Usually . FSBO For Sale by Owner PAT Patio Q POS Available for quick possession BALC Balcony The Mission of the Ann Arbor Area Board of REALTORS:To strengthen our REALTOR community through advocacy, collaboration,education, innovation and civic engagement. An encumbrance is a limit on how an owner can use real estate. Read, A property repossessed by a bank when the owner fails to make mortgage payments. An MLS allows brokers to see one another's listings of. Canadian Real Estate Association, the national association for Canada. POF Proof of Funds A/C Air Conditioning Read more about back-end ratio here. 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. 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. The price of borrowing money. You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. NAT GS HT Natural gas heat 4B/2B: Four bedrooms and two bathrooms. All Rights Reserved. Performance & security by Cloudflare. HUD Department of Housing and Urban Development The most credit-worthy customers (mainly large corporations), receive the best or lowest rate that the lender would offer any of its customers. Maximum loan amounts can vary by county. But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. A not-for-profit professional association that sets and promotes standards for property inspections. 4/3/2 4 bedroom / 3 bath / 2 car garage, ABR Accredited Buyer Representative Each lending institution sets its own prime rate. Hi ceils - This is an abbreviation for "high ceilings.". Dollar (D): If a set dollar figure is offered instead of percentage, use the "D" to represent the dollar figure being offered as commission. Miscellaneous. STR On Street Parking SWR Sewer BB Real Estate Abbreviation. This is the most popular NAR official designation and is relatively easy to get and maintain. TRC Trash Compactor Care starts with culture. 1C : One-car garage. HBR Harbor Fixtures are a frequent subject of buyer and seller disputes. SFH Single Family House POA Power of Attorney FAG Forced air gas Title Records Corp.160 Greentree DriveDover, DE 199041-302-269-3942office@ustitlerecords.com, #ustitlerecords #ustitlerecords #ustitlerecords. Each lending institution sets its own prime rate. A "default" occurs when a borrower does not make his or her mortgage loan payment and falls behind. VA Department of Veterans Affairs / Veterans Administration, AMORT Amortization Bsmt Basement What is BB meaning in Real Estate Advertising? HDWD Hardwood Its a set of lender-specific fees that are part of your costs when closing a mortgage loan. SCRND PORCH Screened Porch When you boil it down to the basics, real estate has a simple meaning. A database where real estate agents list properties for sale. WAR Warranty Plan This claim is brought up by a party who is not the owner and restricts what an owner can do with the property. OWN Owner Financing UNO Unit Number FIN LL Finished lower level Example: P30 (3% offered) Click to reveal Paying points, which are tax deductible, will lower the monthly mortgage payment. EA exclusive agency Vann Vicente has been a technology writer for four years, with a focus on explainers geared towards average consumers. After all, you wouldn't want to get stuck with a money pit. On online spaces with younger users, BB might also stand for bad b****, a term of endearment for women with a dominating personality. FR Family room All of these abbreviations are commonly used to describe the features of a house or commercial property. After all, custom upgrades (like any decor choice) reflect the taste of the previous owner, and may or may not be to your taste. DBA Doing Business As Learn, Repayment of a mortgage over the loan term through regular monthly installments of principal and interest, based on an amortization schedule. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Read more about origination fees here. PRTL Partial That doesnt mean that its a done deal by any means, however (more on that next). MTG Mortgage G/A Garage, Attached Actv Active Read our stress-free guide to getting a mortgage. Prepaid interest owed at closing, with one point representing 1% of the loan. Copyright 2022 Ann Arbor Area Board of REALTORS. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication. A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate does not change. The CRS designation indicates a triple threat - on average, these agents have been in business three times longer, have three times the amount of transactions, and generate three times more sales revenue than the average . REIA Real Estate Investors Association Read more about pre-qualification here. 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. PLAY Playground HP Heat Pump 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. There are also a few other cultural definitions for BB. A home loan not guaranteed by a government agency, such as the FHA or the VA. Read more about conventional loans here. 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. MBA Master Bedroom w/Bath Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Learn more about refinancing here. DLO Seller Disclosure If a place is advertised as needing TLC then its likely a bona fide fixer-upper. The propertylisting with the agent has expired and is no longer active, usually because it didnt sell, says Matthews. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Oftentimes, a seller will take a property off the market while they make home repairs or improvements., Under contract (UC):This statusalsoindicates thattheseller has acceptedan offer from a buyer, but the sale has not yet been completed. The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). AJ Affidavit of Joint Tenant Deed. 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 . If its back on the market, theres a reason why the original sale fell through. A portion of your monthly payment goes into the escrow account to cover taxes and insurance. One who originates, sells, and services mortgage loans and resells them to secondary mortgage lenders such as Fannie Mae or Freddie Mac. I/O Interest Only (loan) 2/1 2 bedrooms / 1 bathrooms You can also use BB as a platonic but affectionate nickname for a friend, especially if you have a strong and established friendship. R/OPT Rent w/Opt-Buy Learn more about foreclosure here. CREA. Fees associated with the purchase of a home that are due at the end of the sales transaction. But the cap rate is not the only metric used to evaluate a real estate investment. 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. CATH Cathedral ceilings FSBO For Sale by Owner Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). 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. SHOP Workshop I want to receive exclusive email updates from YourDictionary. MULTI 3+ Car Garage PILE Pilings During this time, the home is inspected and appraised, and the title is searched for liens, etc. What Does BB Mean, and How Do I Use It? Learn more about short sales here. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. This is a statement a borrower will receive from their lender at least three days before closing on a home. What sounds impressive on paper may look less appealing in person. These structures can be both above and under the ground. FHA Federal Housing Administration HI CEIL(S) High ceilings HIST Historical District FSBO For Sale By Owner 4B/2B:Four bedrooms and two bathrooms. I havent seen you in forever. ASB Asbestos Siding 7 meanings of BB abbreviation related to Real Estate: Real Estate. At Truist, our purpose is to inspire and build better lives and communities. BOT Boat Slip is part of the U.S. Department of Housing and Urban Development. Foyr Foyer It may have received offers, but none have yet been accepted, which means that the opportunity is wide open. The difference between the two is usually fairly . The Compensation is entered in the Compensation Code fields of BB (Buyer's Broker), SU (SubAgent), and/or TR (Transaction Coordinator). OFC Office Translation: This home is small. Windows 11: How Much RAM Can Your PC Have? 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. Zillow, Inc. holds real estate brokerage licenses in multiple states. The action you just performed triggered the security solution. If its someone youre romantically interested in, you have to be in a relationship with them or in the process of courting them. What Is a Short Sale? Affordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. NBHD Neighborhood 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. LTV Loan to Value Commonly Used Real Estate Abbreviations and Acronyms for compiled and available to the public. Dr -Dining Room Normally, a piece of property can be easily classified as either personal property or real property. PL -Swimming Pool IRR Internal Rate of Return These abbreviations are typically written in all capital letters.
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