In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. NONQ Non-Qualifying The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. MAR Marble SFR Single Family Residence The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. Back Bay + 1 1. One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. A ratio that compares a home buyers expenses to gross income. Learn, A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. PILE Pilings OSP Off-street parking is available I want to receive exclusive email updates from YourDictionary. BA Bath A fee charged to borrowers who make a down payment that is less than 20% of the homes value. There are five main categories of real estate. A full bathroom is a room with a toilet, a sink and a bathtub. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . After the set time period your interest rate will change and so will your monthly payment. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. What Do All Those Real Estate Listing Terms Really Mean? Brk Brick Chn Chain Link Fence 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. CAP Capitalization GRI Graduate REALTOR Institute 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. 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. 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. Read, A ratio that compares a home buyers expenses to gross income. Your IP: If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. PRV, PVCY FENCE Privacy Fence Zkratka ESG (z anglickho Environmental . FHA Federal Housing Administration BA; BTH : Bathroom. BR Bedroom BBbb. CNS Certified Negotiation Specialist Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Market conditions that exist when buyers outnumber homes for sale. GLFP Gas log fire place Performance & security by Cloudflare. A database where real estate agents list properties for sale. The number of days a property listing is considered active. Sometimesa property will continue to be shown when it is contingent, and the seller may entertaina backup offer. OA Owner Agent A CMA is a report that shows prices of homes comparable to a subject home and that were recently sold, are currently on the market or were on the market but not sold within the listing period. EA exclusive agency BB. Dsp Garbage Disposal Look for this accreditation or something similar when shopping for a home inspector. C/VAC Central vacuum TOWN Town House VYL Vinyl 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. Anne Miller lives in New York and writes real estate news and advice stories. 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. Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. CRE Commercial Real Estate HIST Historical District These structures can be both above and under the ground. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Normally, a piece of property can be easily classified as either personal property or real property. MYOB Mind Your Own Business CMA Comparative Market Analysis This website is using a security service to protect itself from online attacks. Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. MWV Microwave Oven Related:10 Signs That Fixer-Upper Might Be a Money Pit. That happens through real care to make things better. FMR Fair Market Rent Since we launched in 2006, our articles have been read billions of times. FIN LL Finished lower level Bulk Bulkhead Privacy Policy The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". Even though a sale is highly likely, some pending properties may still accept backups. CAC Central Air Conditioning This was when the term exploded as a pet name between both lovers and friends. What Does "BB" Mean, and How Do I Use It? - How-To Geek RTO Rent To Own Lo dues:Low homeowners association dues. Real Estate Terms - B&B Team F/BSMT Fully finished basement You can use BB to mean basketball, especially in internet communities dedicated to the sport. PUD Planned Unit Development MIC Mint Condition (like new or new) LRG Large FHA Federal Housing Administration Zillow, Inc. holds real estate brokerage licenses in multiple states. If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. CFD Contract for Deed WF Waterfront ASM Assumptions 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. 1C, 2C 1 or 2 car Garage The document includes loan terms, monthly payment and closing costs. Usually, the realtor's website will give a good description without the real estate abbreviations. And the real estate business is no different. ERS exclusive right to sell Organizations can include local governments, utility companies, and homeowners associations. No purchase is necessary to view U.S. Encumbrance In Real Estate: Defined & Explained - FortuneBuilders Cdrcl Cedar Closet HD, HDFL Hardwood floors GLF Golf Course FNCD YD Fenced Yard What Does FS Mean, and How Do You Use It? A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). 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. LTV Loan to Value Real estate agents and other real estate professionals often need to have specific certifications and may work with or belong to different associations or groups. FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation BKYD Backyard During this time, the home is inspected and appraised, and the title is searched for liens, etc. Crwl Crawl Space 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. What is BB meaning in Real Estate? Are You Confused With These Real Estate Abbreviations? FDR/DR Dining room or a formal dining room GRES Graduate Real Estate Society HDW, HWF, hdwd - This means there is hardwood flooring in the 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. LLC Limited Liability Company When you boil it down to the basics, real estate has a simple meaning. DWF, DWAC Deep Water/Access Cap rates can provide valuable insight into a property. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. Sort. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Our belief in better is at the core of everything that we do, every day. Title Records posts and articles. Not all mortgages. Learn more about pre-approval here. Buying a Flipped House: Is It Right for You? Dry Clothes Dryer Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. MEIK Modern eat-in kitchen Mstr Master bed room Go now! You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. Rozhodli jsme se proto, sepsat tento krtk lnek, kter by pomohl ke sprvnmu pochopen, co to ESG je, a co pro obchodn vztahy znamen. The owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Its customary for the buyer to pay for the lenders title insurance policy. What sounds impressive on paper may look less appealing in person. Copyright 2023 Acton Media Inc. All rights reserved. Refinancing is generally done to secure better loan terms, such as a lower interest rate. Read more about escalation clauses and making an offer on a home. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. It's anything that can be subject to ownership, except land. LFT Loft FFBR First Floor Bedroom This website is using a security service to protect itself from online attacks. MCOA Min $ on Assumption Guide To REO Properties And How To Buy Them | Quicken Loans BB Baseboard Heat CRB Certified Real Estate Broker Bung Bungalow Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Zillow (Canada), Inc. holds real estate brokerage licenses in multiple provinces. 442-H New York Standard Operating Procedures New York Fair Housing NoticeTREC: Information about brokerage services, Consumer protection noticeCalifornia DRE #1522444Contact Zillow, Inc. FMV Fair Market Value CDS Cul de sac 2. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. A house located in a quiet location may be slightly off the beaten trackor, it may be out-and-out secluded. MTG Mortgage PGS Propane APPLS Appliances These abbreviations are typically written in all capital letters. Usually . PRQ Parquet All abbreviations on this list are typically written in all capital letters. NOO Non-Owner Occupied FEMA Federal Emergency Management Agency CCIM Certified Commercial Investment Member CPT Carpet or Carport 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.. 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 COO or C of O Certificate of Occupancy All rights reserved. POR, POR-S Porch/Screened CLTV Combined Loan To Value 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. VWS, VW, VU View or views 7 meanings of BB abbreviation related to Real Estate: Real Estate. PAT Patio How have you been?. 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. Learn more here. Disclosure: BobVila.com participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for publishers to earn fees by linking to Amazon.com and affiliated sites. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. Fp, Fpl, Fplc Fireplace HDWD Hardwood County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. MLS Multiple Listing Service A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. A contingent statusmeans that the seller has accepted an offer and the home is under contract. The sale of a home by an owner who owes more on the home than its worth. I/O Interest Only (loan) Tiny houses are a trend, for sure. P&S Purchase and sale LR Living room Exr Exercise Room GNMA Ginnie Mae or Government National Mortgage Association REIA Real Estate Investors Association 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. LOC Line of Credit Suggest. A Short Guide to Real Estate Lingo - realtor.com 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. PLAY Playground SPC Drive parking spaces Cap Rate: Defined And Explained | Rocket Mortgage An encumbrance can create a cloud on the title of a real property. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. BCH Beach PRO Internet Professional The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). SWR Sewer 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. A fee, charged by a broker or lender, to underwrite and process a home loan application.