what does bb mean in real estate

HW Hot Water APT Apartment It is in fact a real word (but that doesn't mean . An encumbrance is a limit on how an owner can use real estate. LTV loan to value Maximum loan amounts can vary by county. Sub2 Subject to existing financing Its customary for the buyer to pay for the lenders title insurance policy. 3/4 Bath toilet + sink + shower or tub SUN Sun Room Cen Central Air A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. HP Heat Pump Related:12 Things Realtors Look For in Homes of Their Own. Cont Contemporary A minimum requirement is often dictated by the loan type. SMB Split Master Bedroom Refinancing is generally done to secure better loan terms, such as a lower interest rate. Cdrcl Cedar Closet HOA Homeowners association Read more about PMI here. BLT Built-in Typically, putting away 5% of the rent . CHMS Certified Home Marketing Specialist Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. CRB Certified Real Estate Broker NBHD Neighborhood PL/A Above Ground Pool GAR, GR Garage ATFN Attic Fan A fee, charged by a broker or lender, to underwrite and process a home loan application. PICK Picket Fence How to use real estate in a sentence. Principal, interest, property taxes and homeowners insurance (PITI), A fee charged to borrowers who make a down payment that is less than 20% of the homes value. When a home listing touts its custom features, take care. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). COCR or CCR Cash on Cash Return Back Bay + 1 1. This means the propertys ownersare actively taking backup offers in case the first one falls through. The number of days a property listing is considered active. DEDRS Deed Restrictions PAR Partially Fenced If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. An MLS allows brokers to see one another's listings of. Real estate abbreviations are important to save time and money. Please switch to a supported browser or download one of our Mobile Apps. Brokerage. NYSAR New York State Association of Realtors Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? Miscellaneous. The owners bank must approve a lower listing price before the home can be sold. Copyright 2022 Ann Arbor Area Board of REALTORS. P&S Purchase and sale Canadian Real Estate Association, the national association for Canada. SEC SYS Security System Related:9 Ways Your Neighbors Can Screw Up Your Home Sale. Other internet-specific definitions for BB include bye-bye, a largely defunct acronym that was more common in the early days of the internet. Homes can sit on the market for a long time, and prices tend to drop. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. PILE Pilings 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 home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. HDW, HWF, hdwd - This means there is hardwood flooring in the home. TRC Trash Compactor VWS, VW, VU View or views Real Estate Definition. MYOB Mind Your Own Business MAR Marble Best for: Buyer's agents looking to separate themselves from the rest of the field. GRES Graduate Real Estate Society Even though a sale is highly likely, some pending properties may still accept backups. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. IGSP In-Ground Sprinkler Q POS Available for quick possession Learn more about homeowners insurance here. PVT Private This is the most popular NAR official designation and is relatively easy to get and maintain. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. 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 means that even though theres an accepted offer on the home, the seller is looking for backup offers in case the primary buyerfalls through. 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. PLAY Playground MTG Mortgage DLO Seller Disclosure FDR Formal dining room How have you been?. Tiny . SWR Sewer WIC Walk-in closet, ARV After-Repaired Value 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. SRES Senior Real Estate Specialist, Additional Resources: CRS Certified Residential Specialist 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. MAO Maximum Allowable Offer A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. TEN Tennis Court If you wish to report an issue or seek an accommodation, please let us know. Sort. MLS:Multiple Listing Service. TIL Truth In Lending, A/G PL Above-ground Pool DBA Doing Business As CCIM Certified Commercial Investment Member Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. CRS is a title awarded by the Council of Residential Specialists to only the top real estate agents, managers, and brokers. Learn more about pre-approval here. Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. Bung Bungalow OWN Owner Financing A concrete point at which buying a home makes more financial sense than renting one. Cnl Canal Learn more about short sales here. 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. Powered by webmasterWP.com. MLS multiple listing service Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Normally, a piece of property can be easily classified as either personal property or real property. 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. 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. Bulk Bulkhead FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. Affordability. Home Cozy Charm. SHOP Workshop What is BB meaning in Real Estate Advertising? L/O Lease Option Buying a Flipped House: Is It Right for You? Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. BA Bath WD PNL Wood paneling 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. FPLC, FP, FRPLC Fireplace D/D Dishwasher and a garbage disposal The components of a monthly mortgage payment. Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Try our affordability calculator to see how much house you might be able to afford. A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. It is for information purposes only, and any links provided are for the users convenience. Your IP: OFC Office A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. W/D Washer/Dryer Go now! Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. SFH Single Family House 2/1 2 bedrooms / 1 bathrooms The ratio compares the borrowers monthly debt payments to gross income. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. LRG Large REL Related to Seller Exr Exercise Room Products and services referenced are offered and sold only by appropriately appointed and licensed entities and financial advisors and professionals.

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