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. SQ FT Square Feet HI CEIL(S) High ceilings There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. A fee charged to borrowers who make a down payment that is less than 20% of the homes value. Copyright 2023 Acton Media Inc. All rights reserved. ELE Electric Property Records Cloudflare Ray ID: 7a28359a3f44c34a Sort. Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. 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. All Rights Reserved, Hey bb! HTUB Hot Tub All Rights Reserved. BB Baseboard Heat Col Colonial CLTV Combined Loan To Value Real Estate Definition. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. COO or C of O Certificate of Occupancy 7 meanings of BB abbreviation related to Real Estate: Real Estate. Dbl Double A certain portion of the homes purchase price that a buyer must pay. I havent seen you in forever. NBHD Neighborhood 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. Zillow, Inc. holds real estate brokerage licenses in multiple states. 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. NNN Triple Net Lease The meaning of REAL ESTATE is property in buildings and land. 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. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Learn more about foreclosure here. NOI Net Operating Income 3B/2B - three bedrooms and two bathrooms 2C - two-car garage A/C - air conditioning Appls - appliances Apt - apartment Ba - bathroom Br - bedroom CAC - central air conditioning Ch - central heat OFC Office A not-for-profit professional association that sets and promotes standards for property inspections. A database where real estate agents list properties for sale. Read more about escalation clauses and making an offer on a home. PROP HT Propane Heat The sale of a home by an owner who owes more on the home than its worth. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. APR Annual Percentage Rate Farm Farmhouse In-law potl:Potential for a separate apartment, subject to local zoning restrictions. MEIK Modern eat-in kitchen Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. 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. 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. GAROP Garage Door Opener AC Acre Market conditions that exist when homes for sale outnumber buyers. Only those representatives with Advisor in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. 2/1 2 bedrooms / 1 bathrooms Each lending institution sets its own prime rate. BALC Balcony GAR Garage 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). DCR, DSCR, DSR Debt Service Coverage Ratio Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Learn more about pre-approval here. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. An FDR with a DK? OWN Owner Financing Try our affordability calculator to see how much house you might be able to afford. FHA Federal Housing Administration WTR Water A buyers final inspection of a home before closing. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. 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. 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. 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. PITI Principal, Interest, Taxes, and Insurance It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. STR On Street Parking MOPOA Monthly POA Fee Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Click to reveal It may also give the breakdown of the number of floors, size of the rooms and their location within the home. 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. ASB Asbestos Siding Title Records posts and articles. Be sure to read the fine print carefully. How-To Geek is where you turn when you want experts to explain technology. IRR Internal Rate of Return Used under license. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. L/O Lease Option Terms Of Use Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. WHF Whole House Fan Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. This website is using a security service to protect itself from online attacks. TRSH Trash Pickup Read, 42. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. 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. 4B/2B:Four bedrooms and two bathrooms. Learn more about short sales here. BB Real Estate Abbreviation. F/BSMT Fully finished basement PMI Private mortgage insurance Fees associated with the purchase of a home that are due at the end of the sales transaction. OFF Off Street Parking WHKP Washer Hookup Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. Privacy Policy. FFE furniture, fixture, and equipment Clbhs Clubhouse This browser is no longer supported. If they were not used, the ads for a home could get quite lengthy. The components of a monthly mortgage payment. "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 . One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. MSN Masonry WAR Warranty Plan If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. It is for information purposes only, and any links provided are for the users convenience. MLS Multiple Listing Service Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. MRSH Marsh If you're still unclear what a shorthand is referring to, reach out to the listing agent. HB Half Bath (toilet + sink) Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. RDR Radiator RAD Radiant Heat Banks, savings and loans, and credit unions. 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. D/D Dishwasher and a garbage disposal AEK All electric kitchen MIC Mint Condition (like new or new) PAN Pantry Related:12 Ideas to Steal from Vintage Kitchens. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Try our amortization calculator to learn more. PLAY Playground Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? TIL Truth In Lending, A/G PL Above-ground Pool SWR Sewer MLS multiple listing service Translation: This home is small. Powered by webmasterWP.com. Resources Learn, A home loan not guaranteed by a government agency, such as the FHA or the VA. Read, A certain portion of the homes purchase price that a buyer must pay. P&S Purchase and sale Contact Us 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. If you have the money to hire a handyman for every household woe, go ahead. CRS. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Real estate abbreviations are important to save time and money. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. BCH Beach 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. Q POS Available for quick possession This website is using a security service to protect itself from online attacks. MLS:Multiple Listing Service. 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. Since many phrases can be shortened to BB, this acronym might refer to other things online. A loan estimate can help borrowers shop and compare costs of loans with lenders. The reason for a botched sale could lie with the previous buyer, but you'll want to do your homework before you give the seller the benefit of the doubt. BA Bath You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. HDWD Hardwood Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. 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. HUD Department of Housing and Urban Development HWH Hot water heater Brk Brick BD Bedroom Sub2 Subject to existing financing AG Agreement Agreement Comm. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. FEMA Federal Emergency Management Agency Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. We Let ChatGPT Create AI Art, Heres What It Made, The New Outlook for Windows Is Opening Up to More People, How to Optimize Your Steam Deck for a Longer Lasting Battery, 2023 LifeSavvy Media. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. CATH Cathedral ceilings 147.189.141.138 A three-quarter bathroom has a toilet, a sink and a shower. GARD Garden Real property is immovable property - its land and anything attached to the land. FRBO for rent by owner WIC Walk-in closet, ARV After-Repaired Value Example: P30 (3% offered) 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. A short sale is the sale of a real estate property for which the lender is willing to accept less than the amount still owed on the mortgage. Normally, a piece of property can be easily classified as either personal property or real property. Not all products and services are available in all states. MYOB Mind Your Own Business These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. 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. Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. An encumbrance can create a cloud on the title of a real property. Affordability. CRS Certified Residential Specialist The amount of the loan divided by the price of the house. FIN LL Finished lower level Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Read, A property repossessed by a bank when the owner fails to make mortgage payments. W/W CRPT Wall To Wall Carpet FXR Fixer Upper NOO Non-Owner Occupied 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. 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 . A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. 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. NONQ Non-Qualifying CCIM Certified Commercial Investment Member The ratio compares the borrowers monthly debt payments to gross income. Back Bay. The seller has an agreed-upon contract with the potential buyer. That happens through real care to make things better. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. SPC Drive parking spaces And the real estate business is no different. The property is sold and no longer available. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. CCR Conditions, Covenants, and Restrictions FDR Formal dining room LR Living room POF Proof of Funds Refinancing is generally done to secure better loan terms, such as a lower interest rate. 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. LLC Limited Liability Company HDW, HWF, hdwd - This means there is hardwood flooring in the home. The governing body of a housing development, condo or townhome complex that sets rules and regulations. OCN Ocean VYL Vinyl 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. Performance & security by Cloudflare. HRS Horses Allowed to see how much house you might be able to afford. DTI Debt to Income Ratio BB Real Estate Abbreviation. Be sure to read the fine print carefully. W/D Washer/Dryer 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.
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