Electric MRSH Marsh Property Records NYSAR New York State Association of Realtors The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. Foyr Foyer The document includes loan terms, monthly payment and closing costs. G-RNG Gas Range POF Proof of Funds WD PNL Wood paneling Please switch to a supported browser or download one of our Mobile Apps. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. A/G PL : Above-ground swimming pool. A concrete point at which buying a home makes more financial sense than renting one. The Real Estate Terms to Know When You're Looking at Home Listings Real Estate Definition. During this time, the home is inspected and appraised, and the title is searched for liens, etc. GAR Garage Learn, Study these real estate terms when youre applying for a mortgage, Real estate terms you might hear when youve had your offer accepted, more about adjustable-rate mortgages here, The 12 Most Popular Vacation Towns for Home Shoppers. Prospective purchasers of an inn need to know exactly what they mean. 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. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Read our stress-free guide to getting a mortgage. BB Baseboard Heat One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. OSP Off-street parking is available One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. RAD Radiant Heat This means that aproperty is currently on the market and available for sale. DOS Due On Sale Clause Tiny houses are a trend, for sure. EA exclusive agency WIC Walk-in closet, ARV After-Repaired Value APR Annual Percentage Rate 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. 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. GLFP Gas log fire place DET Detached garage RELO Relocation office On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. 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. CAC Central air conditioning IRR Internal Rate of Return Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. But unlike an AWC, the property is no longer available forshowings., Whileabbreviations and acronymsfor property descriptionsvary by listingand source,thetermsbelow canbe used as a general guide to help you translateanything unfamiliar.If youre still unclear whata shorthand is referring to,reach out to the listing agent., As-is:Theowner is selling the home in its current condition and willnot makeanyrepairs orcorrect any flaws with the property., OLREA:Owner is a licensed real estate agent. 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. An encumbrance is a limit on how an owner can use real estate. 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. Oftentimes, a seller will take a property off the market while they make home repairs or improvements., Under contract (UC):This statusalsoindicates thattheseller has acceptedan offer from a buyer, but the sale has not yet been completed. WIN Window/Wall Unit OWN Owner Financing Learn more about pre-approval here. 8 Real Estate Terms to Watch Out For - Bob Vila One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. 1. You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. REF Refrigerator Farm Farmhouse RV PRKG RV Parking MBRFP Master Bedroom w/FP MCOA Min $ on Assumption County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. Dry Clothes Dryer 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. An origination fee is not a single fee. WHF Whole House Fan A buyers final inspection of a home before closing. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Look for this accreditation or something similar when shopping for a home inspector. STOR Assigned Storage FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. MAO Maximum Allowable Offer Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Keep reading to learn more about this unique abbreviation. I havent seen you in forever. Each lending institution sets its own prime rate. 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. Col Colonial INT Intercom D/D Dishwasher and a garbage disposal Your IP: SMART Typically computer-controlled heating and cooling, alarms, lights etc. RDR Radiator You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. 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. FSBO For Sale by Owner But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. CFan Ceiling Fan All Rights Reserved. A Short Guide to Real Estate Lingo - realtor.com PL -Swimming Pool The Real Estate Commission: How Much Are Realtor Fees? Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. OVER Oversized Garage A three-page document sent to an applicant three days after they apply for a home loan. Active This means that a property is currently on the market and available for sale. COCR or CCR Cash on Cash Return When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. The. FLR Floor Furnace SWR Sewer WSH Washer All rights reserved. Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records MBA Master Bedroom w/Bath If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. FHA Federal Housing Administration Read more about PMI here. CP Carport The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). HTUB Hot Tub After all, you wouldn't want to get stuck with a money pit. The amount of the loan divided by the price of the house. DBA Doing Business As Back Bay + 1 1. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. That happens through real care to make things better. PCF Price to Cash Flow (ratio) PMI Private Mortgage Insurance HPWA Water/Air Ht Pump It is in fact a real word (but that doesn't mean . DWF, DWAC Deep Water/Access What Does "Default" Mean In Real Estate? - Inman It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. W/D Washer/Dryer Dbl Double FMV Fair Market Value BBbb. PROP HT Propane Heat Det Detached Garage *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. SFR Single Family Residence REALTOR Member of the National Association of Realtors Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. HB Half Bath (toilet + sink) SMB Split Master Bedroom ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. GRT RM Great room It's anything that can be subject to ownership, except land. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. At Truist, our purpose is to inspire and build better lives and communities. So if you adore what you see in thelisting, it certainly canthurt to inquire. AJ Affidavit of Joint Tenant Deed. 4B/2B: Four bedrooms and two bathrooms. Market conditions that exist when homes for sale outnumber buyers. Repairs. OA Owner Agent FEMA Federal Emergency Management Agency This is important, as identifying a property's class can predict how the asset might perform. Disclosure: BobVila.com participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for publishers to earn fees by linking to Amazon.com and affiliated sites. The ratio compares the borrowers monthly debt payments to gross income. A security deposit made by the buyer to assure the seller of his or her intent to purchase. Resources 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. SPKLR Sprinkler MIC Mint Condition (like new or new) HVAC heating, ventilation and air conditioning