what does bb mean in real estate

You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. REF Refrigerator Contingency:A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. GLFP Gas log fire place CAC Central Air Conditioning BA Bathroom Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. PITI Principal, Interest, Taxes and Insurance Used under license. MLS Multiple Listing Service HB Half Bath (toilet + sink) OFC Office SRO Single Room Occupancy After the set time period your interest rate will change and so will your monthly payment. DLO Seller Disclosure If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Keep this five-part guide handy youll be fluent in the language of home buying before you know it. Usually . What Is a Short Sale? 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 Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. Related:12 Things Realtors Look For in Homes of Their Own. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. Go now! to cover taxes and insurance. Those real estate terms and definitions should give you a good start when it comes to understanding your real estate agent and the listings they . If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. REO Real Estate Owned The fascinating story behind . In many listings, the term is used to describe to an area that's in the process of transition. The act of paying off one loan by obtaining another. A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . 1 /8. CAP Capitalization The four items include, repairs, vacancy loss, property management, and miscellaneous. Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. FDIC Federal Deposit Insurance Corporation MSN Masonry Cloudflare Ray ID: 7a2835264c3fdd54 Privacy Policy. 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. If you wish to report an issue or seek an accommodation, please let us know. Sub2 Subject to existing financing PRQ Parquet The "P" represents percent. FSBO For Sale By Owner If your mortgage doesnt have an escrow account, you may pay the property-related expenses directly. Read, A property repossessed by a bank when the owner fails to make mortgage payments. Banks, savings and loans, and credit unions. Try our debt-to-income calculator to learn more. The Real Estate Commission: How Much Are Realtor Fees? If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. AC Acre 1. Contact Us They charge dues used to maintain common areas. CRT. HBR Harbor Crystal R. CPM Certified Property Manager How have you been?. FHA Federal Housing Administration GNMA Ginnie Mae or Government National Mortgage Association AG Agreement Agreement Comm. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). 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 buyers final inspection of a home before closing. 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. *Based on Northwestern Mutual internal data, not applicable exclusively to disability insurance products. The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. All Rights Reserved, Hey bb! UTLVL Utility Room Level F/A Ht, FAH Forced Air Heat This website is using a security service to protect itself from online attacks. Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. These abbreviations are typically written in all capital letters. Related:7 Features That Define the New American Home. So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. TRAN Transitional Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Imagine you're leasing a 1,000-square-foot office space with a base rental rate of. Essentially, "turnkey" means that . A property repossessed by a bank when the owner fails to make mortgage payments. Related:12 Ideas to Steal from Vintage Kitchens. A lien is a security interest that can give a creditor the right to take possession of a property secured by a loan, such as a mortgage, when the borrower defaults on the loan obligations. MAO Maximum Allowable Offer Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Cozy Charm. Prospective purchasers of an inn need to know exactly what they mean. F/BSMT Fully finished basement WAR Warranty Plan HD, HDFL Hardwood floors REL Related to Seller Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. DOS Due On Sale Clause Cap rates can provide valuable insight into a property. Your IP: Dbl Double Each lending institution sets its own prime rate. 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. Cen Central Air FRBO for rent by owner 4B/2B: Four bedrooms and two bathrooms. 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. Learn more about short sales here. Not all Northwestern Mutual representatives are advisors. CCIM Certified Commercial Investment Member If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. Read our stress-free guide to getting a mortgage. D/W Dishwasher Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. Copyright 2022 Ann Arbor Area Board of REALTORS. 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. PL/A Above Ground Pool The amount of the loan divided by the price of the house. Dsp Garbage Disposal These structures can be both above and under the ground. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. 2023 All Rights Reserved. Investment advisory and trust services are offered through Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee, WI, a subsidiary of NM and a federal savings bank. The ratio compares the borrowers monthly debt payments to gross income. Paying points, which are tax deductible, will lower the monthly mortgage payment. FSBO For Sale by Owner BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. During this time, the home is inspected and appraised, and the title searched for liens, etc. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. SCRND PORCH Screened Porch A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. Learn more about HOAs here. Example: P30 (3% offered) It's a piece of land and the property - such as a house, office building, apartment, strip center or warehouse - that sits on it. Bb. AC or A/C Air conditioning Related:18 Big Storage Ideas to Steal from Tiny Homes. NNN Triple Net Lease This claim belongs to a third party, who can either be an organization or an individual. HI CEIL(S) High ceilings Since we launched in 2006, our articles have been read billions of times. This type of limit can also allow the property buyer to back out of the sale and possibly seek damages in . MLS:Multiple Listing Service. GMT Kitchen Gourmet kitchen DCR, DSCR, DSR Debt Service Coverage Ratio Have questions about your home financingpaperwork? Translation: This home is small. REALTOR:Areal estate broker or sales associate who is a member of the National Association of REALTORS. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. OP Occupancy Permit Updated from an earlier version on realtor.com. Be sure to read the fine print carefully. 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. MO Month If thats your style, you're in luck. Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. Only those representatives with Advisor in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. Reading real estate advertising acronyms can sometimes feel like trying to parse ancient Greek: EIL with a W/D? UNO Unit Number A security deposit made by the buyer to assure the seller of his or her intent to purchase. BB Real Estate Abbreviation. GRMET KIT, GRMT KIT Gourmet kitchen CH Central heat NAR National Association of Realtors ARI Articles of Incorporation Notice, certificate. Property Records INGRD PL pool in ground pool It should return to active soon enough, so its certainly worth piping up if youre smitten. 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. WINDT Window Treatment Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. RTO Rent to Own F-bmt Finished Basement Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. 1. These abbreviations are typically written in all capital letters. Read, A ratio that compares a home buyers expenses to gross income. SWR Sewer CDS Cul de sac A concrete point at which buying a home makes more financial sense than renting one. CHMS Certified Home Marketing Specialist TRC Trash Compactor Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. It's anything that can be subject to ownership, except land. GARB Garbage Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. TIL Truth In Lending, A/G PL Above-ground Pool But if thats not what youre looking for, keep shopping. Market conditions that exist when homes for sale outnumber buyers. This abbreviation is a shorthand way of showing your affection to your partner. 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. Questions And Answers Like, from the 50s. When you purchase through our links we may earn a commission. GRNO Ground Maintenance Since many phrases can be shortened to BB, this acronym might refer to other things online. A/G PL : Above-ground swimming pool. Learn more about foreclosure here. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. The status will show as pending until the closing. ELV Elevator A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. Refund Policy, U.S. 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. HDW, HWF, hdwd - This means there is hardwood flooring in the home. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. Maximum loan amounts can vary by county. There are also a few other cultural definitions for BB. In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. Care starts with culture. JTUB Jetted Tub Articles may contain affiliate links which enable us to share in the revenue of any purchases made. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. You can email the site owner to let them know you were blocked.

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