Col Colonial By submitting your email, you agree to the Terms of Use and Privacy Policy. Call it what you willjargon, shorthand, lingobut every industry, including the real estate world, has its own language, a collection of terms that are essential to understand if you hope to play ball. If you have the money to hire a handyman for every household woe, go ahead. Home affordability takes into account your income, down payment, and monthly debts. POR, POR-S Porch/Screened ELV Elevator 1C : One-car garage. P&S Purchase and sale NONQ Non-Qualifying Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. 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). Get the top BB abbreviation related to Real Estate. The meaning of REAL ESTATE is property in buildings and land. Check out our glossary of frequently-used mortgage terms. PERM Perm Attic Stairs DBA Doing Business As 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. POA Power of Attorney A fee, charged by a broker or lender, to underwrite and process a home loan application. HSF Heated square feet IRA Individual Retirement Account INGRD PL pool in ground pool Read more about origination fees here. AG Agreement Agreement Comm. DOT Deed of Trust PAT Patio This abbreviation is a shorthand way of showing your affection to your partner. HW Hot Water Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. The "P" represents percent. Each lending institution sets its own prime rate. There are four important items that must be included in a buyer's pro forma. Best for: Buyer's agents looking to separate themselves from the rest of the field. Click to reveal Bonus information may be placed in "Other" field. Det Detached Garage What Is a Short Sale? This is the most popular NAR official designation and is relatively easy to get and maintain. Title insurance:An insurance policy that protects a lenders or owners interest in real property from assorted types of unexpected or fraudulent claims of ownership. If you wish to report an issue or seek an accommodation, please let us know. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. EMC Earnest money contract FSBO For Sale By Owner The components of a monthly mortgage payment. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. It's anything that can be subject to ownership, except land. FFE furniture, fixture, and equipment 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. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. BB Real Estate Abbreviation. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. How have you been?. Allow us to clear things up, by explaining what these things really mean in plain old English. If they were not used, the ads for a home could get quite lengthy. DK Deck 4B/2B: Four bedrooms and two bathrooms. RNCH Ranch Fees associated with the purchase of a home that are due at the end of the sales transaction. These abbreviations are typically written in all capital letters. Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. When you boil it down to the basics, real estate has a simple meaning. What is BB meaning in Real Estate? 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. Related:7 Features That Define the New American Home. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. 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. LTV loan to value As-is : The owner is selling the home in its current condition and will not make any repairs or correct any flaws with the property. Prices are often higher than average. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization A/C Air Conditioning ATT Attached Garage CNS Certified Negotiation Specialist You can email the site owner to let them know you were blocked. ASG Assessment Assessment. Performance & security by Cloudflare. FNCD YD Fenced Yard Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. BRRRR refinance example. These structures can be both above and under the ground. 4B/2B:Four bedrooms and two bathrooms. Before you start calling someone BB, you might need to establish ground rules. Learn more about short sales here. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. It is for information purposes only, and any links provided are for the users convenience. Read, A ratio that compares a home buyers expenses to gross income. FHA Federal Housing Administration INLW In-Law Suite SCRND PORCH Screened Porch Brk Brick EA exclusive agency BR Bedroom PCF Price to Cash Flow (ratio) Ann Arbor Area Board of REALTORS1919 W. Stadium Blvd., Ann Arbor, MI 48103(734) 761-7340. WAR Warranty Plan Try. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. If you have made your required monthly payments, at the end of the loan term (e.g., 15 or 30 year mortgage), you will own your home. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. SKY Skylights 3/4 Bath toilet + sink + shower or tub GAROP Garage Door Opener 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. 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. Buying a Flipped House: Is It Right for You? FRBO for rent by owner Crk Creek CPM Certified Property Manager MLSs are local or regional. CLTV Combined Loan To Value FHA Federal Housing Administration Personal property is movable property. Miscellaneous. MCOA Min $ on Assumption 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. Articles may contain affiliate links which enable us to share in the revenue of any purchases made. Powered by webmasterWP.com. AMO Accredited Management Organization This was when the term exploded as a pet name between both lovers and friends. BLT Built-in FLR Floor Furnace Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Fixtures are a frequent subject of buyer and seller disputes. APPLS Appliances Even though a sale is highly likely, some pending properties may still accept backups. The action you just performed triggered the security solution. Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. How-To Geek is where you turn when you want experts to explain technology. Read, A property repossessed by a bank when the owner fails to make mortgage payments. A certain portion of the homes purchase price that a buyer must pay. GRT RM Great room LR with Fplc? What Does BB Mean, and How Do I Use It? ASB Asbestos Siding Since many phrases can be shortened to BB, this acronym might refer to other things online. FSBO For Sale by Owner WDSTV Wood Burn Stove FR Family room FXR Fixer Upper Dk Deck Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Individuals could include neighbors or other people who have a right of way. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. Back Bay + 1 1. Be sure to read the fine print carefully. OSP Off-street parking is available 147.189.141.138 MBRFP Master Bedroom w/FP A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets. C/VAC Central vacuum A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. A three-quarter bathroom has a toilet, a sink and a shower. This website is using a security service to protect itself from online attacks. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Learn more. DLO Seller Disclosure Accredited Buyer's Representative (ABR ) Becoming an Accredited Buyer's Representative might be the edge you need in a crowded market. 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. DhkpP Dryer Hookup Dry Clothes Dryer DOS Due On Sale Clause ELE Electric AST Assessment Lien Lien, JTL. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . What sounds impressive on paper may look less appealing in person. Suggest. Home affordability takes into account your income, down payment, and monthly debts. If your offer is accepted as a backup, youre in line to go under contract if the first sale falls through. The fascinating story behind . STR On Street Parking PILE Pilings The four items include, repairs, vacancy loss, property management, and miscellaneous. The document includes loan terms, monthly payment and closing costs. The property is sold and no longer available. is part of the U.S. Department of Housing and Urban Development. GRI Graduate Realtor Institute A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for.
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