what does bb mean in real estate
PERM Perm Attic Stairs Have questions about your home financingpaperwork? A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. New real estate investors may wonder what the terms Class A, B, C, and D property mean. The "P" represents percent. Essentially, "turnkey" means that . When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. CATH Cathedral ceilings If you wish to report an issue or seek an accommodation, please let us know. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. WBS Wood-Burning Stove BR Bedroom Real estate terms to know when you've started house hunting. It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. AC or A/C Air conditioning All Rights Reserved. Learn more about short sales here. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). At Truist, our purpose is to inspire and build better lives and communities. MWV Microwave Oven The price of borrowing money. The components of a monthly mortgage payment. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. OFC Office/Study DEDRS Deed Restrictions Typically, putting away 5% of the rent . AST Assessment Lien Lien, JTL. Canadian Real Estate Association, the national association for Canada. SPDED Special Warranty Deed Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. 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. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization Prices are often higher than average. COF Cost of Funds WSH Washer Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. PL/A Above Ground Pool Refinancing is generally done to secure better loan terms, such as a lower interest rate. This is the escrow period, when both buyer and seller are workingtoward a closing. A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. D/W Dishwasher 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. Clap Clapboard Siding The word listing is also used to refer to the for-sale home itself. Windows 11: How Much RAM Can Your PC Have? Real estate abbreviations are important to save time and money. Bb. There are four important items that must be included in a buyer's pro forma. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. The Real Estate Commission: How Much Are Realtor Fees? DET Detached garage CRE Creative Real Estate 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. Abbreviations on the list may have capitalization variations. WTR PD Water paid RELATED: What Does "TMI" Mean, and How Do You Use It? ELV Elevator The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. PITI Principal, Interest, Taxes, and Insurance A property repossessed by a bank when the owner fails to make mortgage payments. Questions And Answers 147.189.141.138 How-To Geek is where you turn when you want experts to explain technology. Read more about back-end ratio here. NBHD Neighborhood An origination fee is not a single fee. Anne Miller lives in New York and writes real estate news and advice stories. DOT Deed of Trust G/A Garage, Attached It is in fact a real word (but that doesn't mean . TRAD Traditional PL/1 In-Ground Pool If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. Fpgas Gas Fireplace GLFP Gas log fire place 4B/2B:Four bedrooms and two bathrooms. O/F Owner Finance SPC Drive parking spaces OVER Oversized Garage After the set time period your interest rate will change and so will your monthly payment. FDR/DR Dining room or a formal dining room These abbreviations are typically written in all capital letters. SD/W Storm Doors & Windows REC Recreation Room 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. The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. 4/3 4 bedrooms / 3 bathrooms Translation: This home is small. Like, from the 50s. OSP Off-street parking is available MSN Masonry Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. WHKP Washer Hookup PMI Private Mortgage Insurance HML Hard Money Lender TRSH Trash Pickup GRNO Ground Maintenance The owners bank must approve a lower listing price before the home can be sold. Miscellaneous. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. This means the propertys ownersare actively taking backup offers in case the first one falls through. A/C Air Conditioning And the real estate business is no different. Copyright 2022 Ann Arbor Area Board of REALTORS. 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. Det Detached Garage Home affordability takes into account your income, down payment, and monthly debts. FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation What sounds impressive on paper may look less appealing in person. 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. Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. WBFP Wood Burning Fireplace Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. 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. 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. Zillow, Inc. holds real estate brokerage licenses in multiple states. Care starts with culture. Cont Contemporary This is the most popular NAR official designation and is relatively easy to get and maintain. FEMA Federal Emergency Management Agency 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. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. SPLT Split-Level CCR Conditions, Covenants, and Restrictions 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. GAR, GR Garage Organizations can include local governments, utility companies, and homeowners associations. Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. A certain portion of the homes purchase price that a buyer must pay. BB Baseboard Heat A portion of your monthly payment goes into the escrow account to cover taxes and insurance. This website is using a security service to protect itself from online attacks. 2. WAR Warranty Plan GRES Graduate Real Estate Society UTLVL Utility Room Level Large E-2 plan:This is one of several floor plans available in a specific building. RTO Rent to Own 4B/2B: Four bedrooms and two bathrooms. These abbreviations are typically written in all capital letters. The action you just performed triggered the security solution. PMI Private mortgage insurance Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. BCH Beach EIK Eat in kitchen The difference between the two is usually fairly . Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. Cozy Charm. PRQ Parquet W/D WD Washer and dryer UPF, UPR Upper floor A three-quarter bathroom has a toilet, a sink and a shower. A/G PL : Above-ground swimming pool. Fees imposed by the state, county or municipality on transfer of title. A security deposit made by the buyer to assure the seller of his or her intent to purchase. glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. CRT. BKYD Backyard CMA:Comparative market analysis or competitive market analysis. Read, 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. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. Your IP: Prospective purchasers of an inn need to know exactly what they mean. STA State Not all mortgages carry a prepayment penalty. Maximum loan amounts can vary by county. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. WLKIN Walk-in Closet The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. FHA Federal Housing Administration W/D HKUP Washer/Dryer hookup A property that has come back on the marketafter a pending sale. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. Cloudflare Ray ID: 7a2835264c3fdd54 NAR National Association of Realtors Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. PCF Price to Cash Flow (ratio) You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. ASG Assessment Assessment. WIC Walk-in closet, ARV After-Repaired Value HOA Homeowners association Bung Bungalow 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. A fee, charged by a broker or lender, to underwrite and process a home loan application. Cvga Converted Garage Fp, Fpl, Fplc Fireplace DTI Debt to Income Ratio AG Agreement Agreement Comm. Cap rates can provide valuable insight into a property. SRES Senior Real Estate Specialist, Additional Resources: Investment brokerage services are offered through Northwestern Mutual Investment Services, LLC (NMIS) a subsidiary of NM, brokerdealer, registered investment advisor, and member FINRA and SIPC. MLS multiple listing service REI Real Estate Investing After the set time period your interest rate will change and so will your monthly payment. 3/4 Bath toilet + sink + shower or tub This abbreviation is a shorthand way of showing your affection to your partner. DhkpP Dryer Hookup HW Hot Water SKY Skylights 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. How to use real estate in a sentence. Crwl Crawl Space 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. Title insurance:An insurance policy that protects a lenders or owners interest in real property from assorted types of unexpected or fraudulent claims of ownership. LRG Large FMR Fair Market Rent Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. Tiny . 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 An encumbrance is a limit on how an owner can use real estate. Learn more about foreclosure here. Refund Policy, U.S. Learn more about homeowners insurance here. Learn more about adjustable-rate mortgages here. Maximum loan amounts can vary by county. Its customary for the buyer to pay for the lenders title insurance policy. There are often additional notes with details that don't fit into the standard listing formula. BA Bathroom Buyers should budget for an amount that is 2% to 5% of the homes purchase price. These structures can be both above and under the ground. 1C, 2C 1 or 2 car Garage The fascinating story behind . Property Records Market conditions that exist when buyers outnumber homes for sale. 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. CREA. RNCH Ranch A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. APT Apartment Learn more about HOAs here. I want to receive exclusive email updates from YourDictionary. CBR Certified Buyer Representative Buyers should budget for an amount that is 2% to 5% of the homes purchase price. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. GAR Garage 7 meanings of BB abbreviation related to Real Estate: Real Estate. LLC Limited Liability Company VYL Vinyl PILE Pilings Mstr Master bed room You can email the site owner to let them know you were blocked. POA Power of Attorney The four items include, repairs, vacancy loss, property management, and miscellaneous. GNMA Ginnie Mae or Government National Mortgage Association FFBR First Floor Bedroom A contingent statusmeans that the seller has accepted an offer and the home is under contract. Sub2 Subject to existing financing Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Privacy Policy A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. SFH Single Family House Affordability. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. All Rights Reserved. FDR Formal dining room CAP Capitalization Individuals could include neighbors or other people who have a right of way. Home affordability takes into account your income, down payment, and monthly debts. Related:10 Signs That Fixer-Upper Might Be a Money Pit. NONQ Non-Qualifying Fixture:Anything of value that is permanently attached to or a part of real property. FIN LL Finished lower level IGSP In-Ground Sprinkler CPT Carpet or Carport A state in which an escrow agent is responsible for closing. BA; BTH : Bathroom. Deco Decorative Fence FMV Fair Market Value HDWD Hardwood LOI Letter of Intent MAO Maximum Allowable Offer Be sure to read the fine print carefully. Related:18 Big Storage Ideas to Steal from Tiny Homes. Fees associated with the purchase of a home that are due at the end of the sales transaction. MBA Master Bedroom w/Bath Cen Central Air The ratio compares the borrowers monthly debt payments to gross income. DWF, DWAC Deep Water/Access Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. PICK Picket Fence I/O Interest Only (loan) Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. SHNG Shingle In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Contingent vs. under contract? That could mean the seller is still open to accepting an offer, so its worth touching base if your curiosity is piqued. Read more about pre-qualification here. SHOP Workshop Home affordability takes into account your income, down payment, and monthly debts. FAG Forced air gas One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. This list of real estate investing abbreviations is useful for real estate brokers. INGRD PL pool in ground pool AJ Affidavit of Joint Tenant Deed. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. 27. OFC Office Related:7 Features That Define the New American Home. 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. CH Central heat Buying a Flipped House: Is It Right for You? Title Records posts and articles. BKPORCH Back Porch A property was withdrawn from the realty market. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Performance & security by Cloudflare. The number of days a property listing is considered active. MAO Maximum Allowable Offer 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). OWN Owner Financing G-RNG Gas Range HVAC heating, ventilation and air conditioning FSBO For Sale by Owner 1. The governing body of a housing development, condo or townhome complex that sets rules and regulations. Learn more about pre-approval here. VWS, VW, VU View or views *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. A buyers final inspection of a home before closing. Sort. PRTL Partial REF Refrigerator TRAN Transitional Repairs. MLSs are local or regional. FDIC Federal Deposit Insurance Corporation FLR Floor Furnace PL -Swimming Pool Check out our glossary of frequently-used mortgage terms. MLS Multiple Listing Service Even though a sale is highly likely, some pending properties may still accept backups. W/W CRPT Wall To Wall Carpet Resources WD PNL Wood paneling REL Related to Seller 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. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. STR On Street Parking 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. WF Waterfront Not all mortgages. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Sign up for our weekly newsletters and get: By signing in, you agree to our Terms and Conditions SAT Satellite Dish SMART Typically computer-controlled heating and cooling, alarms, lights etc. R/OPT Rent w/Opt-Buy Dr -Dining Room After all, you wouldn't want to get stuck with a money pit. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? 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. 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. Dk Deck The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. BRRRR refinance example. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. It's anything that can be subject to ownership, except land. CPM Certified Property Manager SEW Sewer