what does bb mean in real estate

POR, POR-S Porch/Screened ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Fees imposed by the state, county or municipality on transfer of title. If you have the money to hire a handyman for every household woe, go ahead. A property that has come back on the marketafter a pending sale. CHMS Certified Home Marketing Specialist NAT GS HT Natural gas heat Banks, savings and loans, and credit unions. Be sure to read the fine print carefully. HOA Homeowners association 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. Cldsc Cul-de-sac DLO Seller Disclosure Real Estate Terms - B&B Team CVAC Central Vacuum ELE Electric One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. ARI Articles of Incorporation Notice, certificate. CAP Capitalization The ratio compares the borrowers monthly debt payments to gross income. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. MAO Maximum Allowable Offer Listing:An agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owners home. Not all products and services are available in all states. Det Detached Garage Contact Us TEN Tennis Court DOT Deed of Trust When this happens, he or she risks the home heading into the foreclosure process. When youre well-established enough to give each other pet names, you might want to try calling them baby or babe in person before you start calling them bb in chat. 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. Press F to Pay Respects: What Does F Mean Online? It should return to active soon enough, so its certainly worth piping up if youre smitten. Fixtures are a frequent subject of buyer and seller disputes. WIC Walk-in closet, ARV After-Repaired Value There are five main categories of real estate. BD Bedroom A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. This website is using a security service to protect itself from online attacks. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. WD PNL Wood paneling A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. PL, SP, S/P Swimming pool Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. Real estate abbreviations are important to save time and money. 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. Cth Cathedral Ceiling 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. Cozy Charm. Learn more about HOAs here. SD Security Deposit If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. SHNG Shingle SEC Security System 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. CAC Central Air Conditioning Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. You may want the retreat, but ask yourself if you're truly ready for all it entails. Hi ceils - This is an abbreviation for "high ceilings.". 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. Property Records SFR Single Family Residence This means the propertys ownersare actively taking backup offers in case the first one falls through. This browser is no longer supported. A visual evaluation performed by a licensed home inspector to look for any potential defects or items of note related to the property, building(s), and the systems in a home. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. Updated from an earlier version on realtor.com. 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. Questions And Answers A minimum requirement is often dictated by the loan type. 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. Keep reading to learn more about this unique abbreviation. WLKIN Walk-in Closet If a place is advertised as needing TLC then its likely a bona fide fixer-upper. The sale of a home by an owner who owes more on the home than its worth. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. FDIC Federal Deposit Insurance Corporation The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. C-fan Ceiling Fan It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. SMART Typically computer-controlled heating and cooling, alarms, lights etc. Bb. Read more about closing costs here. U/G SPRK Underground Sprinkler MLS multiple listing service If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. Go now! A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. VYL Vinyl 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. and This is important, as identifying a property's class can predict how the asset might perform. PAT Patio LR Living Room Read more about pre-qualification here. All Rights Reserved. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. The. Cap Rate: Defined And Explained | Rocket Mortgage 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. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. Fixture:Anything of value that is permanently attached to or a part of real property. INLW In-Law Suite FMV Fair Market Value Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. HW Hot Water Tiny houses are a trend, for sure. Try our amortization calculator to learn more. When you boil it down to the basics, real estate has a simple meaning. SPKLR Sprinkler MBA Master Bedroom w/Bath SD/W Storm Doors & Windows Anne Miller lives in New York and writes real estate news and advice stories. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. PAR Partially Fenced FRBO for rent by owner P&S Purchase and sale You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. This claim belongs to a third party, who can either be an organization or an individual. We select and review products independently. FDR/DR Dining room or a formal dining room Large E-2 plan:This is one of several floor plans available in a specific building. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. POF Proof of Funds PAN Pantry Brkf Breakfast Area Cen Central Air A full bathroom is a room with a toilet, a sink and a bathtub. NOI Net Operating Income 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. Contingent vs. under contract? Cnl Canal Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. Essentially, "turnkey" means that . 