HB Half Bath (toilet + sink) PL, SP, S/P Swimming pool FR Family room CAC Central Air Conditioning Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. BR Bedroom Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. A not-for-profit professional association that sets and promotes standards for property inspections. 2023 LoveToKnow Media. PGS Propane Large E-2 plan:This is one of several floor plans available in a specific building. OBO Or Best Offer Learn more about short sales here. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. E Rng Electric Range Refinancing is generally done to secure better loan terms, such as a lower interest rate. UTCL Utility Closet W/D HKUP Washer/Dryer hookup Cloudflare Ray ID: 7a2835264c3fdd54 So if you adore what you see in thelisting, it certainly canthurt to inquire. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. HVAC heating, ventilation and air conditioning Exr Exercise Room A ratio that compares a home buyers expenses to gross income. SPC Drive parking spaces NOO Non-Owner Occupied 1. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. GRMET KIT, GRMT KIT Gourmet kitchen One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. FXR Fixer Upper MOPOA Monthly POA Fee Home What is BB meaning in Real Estate? A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. Home affordability takes into account your income, down payment, and monthly debts. Fees associated with the purchase of a home that are due at the end of the sales transaction. PAN Pantry MAO Maximum Allowable Offer ROI Return On Investment Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. WINDT Window Treatment Keep this five-part guide handy youll be fluent in the language of home buying before you know it. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. RELATED: What Does "TMI" Mean, and How Do You Use It? MO Month 1C : One-car garage. You can use BB to mean basketball, especially in internet communities dedicated to the sport. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. WBFP Wood Burning Fireplace SKY Skylights . Business AST Assessment Lien Lien, JTL. A three-page document sent to an applicant three days after they apply for a home loan. HomeReal Estate Abbreviations Real Estate Abbreviations A helpful list of the most commonly used real estate abbreviations, and land and property abbreviations used in most real-estate-related industries. COO or C of O Certificate of Occupancy The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. Real estate abbreviations are important to save time and money. Read, A property repossessed by a bank when the owner fails to make mortgage payments. Allow us to clear things up, by explaining what these things really mean in plain old English. The action you just performed triggered the security solution. Addendum to Purchase Agreement COVID-19 EVENT EXTENSION, AA Public Schools - Attendance Area by Street directory, Presenting and Negotiating Multiple Offers, Washtenaw County Resources & Millage Rates, How to Pick the Best Home Inspectors and Appraisers, P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000), 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). 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. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. MBRFP Master Bedroom w/FP Prospective purchasers of an inn need to know exactly what they mean. RELATED: How to Stream U.S. Sports for Free Online. FSBO For Sale by Owner SFH Single Family House SEC Security System This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. G/A Garage, Attached The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). Bung Bungalow Individuals could include neighbors or other people who have a right of way. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. APPLS Appliances Clus Cluster Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. GLFP Gas log fire place 1 /8. Try our affordability calculator to see how much house you might be able to afford. Cer Ceramic Tile Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Contact Us 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. This website is using a security service to protect itself from online attacks. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. WSH Washer REL Related to Seller He's invested in internet culture, social media, and how people interact with the web. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. OFF Off Street Parking Get the top BB abbreviation related to Real Estate. Banks, savings and loans, and credit unions. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. and A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic 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. MULTI 3+ Car Garage Click to reveal FFBR First Floor Bedroom ERS exclusive right to sell The content on this site is not intended to provide legal, financial or real estate advice. Deco Decorative Fence It should return to active soon enough, so its certainly worth piping up if youre smitten. That doesnt mean that its a done deal by any means, however (more on that next). Check out our glossary of frequently-used mortgage terms. Read more about FHA loans here. HIST Historical District LRG Large FSBO For Sale By Owner IRR Internal Rate of Return Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. IGSP In-Ground Sprinkler EMC Earnest money contract PITI Principal, Interest, Taxes and Insurance Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a homes value. BBbb. Read, 42. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. Usually . CPT Carpet or Carport Press F to Pay Respects: What Does F Mean Online? 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. This is a statement a borrower will receive from their lender at least three days before closing on a home. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. SWR Sewer Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. KIT, KT Kitchen PAT Patio DLO Seller Disclosure WTR PD Water paid BB Baseboard Heat An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. 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. CAC Central air conditioning The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. STA State After the set time period your interest rate will change and so will your monthly payment. Closing costs are generally paid through escrow. FPLC, FP, FRPLC Fireplace BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Read more about the Buy-Rent Breakeven Horizon here. A concrete point at which buying a home makes more financial sense than renting one. If they were not used, the ads for a home could get quite lengthy. Dr -Dining Room Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. PRQ Parquet If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. The property is sold and no longer available. SUN Sun Room ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. During this time, the home is inspected and appraised, and the title is searched for liens, etc. Keep reading to learn more about this unique abbreviation. 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. The components of a monthly mortgage payment. POF Proof of Funds F/A Ht, FAH Forced Air Heat POR, POR-S Porch/Screened Foyr Foyer You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. You can email the site owner to let them know you were blocked. