These institutions underwrite as well as set home loan pricing in-house. PL/A Above Ground Pool Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. HRS Horses Allowed F/A Ht, FAH Forced Air Heat He's invested in internet culture, social media, and how people interact with the web. 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. BB. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. Sub2 Subject to existing financing CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. LR with Fplc? Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. SMP Sump Pump BKYD Backyard HWH Hot water heater Often, the listing will indicate which rooms have hardwood flooring. FR Family room This means that aproperty is currently on the market and available for sale. There is no MLS covering the whole country. 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. AEK All electric kitchen Bulk Bulkhead The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. LOC Line of Credit Read more about FHA loans here. BKPORCH Back Porch VWS, VW, VU View or views A concrete point at which buying a home makes more financial sense than renting one. Try our debt-to-income calculator to learn more. WTR Water WSH Washer FML Formal SKY Skylights PUD Planned Unit Development CBR Certified Buyer Representative Translation: This home is small. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. 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. BBbb. One of the most common uses isbaseball, where BB is an acronym for base on balls, also known as a walk. What Does FS Mean, and How Do You Use It? 1. INLW In-Law Suite GMT Kitchen Gourmet kitchen All Rights Reserved, Hey bb! ROI Return On Investment There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. C/VAC Central vacuum However, the widespread use of BB started in the 2010s, with the rise of smartphones and chat apps becoming the primary form of communication between teenagers. Cap rates can provide valuable insight into a property. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization MLSs are local or regional. Foyr Foyer 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. OBO Or Best Offer There are also a few other cultural definitions for BB. 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. HP Heat Pump A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. YD Yard A fee, charged by a broker or lender, to underwrite and process a home loan application. The "P" represents percent. Margaret Heidenry is a writer living in Brooklyn, NY. BA Bathroom A ratio that compares a home buyers expenses to gross income. 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. Fixtures are a frequent subject of buyer and seller disputes. 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. Clbhs Clubhouse But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. Learn more about short sales 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. Learn more about refinancing here. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. NGS Natural Gas Brk Brick "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 . PWDR RM Powder room or half bath Hi ceils - This is an abbreviation for "high ceilings.". OWN Owner Financing Abbreviations on the list may have capitalization variations. CAC Central Air Conditioning DOS Due On Sale Clause ELE Electric The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. PILE Pilings Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. FSBO For Sale By Owner IRR Internal Rate of Return 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. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Each lending institution sets its own prime rate. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. KIT, KT Kitchen A/G PL : Above-ground swimming pool. Col Colonial GRES Graduate Real Estate Society Exr Exercise Room An encumbrance can create a cloud on the title of a real property. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. RPAC Realtors Political Action Committee Q POS Available for quick possession ERS exclusive right to sell Zkratka ESG (z anglickho Environmental . TIL Truth In Lending, A/G PL Above-ground Pool WBS Wood-Burning Stove SQ FT Square Feet Cbl,Cblh Cable/Hookup PULL Pull-Down Attic Stair Suggest. Our belief in better is at the core of everything that we do, every day. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. 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. No purchase is necessary to view U.S. SD/W Storm Doors & Windows 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. 4/3 4 bedrooms / 3 bathrooms HI CEIL(S) High ceilings JV Joint Venture Resources CP Carport Mstr Master bed room An origination fee is not a single fee. GRNO Ground Maintenance A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. Cent h/a Central Heat&Air They provide clues to what is included in the purchase price. MAO Maximum Allowable Offer If you have the money to hire a handyman for every household woe, go ahead. GRI Graduate REALTOR Institute The action you just performed triggered the security solution. It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. A percentage of the homes value owned by the homeowner. All Rights Reserved. HPWA Water/Air Ht Pump Market conditions that exist when buyers outnumber homes for sale. WIN Window/Wall Unit The number of days a property listing is considered active. There are four important items that must be included in a buyer's pro forma. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative An encumbrance is a limit on how an owner can use real estate. This was when the term exploded as a pet name between both lovers and friends. UPF, UPR Upper floor 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. Zillow, Inc. holds real estate brokerage licenses in multiple states. DOT Deed of Trust A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. 1C : One-car garage. Brkf Breakfast Area Cth Cathedral Ceiling P&S Purchase and Sale Read more about mortgage insurance. ATT Attached Garage Real estate terms to know when you've started house hunting. Learn more here. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. A three-page document sent to an applicant three days after they apply for a home loan. O/F Owner Finance To meet client needs, to empower teammates, and to lift up communities. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". A database where real estate agents list properties for sale. Typically, putting away 5% of the rent . Learn more about homeowners insurance here. P&S Purchase and sale INGRD PL pool in ground pool HSF Heated square feet The components of a monthly mortgage payment. The sale of a home by an owner who owes more on the home than its worth. Since we launched in 2006, our articles have been read billions of times. Terms Of Use Bidding wars are common. RTO Rent to Own Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. These costs include the brokerage commission, mortgage-related fees, escrow or attorneys settlement charges, transfer taxes, recording fees and title insurance. Cen Central Air Read more about escalation clauses and making an offer on a home. