what does bb mean in real estate

RTO Rent To Own SHOP Workshop Affordability. This is the most popular NAR official designation and is relatively easy to get and maintain. Read more about back-end ratio here. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. 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. NYSAR New York State Association of Realtors Related:18 Big Storage Ideas to Steal from Tiny Homes. PILE Pilings A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. You may want the retreat, but ask yourself if you're truly ready for all it entails. CBR Certified Buyer Representative The four items include, repairs, vacancy loss, property management, and miscellaneous. MIC Mint Condition (like new or new) 2. Active This means that a property is currently on the market and available for sale. These abbreviations are typically written in all capital letters. WIN Window/Wall Unit OCN Ocean Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. This means that aproperty is currently on the market and available for sale. What Does BB Mean, and How Do I Use It? REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Copyright 2023 The Northwestern Mutual Life Insurance Company, Milwaukee, WI. SPLT Split-Level County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. REO Real Estate Owned UNO Unit Number Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. 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. What sounds impressive on paper may look less appealing in person. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. If you wish to report an issue or seek an accommodation, please let us know. PERM Perm Attic Stairs Dk Deck IGSP In-Ground Sprinkler FIN LL Finished lower level KIT, KT Kitchen F/A Ht, FAH Forced Air Heat to see how much house you might be able to afford. HPWA Water/Air Ht Pump Read more about escalation clauses and making an offer on a home. All Rights Reserved, Hey bb! 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. RDR Radiator Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. How-To Geek is where you turn when you want experts to explain technology. CNS Certified Negotiation Specialist CAC Central Air Conditioning Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Real Estate Acronyms By cnyREALTOR TRAN Transitional Cap rates can provide valuable insight into a property. Cvga Converted Garage It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. 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. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Cldsc Cul-de-sac What is BB meaning in Real Estate Advertising? SPC Drive parking spaces What Does 'NNN' Mean in Commercial Real Estate? SEC SYS Security System PITI Principal, Interest, Taxes and Insurance GRNO Ground Maintenance After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Real property is immovable property - its land and anything attached to the land. F/BSMT Fully finished basement In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. FDR/DR Dining room or a formal dining room SEW Sewer FMV Fair Market Value I havent seen you in forever. OFC Office/Study DLM Seller Disclaimer 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. Here are a few examples of BB in action: Do you want to learn more internet slang terms? Baseboard Heat + 2. Business, Property, Real Estate Advertising. 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. Cbl,Cblh Cable/Hookup There are five main categories of real estate. FLR Floor Furnace 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. The base rate is set by the Federal Reserve and then customized per borrower, based on credit score, down payment, property type and points the buyer pays to lower the rate. 64 Real Estate Terms and Expressions You Should Know 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. 7 meanings of BB abbreviation related to Real Estate: Real Estate. 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. GAROP Garage Door Opener LR with Fplc? APR Annual Percentage Rate HW Hot Water Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. A concrete point at which buying a home makes more financial sense than renting one. Read, 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. LTV loan to value Bung Bungalow CRS. Cth Cathedral Ceiling Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. WDSTV Wood Burn Stove The "P" represents percent. GRM Gross Rent Multiplier It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. HDW, HWF, hdwd - This means there is hardwood flooring in the home. Decoding an MLS Listing - Weichert This list of real estate investing abbreviations is useful for real estate brokers. Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. What is BB meaning in Real Estate? Performance & security by Cloudflare. 4B/2B: Four bedrooms and two bathrooms. G/A Garage, Attached Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. NONQ Non-Qualifying 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. Fees associated with the purchase of a home that are due at the end of the sales transaction. is part of the U.S. Department of Housing and Urban Development. BB Real Estate Abbreviation Meaning - All Acronyms Step 3: You then find tenants in 30-60 days to take over the two . If not, it could end up back on the market, so go ahead and inquire if youre interested. Normally, a piece of property can be easily classified as either personal property or real property. FPLC, FP, FRPLC Fireplace SFH Single Family House Zkratka ESG (z anglickho Environmental . Tiny . PCF Price to Cash Flow (ratio) What Is a Short Sale? They provide clues to what is included in the purchase price. CMA:Comparative market analysis or competitive market analysis. JTUB Jetted Tub One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. Prices are often higher than average. