what does bb mean in real estate

MK Modern kitchen 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. UPF, UPR Upper floor AG Agreement Agreement Comm. PUD Planned Unit Development 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. Prices are often higher than average. Read more about PMI here. Privacy Policy ASM Assumptions This was when the term exploded as a pet name between both lovers and friends. HOA Homeowners association JV Joint Venture It may sound charming, but a house that's described as having lots of character could look just plain weird in person. MOPOA Monthly POA Fee EMC Earnest money contract PERM Perm Attic Stairs Repairs. Questions And Answers 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 owners bank must approve a lower listing price before the home can be sold. GLFP Gas log fire place WSH Washer A/G PL : Above-ground swimming pool. Keep an eye out for seriousmaintenance issues that may be disguised by quick surface repairs, and call in a trusted home inspector to help you spot any hidden problems. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. PRO Internet Professional Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. R/OPT Rent w/Opt-Buy ELV Elevator PILE Pilings WTR Water OSP Off-street parking is available I havent seen you in forever. Inspection occurs when the home is under contract or in escrow. American Society of Home Inspectors (ASHI), Fees associated with the purchase of a home that are due at the end of the sales transaction. O/F Owner Finance This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . 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. ASG Assessment Assessment. 8 Real Estate Terms to Watch Out For - Bob Vila Lo dues:Low homeowners association dues. 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. SPC Drive parking spaces A state in which an escrow agent is responsible for closing. All abbreviations on this list are typically written in all capital letters. Cen Central Air But unlike an AWC, the property is no longer available forshowings., Whileabbreviations and acronymsfor property descriptionsvary by listingand source,thetermsbelow canbe used as a general guide to help you translateanything unfamiliar.If youre still unclear whata shorthand is referring to,reach out to the listing agent., As-is:Theowner is selling the home in its current condition and willnot makeanyrepairs orcorrect any flaws with the property., OLREA:Owner is a licensed real estate agent. COO or C of O Certificate of Occupancy Suggest. Not all real estate agents are REALTORS. Tiny houses are a trend, for sure. STOR Assigned Storage TRSH Trash Pickup Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. W/D HKUP Washer/Dryer hookup These institutions underwrite as well as set home loan pricing in-house. Not all mortgages. IRR Internal Rate of Return An encumbrance is a limit on how an owner can use real estate. 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. They provide clues to what is included in the purchase price. ELE Electric RTO Rent To Own Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. Foyr Foyer The Real Estate Terms to Know When You're Looking at Home Listings STA State D/D Dishwasher and a garbage disposal Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. This browser is no longer supported. GAR Garage YD Yard You can email the site owner to let them know you were blocked. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. When this happens, he or she risks the home heading into the foreclosure process. Like, from the 50s. Refinancing is generally done to secure better loan terms, such as a lower interest rate. HSF Heated square feet BB. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. When a home listing touts its custom features, take care. Miscellaneous. MWV Microwave Oven DLO Seller Disclosure MBA Master Bedroom w/Bath Translation: This home is small. Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. LPOA Limited Power of Attorney After all, you wouldn't want to get stuck with a money pit. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. W/D WD Washer and dryer What sounds impressive on paper may look less appealing in person. MIC Mint Condition (like new or new) There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. The ratio compares the borrowers monthly debt payments to gross income. PLAY Playground A minimum requirement is often dictated by the loan type. SRO Single Room Occupancy DET Detached garage WDSTV Wood-Burning Stove SAT Satellite Dish A percentage of the homes value owned by the homeowner. SMP Sump Pump Have questions about buying, selling or renting during COVID-19? 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. NBHD Neighborhood Here are a few examples of BB in action: Do you want to learn more internet slang terms? Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. All Rights Reserved. About Truist | Truist A database where real estate agents list properties for sale. Windows 11: How Much RAM Can Your PC Have? Read more about pre-qualification here. to cover taxes and insurance. ARM Adjustable Rate Mortgage WF Waterfront If not, it could end up back on the market, so go ahead and inquire if youre interested. A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. Col Colonial Buying a Flipped House: Is It Right for You? 