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. Have questions about buying, selling or renting during COVID-19? When you boil it down to the basics, real estate has a simple meaning. MOPOA Monthly POA Fee REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. This claim belongs to a third party, who can either be an organization or an individual. Fpgas Gas Fireplace SCRND PORCH Screened Porch 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. OFC Office BLT Built-in Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Powered by webmasterWP.com. Its customary for the buyer to pay for the lenders title insurance policy. 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. DLM Seller Disclaimer BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. PCF Price to Cash Flow (ratio) 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. EA exclusive agency If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. MYOB Mind Your Own Business These structures can be both above and under the ground. Get the top BB abbreviation related to Real Estate. Real property is immovable property - its land and anything attached to the land. CRS. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. Learn, The act of paying off one loan by obtaining another. LLC Limited Liability Company The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. Lo dues:Low homeowners association dues. MEIK Modern eat-in kitchen This is the escrow period, when both buyer and seller are workingtoward a closing. POR, POR-S Porch/Screened There are often additional notes with details that don't fit into the standard listing formula. REF Refrigerator It is not Zillows intention to solicit or interfere with any established agency relationship you may have with a real estate professional. Title Records posts and articles. CRE Commercial Real Estate HIST Historical District A minimum requirement is often dictated by the loan type. OSP Off-street parking is available We select and review products independently. A buyers final inspection of a home before closing. FDR/DR Dining room or a formal dining room OO Owner Occupied Press F to Pay Respects: What Does F Mean Online? WIC Walk-in closet, ARV After-Repaired Value What is BB meaning in Real Estate Advertising? Inspection occurs when the home is under contract or in escrow. OA Owner Agent Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Contingent vs. under contract? REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. 4B/2B:Four bedrooms and two bathrooms. GARD Garden While BB can have a lot of meanings on the internet, the most popular is a pet name between romantic partners and close friends. BCH Beach Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. Det Detached Garage CAP Capitalization HBR Harbor The status will show as pending until the closing. IRA Individual Retirement Account Anne Miller lives in New York and writes real estate news and advice stories. The seller has an agreed-upon contract with the potential buyer. FHA Federal Housing Administration BB Real Estate Abbreviation. It's anything that can be subject to ownership, except land. MBA Master Bedroom w/Bath Read, A property repossessed by a bank when the owner fails to make mortgage payments. Paying points, which are tax deductible, will lower the monthly mortgage payment. Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Crk Creek Be sure to read the fine print carefully. 1C, 2C 1 or 2 car Garage OCN Ocean 147.189.141.138 A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. CPT Carpet or Carport An encumbrance is a claim that limits how a property owner can use their property. This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. SMB Split Master Bedroom One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. BA Bath Even though a sale is highly likely, some pending properties may still accept backups. Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals. POA Power of Attorney BD Bedroom PL -Swimming Pool to see how much house you might be able to afford. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. Here are a few examples of BB in action: Do you want to learn more internet slang terms? COCR or CCR Cash on Cash Return to cover taxes and insurance. BB Baseboard Heat 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. FFE furniture, fixture, and equipment CAC Central air conditioning 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 Both words imply motion, but the difference may b. Defenestration. DET Detached garage EIK Eat in kitchen Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. L/O Lease Option DCR, DSCR, DSR Debt Service Coverage Ratio BB Real Estate Abbreviation. Personal property is movable property. 2-LV : Two living levels. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. UTRM Utility Room A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Prospective purchasers of an inn need to know exactly what they mean. 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. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. WDSTV Wood-Burning Stove RTO Rent To Own A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see one another's listings of. CRB Certified Real Estate Broker A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Normally, a piece of property can be easily classified as either personal property or real property. What is BB meaning in Real Estate? Cdrcl Cedar Closet 2. INT Intercom Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. BLDRS REDO Builders Renovation Crwl Crawl Space FIN LL Finished lower level CRT. DLO Seller Disclosure Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. 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. Read more about closing costs here. RDR Radiator I havent seen you in forever. The ratio compares the borrowers monthly debt payments to gross income. Tiny . AC or A/C Air conditioning 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. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. All Rights Reserved. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. The Real Estate Commission: How Much Are Realtor Fees? This website is using a security service to protect itself from online attacks. EMC Earnest money contract Back Bay. NAR National Association of Realtors Typically, most consumers mortgage interest rate is going to be higher than the prime rate. R/OPT Rent w/Opt-Buy CCR Conditions, Covenants, and Restrictions FPLC, FP, FRPLC Fireplace HOA Homeowners association Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? DBA Doing Business As 4B/2B: Four bedrooms and two bathrooms. 1. 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. Read more about the Buy-Rent Breakeven Horizon here. Home affordability takes into account your income, down payment, and monthly debts. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. 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. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. HOA Homeowners Association Cozy Charm. HUD Housing and Urban Development When youre well-established enough to give each other pet names, you might want to try calling them baby or babe in person before you start calling them bb in chat. Privacy Policy. CREA. Keep reading to learn more about this unique abbreviation.