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. 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. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. They charge dues used to maintain common areas. 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. Home Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. Home affordability takes into account your income, down payment, and monthly debts. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. OBO Or Best Offer 8 Real Estate Terms to Watch Out For - Bob Vila WHF Whole House Fan 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. HML Hard Money Lender An origination fee is not a single fee. And the real estate business is no different. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. Investment advisory and trust services are offered through Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee, WI, a subsidiary of NM and a federal savings bank. 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. STA State The sale of a home by an owner who owes more on the home than its worth. Cloudflare Ray ID: 7a2835264c3fdd54 Get the top BB abbreviation related to Real Estate. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. DOT Deed of Trust Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. MO Month SCRND PORCH Screened Porch CPT Carpet or Carport CRE Creative Real Estate Copyright 2022 Ann Arbor Area Board of REALTORS. Usually, the realtor's website will give a good description without the real estate abbreviations. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. 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. Det Detached Garage What Is a Short Sale? - Ramsey - Ramsey Solutions 8 Real Estate Designations That Will Actually Make You Money Paying points, which are tax deductible, will lower the monthly mortgage payment. The ratio compares the borrowers monthly debt payments to gross income. SD Security Deposit Cdrcl Cedar Closet SN Senior CFD Contract for Deed C-fan Ceiling Fan Fixtures are a frequent subject of buyer and seller disputes. Learn more. A property repossessed by a bank when the owner fails to make mortgage payments. BLDRS REDO Builders Renovation 4B/2B:Four bedrooms and two bathrooms. Closing costs are generally paid through escrow. SMP Sump Pump On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Related:12 Ideas to Steal from Vintage Kitchens. 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. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. SPDED Special Warranty Deed Back Bay. RELO Relocation office A buyers final inspection of a home before closing. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Homes can sit on the market for a long time, and prices tend to drop. An MLS allows brokers to see one another's listings of. Translation: This home is small. Encumbrance, Defined And Explained | Rocket Mortgage UTCL Utility Closet That happens through real care to make things better. COO or C of O Certificate of Occupancy Your IP: Learn more about foreclosure here. PUD Planned Unit Development Read, A ratio that compares a home buyers expenses to gross income. NAR National Association of Realtors 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. This is the escrow period, when both buyer and seller are workingtoward a closing. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. WSH Washer Mstr Master bed room What Does FS Mean, and How Do You Use It? We select and review products independently. COCR or CCR Cash on Cash Return Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. 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. LRG Large Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. These structures can be both above and under the ground. Market conditions that exist when homes for sale outnumber buyers. CRS Certified Residential Specialist 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. FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation OP Occupancy Permit Prepaid interest owed at closing, with one point representing 1% of the loan. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. HIST Historical District PL/A Above Ground Pool Related:12 Things Realtors Look For in Homes of Their Own. Read more about closing costs here. Col Colonial Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. HUD Department of Housing and Urban Development HSF Heated square feet AC or A/C Air conditioning D/W Dishwasher The property is sold and no longer available. REALTOR Member of the National Association of Realtors Clbhs Clubhouse BA; BTH : Bathroom. CRT. Fixture:Anything of value that is permanently attached to or a part of real property. DET Detached garage P&S Purchase and sale The owners bank must approve a lower listing price before the home can be sold. About Truist | Truist 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. Bsmt Basement HD, HDFL Hardwood floors SHNG Shingle These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. C/VAC Central vacuum 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.. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. Actv Active PLAY Playground Check out our glossary of frequently-used mortgage terms. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. 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. TIL Truth In Lending, A/G PL Above-ground Pool POA Power of Attorney A/G PL : Above-ground swimming pool. 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. A ratio that compares a home buyers expenses to gross income. Principal, interest, property taxes and homeowners insurance (PITI), A fee charged to borrowers who make a down payment that is less than 20% of the homes value. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. Learn more about homeowners insurance here. Banks, savings and loans, and credit unions. PMI Private mortgage insurance These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. PL, SP, S/P Swimming pool 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. EMC Earnest money contract MBRFP Master Bedroom w/FP Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. The ratio compares the borrowers monthly debt payments to gross income. BOT Boat Slip One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. Cer Ceramic Tile The price of borrowing money. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. AG Agreement Agreement Comm. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. 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. Usually . HTUB Hot Tub OFC Office PRTL Partial The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. FCRA Fair Credit Reporting Act It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. 1 /8. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. Cent h/a Central Heat&Air Learn more about pre-approval here. The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. 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. 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. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Translation: This home is small. HDWD Hardwood GLF Golf Course When you purchase through our links we may earn a commission. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. 3/4 Bath toilet + sink + shower or tub PGS Propane CDS Cul de sac Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. This browser is no longer supported. SMB Split Master Bedroom FSBO For Sale By Owner STR On Street Parking This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. A rehabilitation loan backed by the federal government that permits home buyers to finance money into a mortgage to repair, improve or upgrade a home. GRI Graduate REALTOR Institute This website is using a security service to protect itself from online attacks. REI Real Estate Investing The Real Estate Commission: How Much Are Realtor Fees? Have questions about your home financingpaperwork? Clus Cluster But the cap rate is not the only metric used to evaluate a real estate investment. TOWN Town House Performance & security by Cloudflare. ROI Return On Investment The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". New real estate investors may wonder what the terms Class A, B, C, and D property mean. Not all mortgages carry a prepayment penalty. The governing body of a housing development, condo or townhome complex that sets rules and regulations. Terms Of Use A database where real estate agents list properties for sale. LR Living Room A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. LR Living room We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Try our amortization calculator to learn more. The fascinating story behind . Dry Clothes Dryer PRQ Parquet INLW In-Law Suite CLHMS Certified Luxury Home Marketing Specialist Cont Contemporary All of these abbreviations are commonly used to describe the features of a house or commercial property. The meaning of REAL ESTATE is property in buildings and land. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. The "P" represents percent. WBFP Wood Burning Fireplace A Short Guide to Real Estate Lingo - realtor.com Questions And Answers and DBA Doing Business As A not-for-profit professional association that sets and promotes standards for property inspections. Refund Policy, U.S. During this time, the home is inspected and appraised, and the title searched for liens, etc. NOO Non-Owner Occupied 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. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. OVER Oversized Garage What Is Real Estate? A Definition And A Guide | Rocket Mortgage The action you just performed triggered the security solution. CRE Commercial Real Estate An encumbrance can create a cloud on the title of a real property. CFan Ceiling Fan Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. 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. CHMS Certified Home Marketing Specialist How have you been?. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. A percentage of the homes value owned by the homeowner. The Real Estate Terms to Know When You're Looking at Home Listings LOC Line of Credit Crprt Carport Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. TRSH Trash Pickup PVT Private SD/W Storm Doors & Windows CREA. No purchase is necessary to view U.S. This abbreviation is a shorthand way of showing your affection to your partner. When you boil it down to the basics, real estate has a simple meaning. Both words imply motion, but the difference may b. Defenestration. Contact Us 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. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. REL Related to Seller Fpgas Gas Fireplace CP Carport A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. Copyright 2023 Acton Media Inc. All rights reserved. GARB Garbage But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. 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. GAR Garage A property that has come back on the marketafter a pending sale. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. An encumbrance is a claim that limits how a property owner can use their property. GMT Kitchen Gourmet kitchen Read our stress-free guide to getting a mortgage. SKY Skylights Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. VWS, VW, VU View or views You are not obligated to accept the loan just because you received a loan estimate. WHKP Washer Hookup Buyers should budget for an amount that is 2% to 5% of the homes purchase price.