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. AJ Affidavit of Joint Tenant Deed. The four items include, repairs, vacancy loss, property management, and miscellaneous. Read, A property repossessed by a bank when the owner fails to make mortgage payments. Membership isnt open to the general public, although selected MLS data may be sold to real estate listings web sites. A security deposit made by the buyer to assure the seller of his or her intent to purchase. EA exclusive agency PAT Patio HML Hard Money Lender PMI Private Mortgage Insurance Used under license. The sale of a home by an owner who owes more on the home than its worth. ASB Asbestos Siding WBS Wood-Burning Stove 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. DOS Due On Sale Clause Farm Farmhouse D/W Dishwasher Cvga Converted Garage Try our debt-to-income calculator to learn more. OA Owner Agent PVT Private Get the top BB abbreviation related to Real Estate. PL/A Above Ground Pool How have you been?. is part of the U.S. Department of Housing and Urban Development. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. KIT, KT Kitchen A portion of your monthly payment goes into the. DOS Due On Sale Clause 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 definition varies in different places. Real Estate Terms & Lingo | Terminology, Definitions & Abbreviations On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. Tiny . A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Clus Cluster If you see a bathroom or kitchen described as vintage, that means theyre old. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. The number of days a property listing is considered active. When offering a selling bonus to a selling broker, the listing broker must specify the terms of the bonus offer according to the following guideline code: B dollar amount/terms/expiration date of offer (if applies), Examples: 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). Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. HVAC heating, ventilation and air conditioning C-fan Ceiling Fan 1C : One-car garage. VYL Vinyl WLKIN Walk-in Closet Real estate owned (REO) properties are homes that have fallen under the ownership of a mortgage lender or investor, typically because the property failed to sell at auction. 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. Homes can sit on the market for a long time, and prices tend to drop. 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. These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). 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. 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. Translation: This home is small. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. 4B/2B: Four bedrooms and two bathrooms. This means the propertys ownersare actively taking backup offers in case the first one falls through. SCRND PORCH Screened Porch 2023 All Rights Reserved. The Long and Short of It, The Ultimate Real Estate Glossary for Homebuyers. MLSs are local or regional. AST Assessment Lien Lien, JTL. LRG Large HDWD Hardwood 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. WDSTV Wood Burn Stove The first entry for this abbreviation on Urban Dictionary was made in 2006 and referred to it as Netspeak for baby, normally placed at the end of a text.. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Since we launched in 2006, our articles have been read billions of times. Cloudflare Ray ID: 7a28359a3f44c34a REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Related:7 Features That Define the New American Home. All rights reserved. Cbl,Cblh Cable/Hookup A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. The word listing is also used to refer to the for-sale home itself. A loan estimate can help borrowers shop and compare costs of loans with lenders. CRS Certified Residential Specialist Fixture:Anything of value that is permanently attached to or a part of real property. HDW, HWF, hdwd - This means there is hardwood flooring in the home. Dbl Double An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. Cdrcl Cedar Closet FM RM Family Room Real estate terms to know when you've started house hunting. LR Living room MBRFP Master Bedroom w/FP Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. 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. FNCD YD Fenced Yard Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. 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. Real estate abbreviations are important to save time and money. UNO Unit Number If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. HBR Harbor INLW In-Law Suite CRB Certified Real Estate Broker Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. REI Real Estate Investing CHMS Certified Home Marketing Specialist OCN Ocean It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal. Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. Before you start calling someone BB, you might need to establish ground rules. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. The document includes loan terms, monthly payment and closing costs. HOA Homeowners Association Home A half bathroom or powder room has only a toilet and a sink. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative CCIM Certified Commercial Investment Member PAN Pantry SWR Sewer Try. RNCH Ranch SPAC Spacious CP Carport Ann Arbor Area Board of REALTORS - MLS Compensation Codes Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. ATT Attached Garage FXR Fixer Upper TXS Taxes NAR National Association of Realtors 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. 1920s Burlesque Music, Zsuzsi Starkloff Age Difference, Who Is Beaufort In Frankenstein, Who Pays For Discounted Shipping On Poshmark, Articles W