OWN Owner Financing REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. AC Acre TOWN Town House 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). A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. 2. Since many phrases can be shortened to BB, this acronym might refer to other things online. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. A full bathroom is a room with a toilet, a sink and a bathtub. Affordability. At Truist, our purpose is to inspire and build better lives and communities. Brokerage. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. What is BB meaning in Real Estate? TEN Tennis Court Real estate Definition & Meaning - Merriam-Webster DK Deck By submitting your email, you agree to the Terms of Use and Privacy Policy. What Does FS Mean, and How Do You Use It? 4B/2B: Four bedrooms and two bathrooms. SHNG Shingle COF Cost of Funds DLO Seller Disclosure Check out our glossary of frequently-used mortgage terms. What Does 'NNN' Mean in Commercial Real Estate? Like other shorthand slang terms in text messages, this abbreviation is primarily written in the lowercase bb rather than the uppercase BB. On top of that, many acronyms use the uppercase BB, while the lowercase version almost exclusively refers to baby. BB is already an abbreviation of a fairly short word, so some people ditch the shorthand altogether and use baby or babe. Alternatively, you might see some people use variations such as bby, b2, or even just b., While baby has been a pet name for a romantic partner long before the internet age, the widespread use of BB is pretty recent. Suggest. Please switch to a supported browser or download one of our Mobile Apps. HD, HDFL Hardwood floors Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? PL, SP, S/P Swimming pool 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. ERS exclusive right to sell Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Sort. Refinancing is generally done to secure better loan terms, such as a lower interest rate. FR Family room Home A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. ARM Adjustable Rate Mortgage 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. Clus Cluster 1C : One-car garage. CMA Comparative Market Analysis Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Crystal R. F-bmt Finished Basement Contact Us CRB Certified Real Estate Broker PCF Price to Cash Flow (ratio) DLM Seller Disclaimer FEMA Federal Emergency Management Agency An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. MTG Mortgage SEC Security System 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. Ann Arbor Area Board of REALTORS - MLS Compensation Codes Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. Hi ceils - This is an abbreviation for "high ceilings.". Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. DEDRS Deed Restrictions FCRA Fair Credit Reporting Act There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. MRSH Marsh Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. CAC Central air conditioning The seller has an agreed-upon contract with the potential buyer. 2023 All Rights Reserved. Buying a Flipped House: Is It Right for You? In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. PMI Private mortgage insurance GARB Garbage Personal property is movable property. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. They charge dues used to maintain common areas. What Is Real Estate? A Definition And A Guide | Rocket Mortgage Bb. A contingent statusmeans that the seller has accepted an offer and the home is under contract. Even though a sale is highly likely, some pending properties may still accept backups. AC or A/C Air conditioning Abbreviations on the list may have capitalization variations. HDW, HWF, hdwd - This means there is hardwood flooring in the home. Paying points, which are tax deductible, will lower the monthly mortgage payment. Col Colonial ATT Attached Garage FHA Federal Housing Administration Individuals could include neighbors or other people who have a right of way. MLSs are local or regional. PAR Partially Fenced Privacy Policy The meaning of REAL ESTATE is property in buildings and land. Real Estate Acronyms By cnyREALTOR All of these abbreviations are commonly used to describe the features of a house or commercial property. The action you just performed triggered the security solution. This claim belongs to a third party, who can either be an organization or an individual. Be sure to read the fine print carefully. Guide To REO Properties And How To Buy Them | Quicken Loans Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. Actv Active WSH Washer 3/4 Bath toilet + sink + shower or tub A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Home affordability takes into account your income, down payment, and monthly debts. Home affordability takes into account your income, down payment, and monthly debts. FXR Fixer Upper OA Owner Agent 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. Back Bay. 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. Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records Our advisors will help to answer your questions and share knowledge you never knew you needed to get you to your next goal, and the next. PL/A Above Ground Pool CRE Creative Real Estate Large E-2 plan:This is one of several floor plans available in a specific building. 8 Real Estate Terms to Watch Out For - Bob Vila Read more about the Buy-Rent Breakeven Horizon here. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. When you boil it down to the basics, real estate has a simple meaning. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). What is BB meaning in Real Estate Advertising? STR On Street Parking Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. 