On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. If you're still unclear what a shorthand is referring to, reach out to the listing agent. Dsp Garbage Disposal Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. The act of paying off one loan by obtaining another. 1C, 2C 1 or 2 car Garage BB. 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. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. GLFP Gas log fire place Bulk Bulkhead Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. TOWN Town House Inspection occurs when the home is under contract or in escrow. FXR Fixer Upper 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. FR Family room DTI Debt to Income Ratio Contact Us GRI Graduate REALTOR Institute RELATED: How to Stream U.S. Sports for Free Online. SHNG Shingle Active This means that a property is currently on the market and available for sale. The amount of the loan divided by the price of the house. Go now! An encumbrance can create a cloud on the title of a real property. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. 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. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. MLSs are local or regional. OA Owner Agent DCR, DSCR, DSR Debt Service Coverage Ratio 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. It is only recommended to perform title, lien, and property record searches before you get too far we advise doing your due diligence. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. A fee, charged by a broker or lender, to underwrite and process a home loan application. Guide To REO Properties And How To Buy Them | Quicken Loans Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). RV PRKG RV Parking FSBO For Sale By Owner Pro Forma Real Estate: Everything You Need to Know - RealWealth Back Bay. Sort. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. 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. BA Bathroom If you have the money to hire a handyman for every household woe, go ahead. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. Real property is immovable property - its land and anything attached to the land. CMA Comparative Market Analysis There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Since many phrases can be shortened to BB, this acronym might refer to other things online. property in buildings and land; space, capacity See the full definition . 3/4 Bath toilet + sink + shower or tub Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. SWR Sewer MBA Master Bedroom w/Bath MAO Maximum Allowable Offer Here are a few examples of BB in action: Do you want to learn more internet slang terms? VWS, VW, VU View or views Like, from the 50s. You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. Read more about FHA loans here. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. LTV Loan to Value MAO Maximum Allowable Offer 2-LV : Two living levels. In many listings, the term is used to describe to an area that's in the process of transition. Home Personal property is movable property. GAR Garage There are also a few other cultural definitions for BB. This is the most popular NAR official designation and is relatively easy to get and maintain. Privacy Policy Learn more about down payments here. 147.189.141.138 Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. 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 MCOA Min $ on Assumption These structures can be both above and under the ground. MIC Mint Condition (like new or new) LLP Limited Liability Partnership HD, HDFL Hardwood floors Try, The governing body of a housing development, condo or townhome complex that sets rules and regulations. When you boil it down to the basics, real estate has a simple meaning. Related:12 Things Realtors Look For in Homes of Their Own. FSBO For Sale by Owner Bidding wars are common. LR Living Room Its customary for the buyer to pay for the lenders title insurance policy. Try our debt-to-income calculator to learn more. 8 Real Estate Designations That Will Actually Make You Money Real Estate Certification: Different Kinds and What You NEED - UpNest TIL Truth In Lending, A/G PL Above-ground Pool 4B/2B:Four bedrooms and two bathrooms. 27. ELV Elevator These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. Have questions about buying, selling or renting during COVID-19? The price of borrowing money. Cnl Canal There are often additional notes with details that don't fit into the standard listing formula. And the real estate business is no different. PRV, PVCY FENCE Privacy Fence EA exclusive agency Translation: This home is small. Allow us to clear things up, by explaining what these things really mean in plain old English. NAR National Association of Realtors Get the top BB abbreviation related to Real Estate. DEDRS Deed Restrictions He also works as a digital marketer for a regional e-commerce website. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. This means that even though theres an accepted offer on the home, the seller is looking for backup offers in case the primary buyerfalls through. County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records to cover taxes and insurance. WF Waterfront We select and review products independently. Press F to Pay Respects: What Does F Mean Online? DK Deck Our belief in better is at the core of everything that we do, every day. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. 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. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". In the event there is a DUAL commission split the two digits would be followed by a letter code: Example: P35C25 (3.5% offered on the first 100K, 2.5% offered after $100,000). 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. FDIC Federal Deposit Insurance Corporation Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). Windows 11: How Much RAM Can Your PC Have? OCN Ocean Performance & security by Cloudflare. Cozy Charm. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. OO Owner Occupied A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. How-To Geek is where you turn when you want experts to explain technology. Read our stress-free guide to getting a mortgage. Refinancing is generally done to secure better loan terms, such as a lower interest rate. The "P" represents percent. is part of the U.S. Department of Housing and Urban Development. HTUB Hot Tub All rights reserved. Best for: Buyer's agents looking to separate themselves from the rest of the field. LOI Letter of Intent A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. POR, POR-S Porch/Screened Clbhs Clubhouse Cldsc Cul-de-sac BD Bedroom WDSTV Wood Burn Stove So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. CATH Cathedral ceilings Fpgas Gas Fireplace W/W CRPT Wall To Wall Carpet BKPORCH Back Porch An encumbrance is a limit on how an owner can use real estate. ELE Electric PRQ Parquet I want to receive exclusive email updates from YourDictionary. This means that aproperty is currently on the market and available for sale. What Does "Default" Mean In Real Estate? - Inman SAT Satellite Dish If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Each lending institution sets its own prime rate. BRRRR refinance example. The owners bank must approve a lower listing price before the home can be sold. If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Cent h/a Central Heat&Air 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. 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. BB Real Estate Advertising Abbreviation Meaning - All Acronyms Read more about escalation clauses and making an offer on a home. IRA Individual Retirement Account Real Estate Acronyms By cnyREALTOR A three-page document sent to an applicant three days after they apply for a home loan. Learn more here. 67.211.219.14 2. If youre going to use BB in a platonic way, then you can get away with simply inserting it in a casual text. 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. BB Real Estate Abbreviation. MYOB Mind Your Own Business The. One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. POA Power of Attorney CCR Conditions, Covenants, and Restrictions DBA Doing Business As An origination fee is not a single fee. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Typically, putting away 5% of the rent . WAR Warranty Plan Refund Policy, U.S. KIT, KT Kitchen NONQ Non-Qualifying Keep reading to learn more about this unique abbreviation. PULL Pull-Down Attic Stair SPAC Spacious CRE Commercial Real Estate If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. JTUB Jetted Tub HUD Housing and Urban Development A concrete point at which buying a home makes more financial sense than renting one. A property was withdrawn from the realty market.

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