Each lending institution sets its own prime rate. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. A loan estimate can help borrowers shop and compare costs of loans with lenders. A/G PL : Above-ground swimming pool. A/C Air Conditioning A contingent statusmeans that the seller has accepted an offer and the home is under contract. Mstr Master bed room Bulk Bulkhead . OVER Oversized Garage A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. An encumbrance is a limit on how an owner can use real estate. property in buildings and land; space, capacity See the full definition . However, the widespread use of BB started in the 2010s, with the rise of smartphones and chat apps becoming the primary form of communication between teenagers. PUD Planned Unit Development The amount of the loan divided by the price of the house. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Brk Brick At Truist, our purpose is to inspire and build better lives and communities. BB Real Estate Abbreviation. Crystal R. LPOA Limited Power of Attorney A three-quarter bathroom has a toilet, a sink and a shower. Most real estate agents use similar abbreviations as part ofreal estate lingo, so once you get the jist, you can read any listing with confidence. Market conditions that exist when buyers outnumber homes for sale. Contact Us GRM Gross Rent Multiplier Det Detached Garage RNCH Ranch Learn more about pre-approval here. How to use real estate in a sentence. PWDR RM Powder room or half bath Sub2 Subject to existing financing These structures can be both above and under the ground. We select and review products independently. A concrete point at which buying a home makes more financial sense than renting one. Lo dues:Low homeowners association dues. Its customary for the buyer to pay for the lenders title insurance policy. WIN Window/Wall Unit There are four important items that must be included in a buyer's pro forma. Organizations can include local governments, utility companies, and homeowners associations. OWN Owner Financing Learn, The act of paying off one loan by obtaining another. Resources A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Read more about closing costs here. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. 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 . OBO Or Best Offer The ratio compares the borrowers monthly debt payments to gross income. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. An FDR with a DK? It should return to active soon enough, so its certainly worth piping up if youre smitten. This abbreviation is a shorthand way of showing your affection to your partner. 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. The price of borrowing money. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Bung Bungalow Cbl,Cblh Cable/Hookup All rights reserved. Bb. AEK All electric kitchen Inspection occurs when the home is under contract or in escrow. MLS multiple listing service A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Yes! A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. D/W Dishwasher HUD Department of Housing and Urban Development INT Intercom Learn more about HOAs here. WHF Whole House Fan Maximum loan amounts can vary by county. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. PL, SP, S/P Swimming pool 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. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. IRR Internal Rate of Return A security deposit made by the buyer to assure the seller of his or her intent to purchase. 2. An origination fee is not a single fee. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. HSF Heated square feet It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. WF Waterfront HW Hot Water The action you just performed triggered the security solution. Read more about origination fees here. PL/1 In-Ground Pool 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 more. CMA Comparative Market Analysis Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. RELATED: What Does "TMI" Mean, and How Do You Use It? BB Baseboard Heat 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. CMA:Comparative market analysis or competitive market analysis. Privacy Policy Sort. Cvga Converted Garage Read more about escalation clauses and making an offer on a home. Active This means that a property is currently on the market and available for sale. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. Translation: This home is small. That happens through real care to make things better. Updated from an earlier version on realtor.com. MIC Mint Condition (like new or new) E Rng Electric Range SFH Single Family House 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. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. MRSH Marsh Buying a Flipped House: Is It Right for You? These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. OFC Office/Study HUD Housing and Urban 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. A minimum requirement is often dictated by the loan type. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Hi ceils - This is an abbreviation for "high ceilings.". 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. 2023 LoveToKnow Media. And the real estate business is no different. Back Bay. Affordability. GLF Golf Course STA State BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Learn more here. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. PRV, PVCY FENCE Privacy Fence A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Col Colonial Terms Of Use 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. Cdrcl Cedar Closet G/A Garage, Attached CAC Central air conditioning An encumbrance can create a cloud on the title of a real property. SWR Sewer The sale of a home by an owner who owes more on the home than its worth. Before you start calling someone BB, you might need to establish ground rules. AG Agreement Agreement Comm. BLT Built-in 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. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. SAT Satellite Dish Refund Policy, U.S. FMV Fair Market Value This is the most popular NAR official designation and is relatively easy to get and maintain. OP Occupancy Permit A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. AMO Accredited Management Organization HI CEIL(S) High ceilings PRO Internet Professional NNN Triple Net Lease One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. A property repossessed by a bank when the owner fails to make mortgage payments. NGS Natural Gas Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. PMI Private mortgage insurance Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Cloudflare Ray ID: 7a28359a3f44c34a Often, the listing will indicate which rooms have hardwood flooring. CCIM Certified Commercial Investment Member When a home listing touts its custom features, take care. SMART Typically computer-controlled heating and cooling, alarms, lights etc. ELE Electric ASB Asbestos Siding A concrete point at which buying a home makes more financial sense than renting one. This is the escrow period, when both buyer and seller are workingtoward a closing. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. Crk Creek SRES Senior Real Estate Specialist, Additional Resources: The four items include, repairs, vacancy loss, property management, and miscellaneous. W/D Washer/Dryer 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. Click to reveal CPM Certified Property Manager APPLS Appliances The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. ARI Articles of Incorporation Notice, certificate. 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. RVR River HDW, HWF, hdwd - This means there is hardwood flooring in the home. FSBO For Sale By Owner 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. This was when the term exploded as a pet name between both lovers and friends. FRBO for rent by owner JV Joint Venture Cloudflare Ray ID: 7a2835264c3fdd54 The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). 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. SHOP Workshop 1C : One-car garage. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. 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. "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 . BR Bedroom Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. Usually . ALM Aluminum Siding WDSTV Wood Burn Stove RELO Relocation office Clap Clapboard Siding In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. NOO Non-Owner Occupied It's anything that can be subject to ownership, except land. R/OPT Rent w/Opt-Buy RTO Rent To Own INLW In-Law Suite The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. 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. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. MLS:Multiple Listing Service. A property was withdrawn from the realty market. LOC Line of Credit What is BB meaning in Real Estate? Personal property is movable property. CRT. No purchase is necessary to view U.S. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. WD PNL Wood paneling Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). After all, you wouldn't want to get stuck with a money pit. CCR Conditions, Covenants, and Restrictions CFD Contract for Deed These abbreviations are typically written in all capital letters. CLHMS Certified Luxury Home Marketing Specialist REIA Real Estate Investors Association 147.189.141.138 SD Security Deposit IGSP In-Ground Sprinkler Cent h/a Central Heat&Air 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. SLT Slate 1. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). This means the propertys ownersare actively taking backup offers in case the first one falls through. You can email the site owner to let them know you were blocked. Deco Decorative Fence Have questions about buying, selling or renting during COVID-19? 3/4 Bath toilet + sink + shower or tub Banks, savings and loans, and credit unions. 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. Learn more about homeowners insurance here. 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. WBFP Wood Burning Fireplace F/BSMT Fully finished basement MAO Maximum Allowable Offer It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. 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. Miscellaneous. U/G SPRK Underground Sprinkler Home affordability takes into account your income, down payment, and monthly debts. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. 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. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. 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 property that has come back on the marketafter a pending sale. 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. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. FFE furniture, fixture, and equipment WLKIN Walk-in Closet A minimum requirement is often dictated by the loan type. NBHD Neighborhood FLR Floor Furnace WSH Washer Learn more about adjustable-rate mortgages here. Foyr Foyer Real Estate Definition. 27. A state in which an escrow agent is responsible for closing. When this happens, he or she risks the home heading into the foreclosure process. Bidding wars are common. Related:12 Things Realtors Look For in Homes of Their Own. Individuals could include neighbors or other people who have a right of way. SEW Sewer Keep reading to learn more about this unique abbreviation. 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. 67.211.219.14 CFan Ceiling Fan Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Usually, the realtor's website will give a good description without the real estate abbreviations. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. MTG Mortgage BB Real Estate Abbreviation. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. Property Records Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. PLAY Playground On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Get the top BB abbreviation related to Real Estate. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. The components of a monthly mortgage payment. SRO Single Room Occupancy 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. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. SPKLR Sprinkler The document includes loan terms, monthly payment and closing costs. MCOA Min $ on Assumption CVAC Central Vacuum HP Heat Pump WHKP Washer Hookup But if thats not what youre looking for, keep shopping. TEN Tennis Court A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. STR On Street Parking
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