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Allow us to clear things up, by explaining what these things really mean in plain old English. After the set time period your interest rate will change and so will your monthly payment. During this time, the home is inspected and appraised, and the title searched for liens, etc. LTV Loan to Value A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. Terms Of Use If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. Inspection occurs when the home is under contract or in escrow. REF Refrigerator POF Proof of Funds SRO Single Room Occupancy Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). It's anything that can be subject to ownership, except land. STR On Street Parking These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. PL -Swimming Pool F-bmt Finished Basement MLSs are local or regional. Read, A property repossessed by a bank when the owner fails to make mortgage payments. PLAY Playground During this time, the home is inspected and appraised, and the title is searched for liens, etc. 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. You may want the retreat, but ask yourself if you're truly ready for all it entails. Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. PL/1 In-Ground Pool AMO Accredited Management Organization Resources But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the dealcan close. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. All Rights Reserved. NBHD Neighborhood Sort. Dsp Garbage Disposal D/D Dishwasher and a garbage disposal Crk Creek and BB Real Estate Advertising Abbreviation Meaning - All Acronyms ATT Attached Garage ROI Return On Investment He also works as a digital marketer for a regional e-commerce website. G/A Garage, Attached Fp, Fpl, Fplc Fireplace In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Try our affordability calculator to see how much house you might be able to afford. 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. property in buildings and land; space, capacity See the full definition . Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. APT Apartment Read more about closing costs here. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. Pro Forma Real Estate: Everything You Need to Know - RealWealth An origination fee is not a single fee. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. PERM Perm Attic Stairs If you see a bathroom or kitchen described as vintage, that means theyre old. A buyers final inspection of a home before closing. 2. Learn more about pre-approval here. BB Real Estate Abbreviation Meaning - All Acronyms Margaret Heidenry is a writer living in Brooklyn, NY. BALC Balcony 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. Farm Farmhouse Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Cbl,Cblh Cable/Hookup WIN Window/Wall Unit LR with Fplc? You can use BB to mean basketball, especially in internet communities dedicated to the sport. Fees associated with the purchase of a home that are due at the end of the sales transaction. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. RV PRKG RV Parking Co je to ESG a co pro vs znamen? - Lexology SPDED Special Warranty Deed FMR Fair Market Rent LA Living area Performance & security by Cloudflare. W/D WD Washer and dryer A fee charged to borrowers who make a down payment that is less than 20% of the homes value. P&S Purchase and sale DOT Deed of Trust Cap rates can provide valuable insight into a property. COCR or CCR Cash on Cash Return Col Colonial FHA Federal Housing Administration HML Hard Money Lender Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Read, A ratio that compares a home buyers expenses to gross income. HI CEIL(S) High ceilings Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. FNCD YD Fenced Yard HUD Housing and Urban Development American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. 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. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. BLT Built-in Bulk Bulkhead BRRRR refinance example. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Not all Northwestern Mutual representatives are advisors. TXS Taxes BKPORCH Back Porch An encumbrance can create a cloud on the title of a real property. NNN Triple Net Lease SKY Skylights If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. ERS exclusive right to sell 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. A full bathroom is a room with a toilet, a sink and a bathtub. CREA. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. Organizations can include local governments, utility companies, and homeowners associations. Abbreviations on the list may have capitalization variations. FML Formal WTR Water 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. A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. AC Acre About Truist | Truist JTUB Jetted Tub When a home listing touts its custom features, take care. There are often additional notes with details that don't fit into the standard listing formula. PULL Pull-Down Attic Stair Clus Cluster Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. REC Recreation Room If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. EMC Earnest money contract Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Refinancing is generally done to secure better loan terms, such as a lower interest rate. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. HDW, HWF, hdwd - This means there is hardwood flooring in the home. GAR, GR Garage Our belief in better is at the core of everything that we do, every day. The trademarks MLS, Multiple Listing Service and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Performance & security by Cloudflare. UPF, UPR Upper floor A three-quarter bathroom has a toilet, a sink and a shower. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. Since we launched in 2006, our articles have been read billions of times. Learn more here. All Rights Reserved, Hey bb! Personal property is movable property. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. MAO Maximum Allowable Offer RVR River SD Security Deposit 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. Click to reveal This is important, as identifying a property's class can predict how the asset might perform. YD Yard The act of paying off one loan by obtaining another. BB Real Estate Abbreviation. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. The components of a monthly mortgage payment. Windows 11: How Much RAM Can Your PC Have? GRMET KIT, GRMT KIT Gourmet kitchen Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine. Read more about origination fees here. This means that the home fell out of escrow,perhaps due to contract issues, says Tania Matthews, an agent with Keller Williams Classic III Realtyin Central Florida. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . That happens through real care to make things better. VYL Vinyl NAR National Association of Realtors PWDR RM Powder room or half bath A minimum requirement is often dictated by the loan type. The. RDR Radiator All rights reserved. CRS Certified Residential Specialist RAD Radiant Heat A property repossessed by a bank when the owner fails to make mortgage payments. Closing costs are generally paid through escrow. GRM Gross Rent Multiplier EIK Eat in kitchen Fixture:Anything of value that is permanently attached to or a part of real property. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. Not all products and services are available in all states. MEIK Modern eat-in kitchen Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? HVAC heating, ventilation and air conditioning Det Detached Garage BD Bedroom The document includes loan terms, monthly payment and closing costs. Typically, putting away 5% of the rent . Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. SPC Drive parking spaces Learn more about adjustable-rate mortgages here. A process a lender follows to assess a home loan applicants income, assets and credit, and the risk involved in offering the applicant a mortgage. CBR Certified Buyer Representative Dry Clothes Dryer 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. 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. A certain portion of the homes purchase price that a buyer must pay. The fascinating story behind . 64 Real Estate Terms and Expressions You Should Know Clap Clapboard Siding A state in which an escrow agent is responsible for closing. BA Bathroom Cen Central Air END End Unit This is a statement a borrower will receive from their lender at least three days before closing on a home. MLS - Multiple Listing Service; database of real estate for sale, Smart -a computer controls some electronic devices like heating, alarms, and lights, CCIM Certified Commercial Investment Member, PITI principal, interest, taxes and insurance, CCR conditions, covenants, and restrictions, ACRP - Association of Commercial Real Estate Professionals, CHMS Certified Home Marketing Specialist, CLHMS Certified Luxury Home Marketing Specialist, FDIC Federal Deposit Insurance Corporation, FEMA Federal Emergency Management Agency, FHLMC Freddie Mac (Federal Home Loan Mortgage Corporation), GNMA Ginnie Mae (Government National Mortgage Association), REALTOR Member of the National Association of Realtors. Often, the listing will indicate which rooms have hardwood flooring. MTG Mortgage REO Real Estate Owned There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. All of these abbreviations are commonly used to describe the features of a house or commercial property. Real Estate Definition. Have questions about buying, selling or renting during COVID-19? REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. Step 3: You then find tenants in 30-60 days to take over the two . Q POS Available for quick possession KIT, KT Kitchen 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. Have questions about your home financingpaperwork? It is for information purposes only, and any links provided are for the users convenience. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. So if you adore what you see in thelisting, it certainly canthurt to inquire. There are also a few other cultural definitions for BB. Chn Chain Link Fence These abbreviations are typically written in all capital letters. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". 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. FPLC, FP, FRPLC Fireplace Not all real estate agents are REALTORS. HB Half Bath (toilet + sink) CRT. D/W Dishwasher HRS Horses Allowed FAG Forced air gas 2-LV : Two living levels. Learn more. 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. POA Power of Attorney 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. An encumbrance is a limit on how an owner can use real estate. MLS multiple listing service Real Estate Certification: Different Kinds and What You NEED - UpNest SD/W Storm Doors & Windows SHNG Shingle AEK All electric kitchen DhkpP Dryer Hookup What is BB meaning in Real Estate Advertising? 1 /8. But if thats not what youre looking for, keep shopping. BA Bath This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. OBO Or Best Offer ATFN Attic Fan The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity. SFH Single Family House In fact,44 percentof all buyersstart their search by looking at properties onthe internet., Butwith relatively new terms likeexpiredandpendingentering thelexicon,andunclearshorthandandacronymslittering listings, deciphering real estate lingo can be tricky., If youre tired of all the jargon, or just plain confused,hereare somerealestatetermsto knowsoyoucan kick off your home search without a hitch., Active:The property is currently on the market and available for sale., Active contingent:The home is under contract,meaning the seller has accepted an offer from a buyer.However,certain conditionsmust be metbeforethe sale is finalized, which are known as contingencies.Thesemight includethesellerneeding toreceivemortgage approvalorthebuyer and sellerneeding toreachan agreementabout anyrepairs afterahome inspectionis performed., Active with contract (AWC):While the propertyhas apurchase agreementpending on it, it is still availableand beingshown to other potential buyers. LPOA Limited Power of Attorney EA exclusive agency The property is sold and no longer available. INGRD PL pool in ground pool BA; BTH : Bathroom. Cnl Canal Related:12 Things Realtors Look For in Homes of Their Own. This means that aproperty is currently on the market and available for sale. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Its customary for the buyer to pay for the lenders title insurance policy. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. This is the escrow period, when both buyer and seller are workingtoward a closing. SPKLR Sprinkler GRT RM Great room OFF Off Street Parking A minimum requirement is often dictated by the loan type. 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.