A buyers final inspection of a home before closing. Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records Learn more about down payments here. A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. It is in fact a real word (but that doesn't mean . However, the widespread use of BB started in the 2010s, with the rise of smartphones and chat apps becoming the primary form of communication between teenagers. REF Refrigerator Tiny . CH Central heat Join 425,000 subscribers and get a daily digest of news, geek trivia, and our feature articles. An MLS allows brokers to see one another's listings of. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Learn more about short sales here. MLSs are local or regional. A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. Cap Rate: Defined And Explained | Rocket Mortgage APPLS Appliances For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Clbhs Clubhouse glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. MYOB Mind Your Own Business 67.211.219.14 What Does BB Mean, and How Do I Use It? Learn more about HOAs here. REI Real Estate Investing One loan covers 80% of the homes value, another loan covers 10% to 15% of the homes value, and the buyer contributes the remainder. E Rng Electric Range There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. An encumbrance is a limit on how an owner can use real estate. RELO Relocation office Since many phrases can be shortened to BB, this acronym might refer to other things online. If its back on the market, theres a reason why the original sale fell through. SRO Single Room Occupancy The "P" represents percent. DOS Due On Sale Clause CVAC Central Vacuum This is the escrow period, when both buyer and seller are workingtoward a closing. MRSH Marsh CCR Conditions, Covenants, and Restrictions ATT Attached Garage 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. Keep reading to learn more about this unique abbreviation. CCIM Certified Commercial Investment Member 8 Real Estate Terms to Watch Out For - Bob Vila MBA Master Bedroom w/Bath SHOP Workshop Ann Arbor Area Board of REALTORS - MLS Compensation Codes A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. WHF Whole House Fan Each lending institution sets its own prime rate. They provide clues to what is included in the purchase price. Read, An adjustable-rate mortgage, or ARM, has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remaining loan term. If thats your style, you're in luck. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. GRES Graduate Real Estate Society PULL Pull-Down Attic Stair MSN Masonry WHKP Washer Hookup MIC Mint Condition (like new or new) What Does FS Mean, and How Do You Use It? RELATED: How to Stream U.S. Sports for Free Online. Organizations can include local governments, utility companies, and homeowners associations. BALC Balcony Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. There are also a few other cultural definitions for BB. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. Crprt Carport BKPORCH Back Porch is part of the U.S. Department of Housing and Urban Development. This claim belongs to a third party, who can either be an organization or an individual. APT Apartment MWV Microwave Oven Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. Find mortgage, lien, release, deed, notice of default, conveyance, lis pendens, bankruptcy, and judgment records for land, commercial, and residential real estate throughout the United States, Guam, Puerto Rico, and the U.S. Virgin Islands. Investors will also want to consider the return on investment (ROI), internal rate of return (IRR . HBR Harbor This means that aproperty is currently on the market and available for sale. Related:12 Things Realtors Look For in Homes of Their Own. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. MK Modern kitchen The seller has an agreed-upon contract with the potential buyer. Dr -Dining Room Smart mortgage shoppers apply for at least two loans and use the loan estimates to determine which lender they want to use. A ratio that compares a home buyers expenses to gross income. SHNG Shingle A deed is the legal document that establishes ownership of real property, and is also used to transfer the ownership of real property to another person or entity. If you go on online forums, BB might be shorthand for bulletin board, and themarkup language used on these websites is called BBCode. FDIC Federal Deposit Insurance Corporation NBHD Neighborhood You can use BB to mean basketball, especially in internet communities dedicated to the sport. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). Cvga Converted Garage Try. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. This abbreviation is a shorthand way of showing your affection to your partner. 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. FDR Formal dining room Business 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 minimum requirement is often dictated by the loan type. ATFN Attic Fan In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. POR, POR-S Porch/Screened Your IP: Both words imply motion, but the difference may b. Defenestration. Translation: This home is small. A portion of your monthly payment goes into the. Usually . Learn, Study these real estate terms when youre applying for a mortgage, Real estate terms you might hear when youve had your offer accepted, more about adjustable-rate mortgages here, The 12 Most Popular Vacation Towns for Home Shoppers. 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. What is BB meaning in Real Estate Advertising? PRV, PVCY FENCE Privacy Fence Q POS Available for quick possession Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or title to the buyer. BD Bedroom Banks, savings and loans, and credit unions. SKY Skylights Lock box:Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. NONQ Non-Qualifying Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. The amount of the loan divided by the price of the house. Learn more here. FCRA Fair Credit Reporting Act But if thats not what youre looking for, keep shopping. BB Baseboard Heat 1. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. HDW, HWF, hdwd - This means there is hardwood flooring in the home. CAP Capitalization EIK Eat in kitchen A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. LRG Large HOA Homeowners Association WLKIN Walk-in Closet Not all mortgages carry a prepayment penalty. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Fpgas Gas Fireplace The document includes loan terms, monthly payment and closing costs. 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. LTV loan to value Class A, B, C, D Real Estate: A Guide to Property Class Types PRTL Partial WBS Wood-Burning Stove Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. Privacy Policy 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. Tiny houses are a trend, for sure. Read more about the Buy-Rent Breakeven Horizon here. 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. HW Hot Water The content on this site is not intended to provide legal, financial or real estate advice. 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. REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. VWS, VW, VU View or views Longterm care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. 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). Go now! CRE Commercial Real Estate Cloudflare Ray ID: 7a2835264c3fdd54 Real Estate Abbreviations And Acronyms - U.S. Title Records What is BB meaning in Real Estate? The fascinating story behind . Brkf Breakfast Area If they were not used, the ads for a home could get quite lengthy. Typically, putting away 5% of the rent . MBRFP Master Bedroom w/FP Bonus information may be placed in "Other" field. A concrete point at which buying a home makes more financial sense than renting one. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. SAT Satellite Dish CLTV Combined Loan To Value An encumbrance can create a cloud on the title of a real property. It may also give the breakdown of the number of floors, size of the rooms and their location within the home. W/D Washer/Dryer REO Real Estate Owned SFH Single Family House Allow us to clear things up, by explaining what these things really mean in plain old English. The MLS listing should give the basics about a home: the price, taxes, types of utilities, and square footage. The number of days a property listing is considered active. A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Essentially, "turnkey" means that . Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. PMP Well Pump D/W Dishwasher There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Foyr Foyer Sub2 Subject to existing financing Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. G-RNG Gas Range PILE Pilings CPT Carpet or Carport IGSP In-Ground Sprinkler Zillow, Inc. holds real estate brokerage licenses in multiple states. PMI Private mortgage insurance LR Living room Lastly, in beauty communities, BB refers to beautifying balm, a multi-purpose cream that acts as both a foundation and a moisturizer. Yes! I want to receive exclusive email updates from YourDictionary. Fixtures are a frequent subject of buyer and seller disputes. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. If you see a bathroom or kitchen described as vintage, that means theyre old. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. FSBO For Sale by Owner Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. PWDR RM Powder room or half bath A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. The price of a home, as set by the seller. Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. FMV Fair Market Value A not-for-profit professional association that sets and promotes standards for property inspections. POF Proof of Funds ERS exclusive right to sell RV PRKG RV Parking O/F Owner Finance CAC Central Air Conditioning A home being sold by the owner (FSBO) without a real estate agent isnt a listing.. Click to reveal WTR PD Water paid Copyright 2022 Ann Arbor Area Board of REALTORS. KIT, KT Kitchen This list of real estate investing abbreviations is useful for real estate brokers. An account required by a lender and funded by a buyers mortgage payment to pay the buyers homeowners insurance and property taxes. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used).