what does bb mean in real estateguess ethnicity by photo quiz

Real estate Definition & Meaning - Merriam-Webster You can use BB to mean basketball, especially in internet communities dedicated to the sport. "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 . At Truist, our purpose is to inspire and build better lives and communities. DOS Due On Sale Clause FML Formal The owners bank must approve a lower listing price before the home can be sold. REO Real Estate Owned But the cap rate is not the only metric used to evaluate a real estate investment. Refinancing is generally done to secure better loan terms, such as a lower interest rate. An encumbrance is a claim that limits how a property owner can use their property. GRES Graduate Real Estate Society 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. There are five main categories of real estate. Decoding an MLS Listing - Weichert FDIC Federal Deposit Insurance Corporation Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. TRAN Transitional The Federal Housing Administration is part of the U.S. Department of Housing and Urban Development. Maximum loan amounts can vary by county. Not all mortgages carry a prepayment penalty. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Read, A property repossessed by a bank when the owner fails to make mortgage payments. The line items should look similar to what a borrower sees on their loan estimate when first applying there are limits to how much any fees can change in the time period between application and closing day, so borrowers should review their closing disclosure closely and ask their lender about any changes. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Copyright 2023 Acton Media Inc. All rights reserved. You may want the retreat, but ask yourself if you're truly ready for all it entails. LR with Fplc? glossary of frequently-used mortgage terms, Read our stress-free guide to getting a mortgage, The Ultimate Real Estate Glossary for Homebuyers. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. DTI Debt to Income Ratio A half bathroom or powder room has only a toilet and a sink. How to use real estate in a sentence. BLT Built-in Chn Chain Link Fence So if you adore what you see in thelisting, it certainly canthurt to inquire. PVT Private Real Estate Abbreviations and Commonly Used Acronyms - U.S. Title Records Here are a few examples of BB in action: Do you want to learn more internet slang terms? LR Living room Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. FMR Fair Market Rent One example is a buyers contractual right to obtain a professional home inspection before purchasing the home. OFF Off Street Parking The difference between the two is usually fairly . MBA Master Bedroom w/Bath RNCH Ranch Its customary for the buyer to pay for the lenders title insurance policy. Foyr Foyer CATH Cathedral ceilings SLT Slate BOT Boat Slip LRG Large FHA Federal Housing Administration I want to receive exclusive email updates from YourDictionary. These institutions underwrite as well as set home loan pricing in-house. The action you just performed triggered the security solution. Bulk Bulkhead This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. FDR/DR Dining room or a formal dining room What Is a Short Sale? In the abbreviations, you may see differences in which letters get capitalized and which don't depending on the realtor/publication. How-To Geek is where you turn when you want experts to explain technology. Classifying property is in part about age but should also consider things like affordability, amenities, and livability. O/F Owner Finance Home affordability takes into account your income, down payment, and monthly debts. RVR River Learn, A home loan not guaranteed by a government agency, such as the FHA or the VA. Read, A certain portion of the homes purchase price that a buyer must pay. In many listings, the term is used to describe to an area that's in the process of transition. Not all Northwestern Mutual representatives are advisors. Encumbrance, Defined And Explained | Rocket Mortgage What Does FS Mean, and How Do You Use It? Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. There is no MLS covering the whole country. HD, HDFL Hardwood floors A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur. Click to reveal 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 . Mortgage insurance is usually required on a conventional mortgage loan and the down payment is less than 20 percent of the sale price. That happens through real care to make things better. All abbreviations on this list are typically written in all capital letters. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property. WF Waterfront The meaning of REAL ESTATE is property in buildings and land. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. HUD Department of Housing and Urban Development CFan Ceiling Fan When you purchase through our links we may earn a commission. Related:12 Things Realtors Look For in Homes of Their Own. WHKP Washer Hookup 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. PERM Perm Attic Stairs Check out our explainers on TMI, LFG, and SRSLY and expand your web vocabulary. Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. What Does "BB" Mean, and How Do I Use It? - How-To Geek Dk Deck Real Estate: Definition, Types, How to Invest in It - Investopedia A period of time (typically 30 days or more) after a buyer has made an offer on a home and a seller has accepted. LTV loan to value Read more about origination fees here. Cozy Charm. WDSTV Wood Burn Stove GRI Graduate Realtor Institute There are multiple reasons why homes become REO properties, the biggest one being that the home went into foreclosure. ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas. 4/3 4 bedrooms / 3 bathrooms FEMA Federal Emergency Management Agency Each lending institution sets its own prime rate. And the real estate business is no different. PL -Swimming Pool Get the top BB abbreviation related to Real Estate. A lien is any legal claim upon a property for a debt or a non-monetary interest in the property. PWDR RM Powder room or half bath 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. 27. PMP Well Pump Read, A thorough assessment of a borrowers income, assets and other data to determine a loan amount they would qualify for. FRBO for rent by owner The word listing is also used to refer to the for-sale home itself. During this time, the home is inspected and appraised, and the title is searched for liens, etc. After the set time period your interest rate will change and so will your monthly payment. HDWD Hardwood L/O Lease Option 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. REIA Real Estate Investors Association Closing costs:All of themiscellaneous expenses paid by the buyer and the seller when the real estate deal closes. 2. Click to reveal Read, A prepayment penalty is a fee some lenders may charge if you pay off some or all of your mortgage early. REI Real Estate Investing F/A Ht, FAH Forced Air Heat BB Baseboard Heat But if thats not what youre looking for, keep shopping. MAO Maximum Allowable Offer VWS, VW, VU View or views Homes can sit on the market for a long time, and prices tend to drop. This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. SUN Sun Room REAL ESTATE DEED ABBREVIATONS AND ACRONYMS. During this time, the home is inspected and appraised, and the title searched for liens, etc. These abbreviations are typically written in all capital letters. NNN Triple Net Lease INT Intercom CRB Certified Real Estate Broker Bb. ROI Return On Investment Yes! DCR, DSCR, DSR Debt Service Coverage Ratio 1C, 2C 1 or 2 car Garage ASB Asbestos Siding VYL Vinyl and Canadian Real Estate Association, the national association for Canada. PULL Pull-Down Attic Stair Miscellaneous. PITI Principal, Interest, Taxes, and Insurance Clap Clapboard Siding W/D WD Washer and dryer BB Real Estate Advertising Abbreviation Meaning - All Acronyms CLTV Combined Loan To Value PMI Private Mortgage Insurance W/D HKUP Washer/Dryer hookup BKYD Backyard County real estate and property records abbreviations and acronyms: AD Administrator's Deed Notice. Hi ceils - This is an abbreviation for "high ceilings.". A portion of your monthly payment goes into the. BB Real Estate Abbreviation. W/W CRPT Wall To Wall Carpet A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution. NAT GS HT Natural gas heat Read, 42. The four items include, repairs, vacancy loss, property management, and miscellaneous. MLS Multiple Listing Service All Rights Reserved. If a place is advertised as needing TLC then its likely a bona fide fixer-upper. SPC Drive parking spaces C/VAC Central vacuum HB Half Bath (toilet + sink) The. MTG Mortgage GRM Gross Rent Multiplier HTUB Hot Tub RELATED: What Does "TMI" Mean, and How Do You Use It? WAR Warranty Plan It may sound charming, but a house that's described as having lots of character could look just plain weird in person. Before you jump on a house with a "too good to be true" price, you need to understand how the short sale process works and connect with your real estate agent for more details. Tiny houses are a trend, for sure. OSP Off-street parking is available ARI Articles of Incorporation Notice, certificate. OFC Office Thats why when you read a real estate listing, you may end up scratching your head over a whole bunch of puzzling terms. HI CEIL(S) High ceilings 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. Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). A three-page document sent to an applicant three days after they apply for a home loan. I/O Interest Only (loan) Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. PRO Internet Professional A rehabilitation loan backed by the federal government that permits home buyers to finance money into a mortgage to repair, improve or upgrade a home. Margaret Heidenry is a writer living in Brooklyn, NY. 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. This abbreviation is a shorthand way of showing your affection to your partner. This website is using a security service to protect itself from online attacks. Buyers should budget for an amount that is 2% to 5% of the homes purchase price. Contingent vs. under contract? Abbreviations on the list may have capitalization variations. RELO Relocation office A fee, charged by a broker or lender, to underwrite and process a home loan application. This browser is no longer supported. In fact, there are probably more terms in the housing biz than just about anything short of neurosurgery. Banks, savings and loans, and credit unions. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. WIN Window/Wall Unit CNS Certified Negotiation Specialist He also works as a digital marketer for a regional e-commerce website. AMO Accredited Management Organization Bidding wars are common. All of these abbreviations are commonly used to describe the features of a house or commercial property. 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. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal. A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nations housing markets.

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