what does bb mean in real estate

A three-page document sent to an applicant three days after they apply for a home loan. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. Market conditions that exist when buyers outnumber homes for sale. Read, 42. Lenders reward lower LTV ratios. Learn more about refinancing here. Zillow, Inc. holds real estate brokerage licenses in multiple states. Each lending institution sets its own prime rate. Bidding wars are common. An encumbrance is a claim that limits how a property owner can use their property. Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. After the set time period your interest rate will change and so will your monthly payment. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. 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. F-bmt Finished Basement Before you buy, consider what the neighborhood will look like in the long term and if you want to live in a neighborhood that's still in the process of change. FHA Federal Housing Administration UTCL Utility Closet The word listing is also used to refer to the for-sale home itself. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. 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. SWR Sewer 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. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. A ratio that compares a home buyers expenses to gross income. HRS Horses Allowed The action you just performed triggered the security solution. The "P" represents percent. An encumbrance is a limit on how an owner can use real estate. 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. MBA Master Bedroom w/Bath Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). LOI Letter of Intent 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. NBHD Neighborhood If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. I want to receive exclusive email updates from YourDictionary. SFR Single Family Residence RELATED: What Does "TMI" Mean, and How Do You Use It? If you see a bathroom or kitchen described as vintage, that means theyre old. APR Annual Percentage Rate VYL Vinyl ERS exclusive right to sell HPWA Water/Air Ht Pump R/OPT Rent w/Opt-Buy All Rights Reserved. GAR, GR Garage PERM Perm Attic Stairs Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. AC Acre RELATED: How to Stream U.S. Sports for Free Online. COCR or CCR Cash on Cash Return REL Related to Seller That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. This means that aproperty is currently on the market and available for sale. FLR Floor Furnace Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. If not, it could end up back on the market, so go ahead and inquire if youre interested. BR Bedroom Learn more about homeowners insurance here. PRQ Parquet Essentially, "turnkey" means that . LTV Loan to Value Questions And Answers SQ FT Square Feet The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Cen Central Air A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Bung Bungalow This claim belongs to a third party, who can either be an organization or an individual. OFC Office This list of real estate investing abbreviations is useful for real estate brokers. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. 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. WINDT Window Treatment Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. . STOR Assigned Storage Col Colonial OWN Owner Financing During this time, the home is inspected and appraised, and the title searched for liens, etc. Have questions about buying, selling or renting during COVID-19? You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. The first entry for this abbreviation on Urban Dictionary was made in 2006 and referred to it as Netspeak for baby, normally placed at the end of a text.. F/BSMT Fully finished basement FEMA Federal Emergency Management Agency Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. Read more about pre-qualification here. Bring vs. Take. Try our affordability calculator to see how much house you might be able to afford. Property Records BD Bedroom PWDR RM Powder room or half bath AMO Accredited Management Organization Since many phrases can be shortened to BB, this acronym might refer to other things online. The number of days a property listing is considered active. 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. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. GAR Garage BR Bedroom The owners bank must approve a lower listing price before the home can be sold. SMART Typically computer-controlled heating and cooling, alarms, lights etc. Dk Deck Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. 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. 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. LRG Large 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. P&S Purchase and sale Try our debt-to-income calculator to learn more. During this time, the home is inspected and appraised, and the title is searched for liens, etc. SPLT Split-Level AST Assessment Lien Lien, JTL. BKPORCH Back Porch SD/W Storm Doors & Windows HML Hard Money Lender 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative Your IP: Learn, The act of paying off one loan by obtaining another. Copyright 2022 Ann Arbor Area Board of REALTORS. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Read our stress-free guide to getting a mortgage. A certain portion of the homes purchase price that a buyer must pay. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. All of these abbreviations are commonly used to describe the features of a house or commercial property. REIA Real Estate Investors Association CBR Certified Buyer Representative DOS Due On Sale Clause CLHMS Certified Luxury Home Marketing Specialist OBO Or Best Offer DET Detached garage Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. 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. FFBR First Floor Bedroom Best for: Buyer's agents looking to separate themselves from the rest of the field. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. PLAY Playground ARM Adjustable Rate Mortgage ALM Aluminum Siding TRSH Trash Pickup Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation SAT Satellite Dish TXS Taxes Copyright 2023 Acton Media Inc. All rights reserved. A concrete point at which buying a home makes more financial sense than renting one. Canadian Real Estate Association, the national association for Canada. BA Bathroom L/O Lease Option Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. HVAC heating, ventilation and air conditioning BBbb. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. SCRND PORCH Screened Porch A minimum requirement is often dictated by the loan type. CH Central heat AJ Affidavit of Joint Tenant Deed. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). INLW In-Law Suite Read more about the Buy-Rent Breakeven Horizon here. CREA. A combination of loans bundled to avoid private mortgage insurance. GRT RM Great room G/A Garage, Attached DOS Due On Sale Clause Try our amortization calculator to learn more. MAR Marble 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. Learn more about HOAs here. 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. E Rng Electric Range 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. Dsp Garbage Disposal 1C, 2C 1 or 2 car Garage Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. 442-H New York Standard Operating Procedures New York Fair Housing NoticeTREC: Information about brokerage services, Consumer protection noticeCalifornia DRE #1522444Contact Zillow, Inc. 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. LR Living Room 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. 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. Clap Clapboard Siding FR Family room and CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Learn more about down payments here. 1. This abbreviation is a shorthand way of showing your affection to your partner. FM RM Family Room Buyers should budget for an amount that is 2% to 5% of the homes purchase price. The price of a home, as set by the seller.

Rwj Dermatology Residents, Articles W