Be sure to read the fine print carefully. HBR Harbor Bsmt Basement An encumbrance is a claim that limits how a property owner can use their property. PL, SP, S/P Swimming pool Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. 1C : One-car garage. Performance & security by Cloudflare. GRMET KIT, GRMT KIT Gourmet kitchen It may also give the breakdown of the number of floors, size of the rooms and their location within the home. This means the propertys ownersare actively taking backup offers in case the first one falls through. Homes can sit on the market for a long time, and prices tend to drop. Translation: This home is small. ATT Attached Garage RVR River If you have the money to hire a handyman for every household woe, go ahead. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. CH Central heat This means that aproperty is currently on the market and available for sale. Press F to Pay Respects: What Does F Mean Online? WDSTV Wood Burn Stove This is the escrow period, when both buyer and seller are workingtoward a closing. ATFN Attic Fan Cloudflare Ray ID: 7a28359a3f44c34a Closing costs are generally paid through escrow. BR Bedroom Affordability. WHF Whole House Fan The owners bank must approve a lower listing price before the home can be sold. PMP Well Pump PAT Patio 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. Real estate Definition & Meaning - Merriam-Webster COF Cost of Funds Baseboard Heat + 2. Business, Property, Real Estate Advertising. There is no MLS covering the whole country. 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. Real Estate Abbreviations And Acronyms - U.S. Title Records REL Related to Seller Copyright 2023 Acton Media Inc. All rights reserved. Property Records Ann Arbor Area Board of REALTORS - MLS Compensation Codes PGS Propane LOI Letter of Intent L/O Lease Option HUD Department of Housing and Urban Development Often, the listing will indicate which rooms have hardwood flooring. A/C Air Conditioning 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. Your IP: CBR Certified Buyer Representative The document includes loan terms, monthly payment and closing costs. Brokerage. The meaning of REAL ESTATE is property in buildings and land. OFC Office PMI Private mortgage insurance GAR, GR Garage 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. STR On Street Parking A property was withdrawn from the realty market. DLO Seller Disclosure 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. BR Bedroom 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. POA Power of Attorney CCIM Certified Commercial Investment Member The ratio compares the borrowers monthly debt payments to gross income. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. I want to receive exclusive email updates from YourDictionary. Try our amortization calculator to learn more. SKY Skylights The BRRRR method explained in 5 simple steps - Hemlane BKYD Backyard A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. BA Bath DhkpP Dryer Hookup Learn more about homeowners insurance here. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Contingent vs. under contract? LR Living room The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". Home affordability takes into account your income, down payment, and monthly debts. 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. Learn more about down payments here. Powered by webmasterWP.com. Contact Us Fees imposed by the state, county or municipality on transfer of title. This is the most popular NAR official designation and is relatively easy to get and maintain. A concrete point at which buying a home makes more financial sense than renting one. Buying a Flipped House: Is It Right for You? Buyers should budget for an amount that is 2% to 5% of the homes purchase price. WINDT Window Treatment Real Estate Certification: Different Kinds and What You NEED - UpNest On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Related:18 Big Storage Ideas to Steal from Tiny Homes. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Best for: Buyer's agents looking to separate themselves from the rest of the field. What is BB meaning in Real Estate? 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. Decoding an MLS Listing - Weichert YD Yard A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. If you see a bathroom or kitchen described as vintage, that means theyre old. The CRS designation indicates a triple threat - on average, these agents have been in business three times longer, have three times the amount of transactions, and generate three times more sales revenue than the average . Fixtures are a frequent subject of buyer and seller disputes. IRA Individual Retirement Account MBA Master Bedroom w/Bath UTCL Utility Closet 3/4 Bath toilet + sink + shower or tub Try, A fee, charged by a broker or lender, to underwrite and process a home loan application. FDR Formal dining room The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). ELV Elevator Even though a sale is highly likely, some pending properties may still accept backups. Read more about closing costs here. G/A Garage, Attached 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. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. MYOB Mind Your Own Business OP Occupancy Permit ARI Articles of Incorporation Notice, certificate. Learn more here. RELATED: What Does "TMI" Mean, and How Do You Use It? FFBR First Floor Bedroom Related:7 Features That Define the New American Home. Step 3: You then find tenants in 30-60 days to take over the two . A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. 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.. 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. Hi ceils - This is an abbreviation for "high ceilings.". The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. The price of a home, as set by the seller. Each lending institution sets its own prime rate. If they were not used, the ads for a home could get quite lengthy. SRO Single Room Occupancy RELATED: How to Stream U.S. Sports for Free Online. 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. MOPOA Monthly POA Fee Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. CLTV Combined Loan To Value All of these abbreviations are commonly used to describe the features of a house or commercial property. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. 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 . 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. Cvga Converted Garage Fees associated with the purchase of a home that are due at the end of the sales transaction. HOA Homeowners Association INLW In-Law Suite How to use real estate in a sentence. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Cap rates can provide valuable insight into a property. The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. CP Carport DBA Doing Business As A portion of your monthly payment goes into the escrow account to cover taxes and insurance. WLKIN Walk-in Closet This list of real estate investing abbreviations is useful for real estate brokers. MIC Mint Condition (like new or new) Read more about mortgage insurance. BB Real Estate Abbreviation. UTLVL Utility Room Level STA State DEDRS Deed Restrictions A state in which an escrow agent is responsible for closing. D/D Dishwasher and a garbage disposal FR Family room A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. HWH Hot water heater The price of borrowing money. ERS exclusive right to sell The components of a monthly mortgage payment. CPT Carpet or Carport ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. 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. Your IP: Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. When this happens, he or she risks the home heading into the foreclosure process. LLP Limited Liability Partnership A fee, charged by a broker or lender, to underwrite and process a home loan application. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. PL/1 In-Ground Pool Banks, savings and loans, and credit unions. Sub2 Subject to existing financing Det Detached Garage Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. Since we launched in 2006, our articles have been read billions of times. POA Power of Attorney BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. The property is sold and no longer available. SMART Typically computer-controlled heating and cooling, alarms, lights etc. Encumbrance In Real Estate: Defined & Explained - FortuneBuilders These abbreviations are typically written in all capital letters. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. LRG Large If not, it could end up back on the market, so go ahead and inquire if youre interested. Each lending institution sets its own prime rate. These structures can be both above and under the ground. P&S Purchase and sale He also works as a digital marketer for a regional e-commerce website. WIC Walk-in closet, ARV After-Repaired Value AJ Affidavit of Joint Tenant Deed. NAR National Association of Realtors BBbb. They charge dues used to maintain common areas. PILE Pilings HSF Heated square feet This is important, as identifying a property's class can predict how the asset might perform. Its customary for the buyer to pay for the lenders title insurance policy. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. It should return to active soon enough, so its certainly worth piping up if youre smitten. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. OSP Off-street parking is available O/F Owner Finance SCRND PORCH Screened Porch Example: P30 (3% offered) A fee charged to borrowers who make a down payment that is less than 20% of the homes value. BD Bedroom HI CEIL(S) High ceilings LFT Loft FSBO For Sale by Owner SHNG Shingle The difference between the two is usually fairly . Cent h/a Central Heat&Air NONQ Non-Qualifying The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. Bidding wars are common. CREA. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. The four items include, repairs, vacancy loss, property management, and miscellaneous. INGRD PL pool in ground pool 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.
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