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). ALM Aluminum Siding A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. BB Real Estate Abbreviation. Sub2 Subject to existing financing C-fan Ceiling Fan BRRRR refinance example. Sort. 67.211.219.14 ARM Adjustable Rate Mortgage CRE Creative Real Estate SEW Sewer LLP Limited Liability Partnership Questions And Answers Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. Home affordability takes into account your income, down payment, and monthly debts. All Rights Reserved. INLW In-Law Suite 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. It is for information purposes only, and any links provided are for the users convenience. Powered by webmasterWP.com. Have questions about your home financingpaperwork? A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. 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. AEK All electric kitchen Copyright 2023 Acton Media Inc. All rights reserved. There are often additional notes with details that don't fit into the standard listing formula. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. FHA Federal Housing Administration JV Joint Venture Learn more about refinancing here. I havent seen you in forever. 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. SMART Typically computer-controlled heating and cooling, alarms, lights etc. WD PNL Wood paneling Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Since many phrases can be shortened to BB, this acronym might refer to other things online. BR Bedroom Clap Clapboard Siding A loan estimate can help borrowers shop and compare costs of loans with lenders. In a commercial lease, both the base rent and any NNN expenses are calculated using a flat cost per square foot. 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. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. P&S Purchase and Sale HUD Housing and Urban Development Refund Policy, U.S. An origination fee is not a single fee. NOI Net Operating Income Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. The number of days a property listing is considered active. GRES Graduate Real Estate Society This abbreviation is a shorthand way of showing your affection to your partner. Each lending institution sets its own prime rate. Crystal R. A minimum requirement is often dictated by the loan type. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. AC Acre Bb. MBA Master Bedroom w/Bath DhkpP Dryer Hookup Cap rates can provide valuable insight into a property. CRT. 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. 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. to cover taxes and insurance. Cldsc Cul-de-sac POA Power of Attorney Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. A contingent statusmeans that the seller has accepted an offer and the home is under contract. WIN Window/Wall Unit We select and review products independently. REI Real Estate Investing GRNO Ground Maintenance A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. You are not obligated to accept the loan just because you received a loan estimate. OSP Off-street parking is available Anne Miller lives in New York and writes real estate news and advice stories. CCIM Certified Commercial Investment Member Brkf Breakfast Area STOR Assigned Storage Brk Brick Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. TRC Trash Compactor 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. PVT Private Read, more about the Buy-Rent Breakeven Horizon here, The sale of a home by an owner who owes more on the home than its worth. HP Heat Pump NBHD Neighborhood POA Power of Attorney Privacy Policy. These abbreviations are typically written in all capital letters. A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Performance & security by Cloudflare. 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. 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. REALTOR Member of the National Association of Realtors Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. CLTV Combined Loan To Value PULL Pull-Down Attic Stair Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. FHA Federal Housing Administration Not all mortgages carry a prepayment penalty. This was when the term exploded as a pet name between both lovers and friends. MRSH Marsh APR Annual Percentage Rate The status will show as pending until the closing. 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. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. A/C Air Conditioning DK Deck We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. There is no MLS covering the whole country. OO Owner Occupied MWV Microwave Oven BB. 2/1 2 bedrooms / 1 bathrooms PL/1 In-Ground Pool AG Agreement Agreement Comm. Dsp Garbage Disposal property in buildings and land; space, capacity See the full definition . There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Bedroom usually means a sleeping area with a window and a closetin some areas, laws define what a room needs to be called a bedroombut the definition varies in different places. Cozy Charm. Even though a sale is highly likely, some pending properties may still accept backups. The four items include, repairs, vacancy loss, property management, and miscellaneous. IRA Individual Retirement Account Learn more about homeowners insurance here. 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. Windows 11: How Much RAM Can Your PC Have? CBR Certified Buyer Representative NYSAR New York State Association of Realtors PUD Planned Unit Development SPKLR Sprinkler HML Hard Money Lender W/W CRPT Wall To Wall Carpet 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. CVAC Central Vacuum Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. How to use real estate in a sentence. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. Back Bay. EA exclusive agency A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. What sounds impressive on paper may look less appealing in person. CMA Comparative Market Analysis An encumbrance can create a cloud on the title of a real property. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. NONQ Non-Qualifying Related:18 Big Storage Ideas to Steal from Tiny Homes. PROP HT Propane Heat STR On Street Parking UNO Unit Number DCR, DSCR, DSR Debt Service Coverage Ratio Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. Zkratka ESG (z anglickho Environmental . If you wish to report an issue or seek an accommodation, please let us know. OVER Oversized Garage The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. YD Yard PMI Private Mortgage Insurance Affordability. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? PITI Principal, Interest, Taxes, and Insurance 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. SPLT Split-Level Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. And the real estate business is no different. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. New real estate investors may wonder what the terms Class A, B, C, and D property mean. PCF Price to Cash Flow (ratio) CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. You may want the retreat, but ask yourself if you're truly ready for all it entails. A half bathroom or powder room has only a toilet and a sink. VWS, VW, VU View or views Learn, The act of paying off one loan by obtaining another.
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