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. Zkratka ESG (z anglickho Environmental . PERM Perm Attic Stairs This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Read more about mortgage insurance. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. Read more about closing costs here. MWV Microwave Oven W/W CRPT Wall To Wall Carpet UTRM Utility 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. CCR Conditions, Covenants, and Restrictions 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. This website is using a security service to protect itself from online attacks. If you're still unclear what a shorthand is referring to, reach out to the listing agent. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. What Does "Default" Mean In Real Estate? - Inman 1C, 2C 1 or 2 car Garage REC Recreation Room Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. It may sound charming, but a house that's described as having lots of character could look just plain weird in person. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. He also works as a digital marketer for a regional e-commerce website. When you purchase through our links we may earn a commission. A property repossessed by a bank when the owner fails to make mortgage payments. ATFN Attic Fan A loan estimate can help borrowers shop and compare costs of loans with lenders. HI CEIL(S) High ceilings How to use real estate in a sentence. CAC Central Air Conditioning It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. PULL Pull-Down Attic Stair An origination fee is not a single fee. Pro Forma Real Estate: Everything You Need to Know - RealWealth Dry Clothes Dryer 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. 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. Anne Miller lives in New York and writes real estate news and advice stories. Fixtures are a frequent subject of buyer and seller disputes. Dk Deck SPLT Split-Level Tiny . During this time, the home is inspected and appraised, and the title is searched for liens, etc. When this happens, he or she risks the home heading into the foreclosure process. Often, the listing will indicate which rooms have hardwood flooring. Fha Forced Hot Air An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home based on recently sold homes of similar condition, size, features and age that are located in the same area. Real estate abbreviations are important to save time and money. Maximum loan amounts can vary by county. ALM Aluminum Siding The "P" represents percent. STOR Assigned Storage *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. PRO Internet Professional The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". 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. A database where real estate agents list properties for sale. 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. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. NGS Natural Gas An origination fee is not a single fee. Organizations can include local governments, utility companies, and homeowners associations. BB Real Estate Advertising Abbreviation Meaning - All Acronyms PUD Planned Unit Development If you have the money to hire a handyman for every household woe, go ahead. WF Waterfront A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. OVER Oversized Garage Cap Rate: Defined And Explained | Rocket Mortgage One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. Fixture:Anything of value that is permanently attached to or a part of real property. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. Crk Creek A three-quarter bathroom has a toilet, a sink and a shower. MBRFP Master Bedroom w/FP Bulk Bulkhead FMR Fair Market Rent PRQ Parquet The property is sold and no longer available. 2-LV : Two living levels. An FDR with a DK? Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations What sounds impressive on paper may look less appealing in person. Learn more about foreclosure here. Real Estate: Definition, Types, How to Invest in It - Investopedia 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 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. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. LRG Large Real estate agents and other real estate professionals often need to have specific certifications and may work with or belong to different associations or groups. 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. Copyright 2022 Ann Arbor Area Board of REALTORS. An encumbrance is a claim that limits how a property owner can use their property. There are also a few other cultural definitions for BB. 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. 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. UPF, UPR Upper floor About Truist | Truist GRT RM Great room You may want the retreat, but ask yourself if you're truly ready for all it entails. WIC Walk-in closet, ARV After-Repaired Value What Is a Short Sale? - Ramsey - Ramsey Solutions TIL Truth In Lending, A/G PL Above-ground Pool REALTOR Member of the National Association of Realtors SHOP Workshop SMP Sump Pump Crwl Crawl Space HB Half Bath (toilet + sink) ELE Electric CCR Conditions, Covenants, and Restrictions 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. 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 Real Estate Terms to Know When You're Looking at Home Listings But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. Classifying property is in part about age but should also consider things like affordability, amenities, and livability.
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what does bb mean in real estate