Contingent vs. under contract? These contingencies fall away as tasks are completed, saysMelanie Atkinson, a Realtor with Coldwell Banker Residential Real Estate in Tampa, FL. Its customary for the buyer to pay for the lenders title insurance policy. Even though a sale is highly likely, some pending properties may still accept backups. Take a close look at the map before you head out to the hills to determine the listing's proximity to civilization. A fee, charged by a broker or lender, to underwrite and process a home loan application. HRS Horses Allowed W/W CRPT Wall To Wall Carpet He also works as a digital marketer for a regional e-commerce website. MTG Mortgage Miscellaneous. Class A, B, C, D Real Estate: A Guide to Property Class Types Contact Us Real Estate: Definition, Types, How to Invest in It - Investopedia BB Baseboard Heat If they were not used, the ads for a home could get quite lengthy. Brkf Breakfast Area Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Used under license. APT Apartment OFC Office You dont need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. Dk Deck The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). The. 2023 LoveToKnow Media. MAO Maximum Allowable Offer BB. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. GMT Kitchen Gourmet kitchen But the cap rate is not the only metric used to evaluate a real estate investment. Learn more about adjustable-rate mortgages here. 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. Click to reveal Read, A ratio that compares a home buyers expenses to gross income. BB is ubiquitous in modern relationships between young people, where direct messages and chat apps are primary forms of communication. Inspection occurs when the home is under contract or in escrow. P&S Purchase and sale Back Bay + 1 1. CAC Central Air Conditioning 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. 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. DET Detached garage FNCD YD Fenced Yard HVAC heating, ventilation and air conditioning Typically, most consumers mortgage interest rate is going to be higher than the prime rate. 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. The amount of the loan divided by the price of the house. Learn more about homeowners insurance here. U/G SPRK Underground Sprinkler CRE Creative Real Estate A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. Property Records How have you been?. PERM Perm Attic Stairs EMC Earnest money contract 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. Cvga Converted Garage HP Heat Pump C/VAC Central vacuum LTV Loan to Value RELATED: How to Stream U.S. Sports for Free Online. W/D HKUP Washer/Dryer hookup 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. WIN Window/Wall Unit CH Central heat 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. STOR Assigned Storage The Real Estate Commission: How Much Are Realtor Fees? Terms Of Use BLT Built-in Related:18 Big Storage Ideas to Steal from Tiny Homes. 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. The "P" represents percent. A buyers final inspection of a home before closing. 2. DOS Due On Sale Clause 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. GLFP Gas log fire place Det Detached Garage VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization The ratio compares the borrowers monthly debt payments to gross income. CATH Cathedral ceilings HW Hot Water About Truist | Truist A fee charged to borrowers who make a down payment that is less than 20% of the homes value. STR On Street Parking Have questions about buying, selling or renting during COVID-19? WLKIN Walk-in Closet Learn more. Clbhs Clubhouse The ratio compares the borrowers monthly debt payments to gross income. Your IP: POA Power of Attorney REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. W/D Washer/Dryer NAR National Association of Realtors SEC Security System CMA:Comparative market analysis or competitive market analysis. 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. to see how much house you might be able to afford. A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Fha Forced Hot Air Ann Arbor Area Board of REALTORS - MLS Compensation Codes A minimum requirement is often dictated by the loan type. PVT Private So if the home in question isyour dream home, it may be worth offering upa deal that the seller cant refuse. GRNO Ground Maintenance Try. DhkpP Dryer Hookup If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. Before you make an offer, call on an excellent inspector who can clearly explain the home's pain points. An encumbrance is a claim that limits how a property owner can use their property. CREA. OSP Off-street parking is available Keep reading to learn more about this unique abbreviation. BCH Beach Bidding wars are common. Be sure to read the fine print carefully. Learn, One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. It is for information purposes only, and any links provided are for the users convenience. Tiny . 1C : One-car garage. A Short Guide to Real Estate Lingo - realtor.com County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. The sale of a home by an owner who owes more on the home than its worth. SEC SYS Security System 8 Real Estate Designations That Will Actually Make You Money You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. Related:12 Ideas to Steal from Vintage Kitchens. A contingent statusmeans that the seller has accepted an offer and the home is under contract. 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. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. 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. 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. WAR Warranty Plan STA State RV PRKG RV Parking APPLS Appliances Guide To REO Properties And How To Buy Them | Quicken Loans TRAN Transitional Hi ceils - This is an abbreviation for "high ceilings.". 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. LOI Letter of Intent LTV loan to value HTUB Hot Tub POA Power of Attorney These institutions underwrite as well as set home loan pricing in-house. This browser is no longer supported. SRES Senior Real Estate Specialist, Additional Resources: PRQ Parquet WINDT Window Treatment BD Bedroom Real estate is considered real property that includes land and anything permanently attached to it or built on it, whether natural or man-made. One of two debt-to-income ratios that a lender analyzes to determine a borrowers eligibility for a home loan. 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. ATT Attached Garage 1. Loans from private lenders that are regulated and insured by the Federal Housing Administration (FHA). Read more about closing costs here. 4B/2B: Four bedrooms and two bathrooms. So if you adore what you see in thelisting, it certainly canthurt to inquire. CP Carport What Does "BB" Mean, and How Do I Use It? - How-To Geek The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income. These structures can be both above and under the ground. SN Senior FLR Floor Furnace FPLC, FP, FRPLC Fireplace MRSH Marsh Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a homes value. DWF, DWAC Deep Water/Access Dsp Garbage Disposal The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. PAT Patio It is in fact a real word (but that doesn't mean . Zkratka ESG (z anglickho Environmental . DK Deck This website is using a security service to protect itself from online attacks. 7 meanings of BB abbreviation related to Real Estate: Real Estate. ASG Assessment Assessment. FDR/DR Dining room or a formal dining room SHOP Workshop INLW In-Law Suite SMP Sump Pump 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. That could be good news, if you're on a strict budget and are open to purchasing a time-intensive starter house. 3/4 Bath toilet + sink + shower or tub Suggest. BA Bath There are often additional notes with details that don't fit into the standard listing formula. Learn, A government agency created by the National Housing Act of 1934 that insures loans made by private lenders. 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. An encumbrance can create a cloud on the title of a real property. MO Month Homes can sit on the market for a long time, and prices tend to drop. Paying points, which are tax deductible, will lower the monthly mortgage payment. We select and review products independently. PRO Internet Professional Mortgage insurance protects the lender if the borrower defaults on the mortgage loan.
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