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. WHF Whole House Fan PL/1 In-Ground Pool MLSs are local or regional. GAR, GR Garage A concrete point at which buying a home makes more financial sense than renting one. NAR National Association of Realtors Actv Active Market conditions that exist when homes for sale outnumber buyers. RELATED: How to Stream U.S. Sports for Free Online. REI Real Estate Investing CP Carport MIC Mint Condition (like new or new) PROP HT Propane Heat MLS Multiple Listing Service AST Assessment Lien Lien, JTL. Crk Creek BB Real Estate Abbreviation Meaning - All Acronyms Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. Buying a Flipped House: Is It Right for You? 2. BA; BTH : Bathroom. Read more about FHA loans here. Click to reveal HBR Harbor 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. Foyr Foyer LOC Line of Credit There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. BB Real Estate Abbreviation. SRO Single Room Occupancy Like, from the 50s. A minimum requirement is often dictated by the loan type. MYOB Mind Your Own Business Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. 64 Real Estate Terms and Expressions You Should Know Learn more about pre-approval here. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative 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. The governing body of a housing development, condo or townhome complex that sets rules and regulations. BB Real Estate Advertising Abbreviation Meaning - All Acronyms FML Formal Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Learn more about homeowners insurance here. 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 state in which an escrow agent is responsible for closing. 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. WINDT Window Treatment BB. PITI Principal, Interest, Taxes, and Insurance Try. CLHMS Certified Luxury Home Marketing Specialist A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. Look for this accreditation or something similar when shopping for a home inspector. What Does "BB" Mean, and How Do I Use It? - How-To Geek LFT Loft Closing costs are generally paid through escrow. VWS, VW, VU View or views Crprt Carport REL Related to Seller 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 . Bring vs. Take. A deed is the legal document that establishes ownership of real property, and is also used to transfer the ownership of real property to another person or entity. 7 meanings of BB abbreviation related to Real Estate: Real Estate. Since we launched in 2006, our articles have been read billions of times. W/D WD Washer and dryer APPLS Appliances Step 3: You then find tenants in 30-60 days to take over the two . Zillow, Inc. holds real estate brokerage licenses in multiple states. CRS. An FDR with a DK? Cvga Converted Garage WTR PD Water paid 8 Real Estate Terms to Watch Out For - Bob Vila CFan Ceiling Fan Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. There are often additional notes with details that don't fit into the standard listing formula. What sounds impressive on paper may look less appealing in person. WIN Window/Wall Unit REC Recreation Room It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. OCN Ocean The status will show as pending until the closing. GMT Kitchen Gourmet kitchen In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. 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. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Prospective purchasers of an inn need to know exactly what they mean. This means that aproperty is currently on the market and available for sale. The price of borrowing money. MSN Masonry SWR Sewer Your IP: What Is a Short Sale? - Ramsey - Ramsey Solutions HDWD Hardwood Brk Brick Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. The "P" represents percent. Used under license. The owners bank must approve a lower listing price before the home can be sold. 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. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. Maximum loan amounts can vary by county. TRC Trash Compactor A database where real estate agents list properties for sale. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). CRE Commercial Real Estate Read more about PMI 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. Related:7 Features That Define the New American Home. Bsmt Basement The meaning of REAL ESTATE is property in buildings and land. JTUB Jetted Tub There are also a few other cultural definitions for BB. CPT Carpet or Carport Terms Of Use A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. ATFN Attic Fan Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. A contingent statusmeans that the seller has accepted an offer and the home is under contract. If you see a bathroom or kitchen described as vintage, that means theyre old. BCH Beach property in buildings and land; space, capacity See the full definition . OP Occupancy Permit A three-page document sent to an applicant three days after they apply for a home loan. Privacy Policy. Please switch to a supported browser or download one of our Mobile Apps. Real estate Definition & Meaning - Merriam-Webster Real Estate Abbreviations | YourDictionary CATH Cathedral ceilings MBRFP Master Bedroom w/FP PVT Private All Rights Reserved, Hey bb! YD Yard 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. Related:18 Big Storage Ideas to Steal from Tiny Homes. GLF Golf Course ARM Adjustable Rate Mortgage 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. The act of paying off one loan by obtaining another. Each lending institution sets its own prime rate. RTO Rent to Own Classifying property is in part about age but should also consider things like affordability, amenities, and livability.

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