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. HOA Homeowners association The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). CRE Creative Real Estate SFH Single Family House POF Proof of Funds This means the propertys ownersare actively taking backup offers in case the first one falls through. CCIM Certified Commercial Investment Member MLS Multiple Listing Service TRAD Traditional There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. IRR Internal Rate of Return RNCH Ranch If a place is advertised as needing TLC then its likely a bona fide fixer-upper. Farm Farmhouse FSBO For Sale by Owner A database where real estate agents list properties for sale. NOO Non-Owner Occupied SRO Single Room Occupancy CVAC Central Vacuum A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. RELATED: How to Stream U.S. Sports for Free Online. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. Personal property is movable property. The content on this site is not intended to provide legal, financial or real estate advice. Yes! LLP Limited Liability Partnership In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. This browser is no longer supported. HB Half Bath (toilet + sink) If you wish to report an issue or seek an accommodation, please let us know. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. After the set time period your interest rate will change and so will your monthly payment. This was when the term exploded as a pet name between both lovers and friends. RTO Rent to Own The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. F/A Ht, FAH Forced Air Heat Read more about origination fees here. Read more about closing costs here. EIK Eat in kitchen A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Like, from the 50s. The four items include, repairs, vacancy loss, property management, and miscellaneous. It is in fact a real word (but that doesn't mean . If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. The governing body of a housing development, condo or townhome complex that sets rules and regulations. CP Carport SQ FT Square Feet 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. 7 meanings of BB abbreviation related to Real Estate: Real Estate. 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. 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. UTCL Utility Closet Zillow, Inc. holds real estate brokerage licenses in multiple states. NAT GS HT Natural gas heat GRI Graduate Realtor Institute F/BSMT Fully finished basement FDR/DR Dining room or a formal dining room Miscellaneous. The seller has an agreed-upon contract with the potential buyer. 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. GLF Golf Course INGRD PL pool in ground pool Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. 1C, 2C 1 or 2 car Garage Real estate abbreviations are important to save time and money. OP Occupancy Permit This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. FFE furniture, fixture, and equipment GNMA Ginnie Mae or Government National Mortgage Association SMP Sump Pump WTR Water Q POS Available for quick possession SPC Drive parking spaces A certain portion of the homes purchase price that a buyer must pay. Keep reading to learn more about this unique abbreviation. Cer Ceramic Tile Crk Creek ASG Assessment Assessment. Click to reveal Step 2: Through your cost estimation, you figure out that $30,000 of investment will bring the property to a rental-ready state over the next 4 months. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Typically, most consumers mortgage interest rate is going to be higher than the prime rate. 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. How-To Geek is where you turn when you want experts to explain technology. TEN Tennis Court A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. 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. In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. CBR Certified Buyer Representative There are also a few other cultural definitions for BB. MEIK Modern eat-in kitchen BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. A property repossessed by a bank when the owner fails to make mortgage payments. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Mstr Master bed room REF Refrigerator JTUB Jetted Tub TIL Truth In Lending, A/G PL Above-ground Pool PLAY Playground MULTI 3+ Car Garage UTLVL Utility Room Level FDR Formal dining room PL -Swimming Pool UNO Unit Number ELE Electric LOI Letter of Intent A full bathroom is a room with a toilet, a sink and a bathtub. But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. Home affordability takes into account your income, down payment, and monthly debts. Prepaid interest owed at closing, with one point representing 1% of the loan. AJ Affidavit of Joint Tenant Deed. R/OPT Rent w/Opt-Buy Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. AG Agreement Agreement Comm. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. FMR Fair Market Rent ATFN Attic Fan GARB Garbage 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. LRG Large A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Typically, putting away 5% of the rent . OFC Office 1. OCN Ocean Real property is immovable property - its land and anything attached to the land. EMC Earnest money contract SHNG Shingle This list of real estate investing abbreviations is useful for real estate brokers. IRA Individual Retirement Account The amount of the loan divided by the price of the house. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. SD Security Deposit Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Read more about escalation clauses and making an offer on a home. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. WHKP Washer Hookup Allow us to clear things up, by explaining what these things really mean in plain old English. DOT Deed of Trust While any seller can entertainbackup offers as a precautionary measure as long as this is made clear in the contract, this term most often crops up with short sales, since they can often fall through, and it can be helpful if a secondbuyer is waiting in the wings. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. MCOA Min $ on Assumption It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. An FDR with a DK? NBHD Neighborhood PGS Propane This is a statement a borrower will receive from their lender at least three days before closing on a home. Det Detached Garage In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. PWDR RM Powder room or half bath SFR Single Family Residence 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. BKYD Backyard This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. The action you just performed triggered the security solution. What is BB meaning in Real Estate Advertising? Read more about the Buy-Rent Breakeven Horizon here. VYL Vinyl WTR PD Water paid The "P" represents percent. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Your IP: Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. INT Intercom SPAC Spacious The "P" represents percent. CAC Central Air Conditioning Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Resources One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. That doesnt mean that its a done deal by any means, however (more on that next). Essentially, "turnkey" means that . Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. 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. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. MBRFP Master Bedroom w/FP An encumbrance is a limit on how an owner can use real estate. FEMA Federal Emergency Management Agency WINDT Window Treatment Click to reveal This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. A portion of your monthly payment goes into the. A ratio that compares a home buyers expenses to gross income. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. GMT Kitchen Gourmet kitchen SMART Typically computer-controlled heating and cooling, alarms, lights etc. Bulk Bulkhead FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation All rights reserved. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. Not all Northwestern Mutual representatives are advisors. HML Hard Money Lender American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. Hi ceils - This is an abbreviation for "high ceilings.". There are five main categories of real estate. Banks, savings and loans, and credit unions. Try our debt-to-income calculator to learn more. Foyr Foyer Bb. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. The. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Performance & security by Cloudflare. W/D Washer/Dryer 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. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. RELO Relocation office When you boil it down to the basics, real estate has a simple meaning. CRS. WF Waterfront glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. WLKIN Walk-in Closet BALC Balcony ALM Aluminum Siding If thats your style, you're in luck. DWF, DWAC Deep Water/Access DOS Due On Sale Clause 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. Care starts with culture. Dk Deck Check out our glossary of frequently-used mortgage terms. WBFP Wood Burning Fireplace REC Recreation Room Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? P&S Purchase and Sale WIC Walk-in closet, ARV After-Repaired Value The document includes loan terms, monthly payment and closing costs. HP Heat Pump 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. Title Records posts and articles. 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 RTO Rent To Own The price of a home, as set by the seller. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. PRV, PVCY FENCE Privacy Fence AC Acre A buyers final inspection of a home before closing. Cap rates can provide valuable insight into a property. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. Cloudflare Ray ID: 7a28359a3f44c34a Bring vs. Take. They charge dues used to maintain common areas. A three-quarter bathroom has a toilet, a sink and a shower. STR On Street Parking Prices are often higher than average. AST Assessment Lien Lien, JTL. An origination fee is not a single fee. 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. HBR Harbor PUD Planned Unit Development It is for information purposes only, and any links provided are for the users convenience. 4B/2B:Four bedrooms and two bathrooms. Market conditions that exist when homes for sale outnumber buyers. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Read more about pre-qualification here. ATT Attached Garage BB Baseboard Heat Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. PILE Pilings And the real estate business is no different. Suggest. This abbreviation is a shorthand way of showing your affection to your partner. 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. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. Learn more about foreclosure here. ELV Elevator Brk Brick Col Colonial Exr Exercise Room This abbreviation is a shorthand way of showing your affection to your partner. Read more about FHA loans here. Crprt Carport Fees associated with the purchase of a home that are due at the end of the sales transaction. Buying a Flipped House: Is It Right for You? Cont Contemporary This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . Classifying property is in part about age but should also consider things like affordability, amenities, and livability. Cen Central Air The property is sold and no longer available. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. CRB Certified Real Estate Broker 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. Related:10 Signs That Fixer-Upper Might Be a Money Pit. Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Zkratka ESG (z anglickho Environmental . 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. A concrete point at which buying a home makes more financial sense than renting one. SHOP Workshop Property Records Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. These institutions underwrite as well as set home loan pricing in-house. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. Closing costs are generally paid through escrow. 1C : One-car garage. These abbreviations are typically written in all capital letters. GLFP Gas log fire place An encumbrance is a claim that limits how a property owner can use their property. Related:12 Ideas to Steal from Vintage Kitchens. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. 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. CDS Cul de sac A security deposit made by the buyer to assure the seller of his or her intent to purchase. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. STOR Assigned Storage After all, you wouldn't want to get stuck with a money pit. But the cap rate is not the only metric used to evaluate a real estate investment. You can use BB to mean basketball, especially in internet communities dedicated to the sport. The action you just performed triggered the security solution. Dry Clothes Dryer Individuals could include neighbors or other people who have a right of way. G/A Garage, Attached How have you been?. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. But if thats not what youre looking for, keep shopping. O/F Owner Finance Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Fixture:Anything of value that is permanently attached to or a part of real property. Real Estate Definition. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. This is important, as identifying a property's class can predict how the asset might perform. 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. Since many phrases can be shortened to BB, this acronym might refer to other things online. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. 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. To meet client needs, to empower teammates, and to lift up communities. You are not obligated to accept the loan just because you received a loan estimate. Lenders reward lower LTV ratios. He's invested in internet culture, social media, and how people interact with the web. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. Learn more about short sales here. HDW, HWF, hdwd - This means there is hardwood flooring in the home. COF Cost of Funds PCF Price to Cash Flow (ratio) A concrete point at which buying a home makes more financial sense than renting one. Read, 42. Actv Active 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. A minimum requirement is often dictated by the loan type. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication.
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