EMC Earnest money contract JV Joint Venture Crprt Carport When you boil it down to the basics, real estate has a simple meaning. A property repossessed by a bank when the owner fails to make mortgage payments. CRB Certified Real Estate Broker A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home. Fab pentrm:Fabulous pentroom, a room on top of the housebut under the roofthat has great views. RELATED: What Does "TMI" Mean, and How Do You Use It? MBA Master Bedroom w/Bath SMP Sump Pump DOT Deed of Trust BB Real Estate Abbreviation. CCIM Certified Commercial Investment Member REI Real Estate Investing Read more about escalation clauses and making an offer on a home. Windows 11: How Much RAM Can Your PC Have? OSP Off-street parking is available There are four important items that must be included in a buyer's pro forma. Try our debt-to-income calculator to learn more. 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. PULL Pull-Down Attic Stair PRTL Partial Related:The 12 Fall Home Maintenance Tasks You Can't Ignore. SPKLR Sprinkler FAG Forced air gas CFD Contract for Deed Banks, savings and loans, and credit unions. Percentage (P): The first digit being the full percentage point and the second digit being the partial percentage (no decimal is used). An origination fee is not a single fee. The difference between the two is usually fairly . BBbb. REO Real Estate Owned Clbhs Clubhouse 7 meanings of BB abbreviation related to Real Estate: Real Estate. Read, 42. STOR Assigned Storage MWV Microwave Oven 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. How to use real estate in a sentence. CP Carport Buyers should budget for an amount that is 2% to 5% of the homes purchase price. There is no MLS covering the whole country. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. TIL Truth In Lending, A/G PL Above-ground Pool Who doesnt get a thrill while browsing real estate onsites likeZillow or Trulia?Window-shopping for housesonlineis oneof the mostfun partsof the homebuying process. 67.211.219.14 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. Learn more about HOAs here. Cvga Converted Garage GRES Graduate Real Estate Society HW Hot Water BA Bath Crystal R. Usually . Cap rates are calculated by dividing the property's net operating income (NOI) by its property asset value. Related:18 Big Storage Ideas to Steal from Tiny Homes. The governments legal claim against property when the homeowner neglects or fails to pay a tax debt. LFT Loft A concrete point at which buying a home makes more financial sense than renting one. Mortgage insurance protects the lender if the borrower defaults on the mortgage loan. Before you go to a showing, do a little more research to see if the home has a local reputation, so you'll be prepared for any oddities you may encounter. 1 meaning of BB abbreviation related to Real Estate Advertising: Vote. Perhaps the residential block is filled with old or rundown properties, with a few newly renovated homes sprinkled throughout. 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. LLP Limited Liability Partnership Life and disability insurance, annuities, and life insurance with longterm care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM). AG Agreement Agreement Comm. Here are a few examples of BB in action: Do you want to learn more internet slang terms? EA exclusive agency It's anything that can be subject to ownership, except land. What Does FS Mean, and How Do You Use It? Allow us to clear things up, by explaining what these things really mean in plain old English. Conditions written into a home purchase contract that protect the buyer should issues arise with financing, the home inspection, etc. Home Certified Residential Specialist, a designation awarded by the Council of Residential Specialists. POF Proof of Funds 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. This means that even though theres an accepted offer on the home, the seller is looking for backup offers in case the primary buyerfalls through. BB Real Estate Abbreviation. Powered by webmasterWP.com. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. FHA Federal Housing Administration W/D HKUP Washer/Dryer hookup MCOA Min $ on Assumption Look for this accreditation or something similar when shopping for a home inspector. Before you buy, consider what the neighborhood will look like in the long term and if you want to live in a neighborhood that's still in the process of change. 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. 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. To meet client needs, to empower teammates, and to lift up communities. But if thats not what youre looking for, keep shopping. It should return to active soon enough, so its certainly worth piping up if youre smitten. Paying points, which are tax deductible, will lower the monthly mortgage payment. Prime rate is the interest rate charged by a lender to customers who are the least likely to default on their loans. This website is using a security service to protect itself from online attacks. WHKP Washer Hookup Learn more about homeowners insurance here. Our advisors will help to answer your questions and share knowledge you never knew you needed to get you to your next goal, and the next. RELO Relocation office G/A Garage, Attached You might expect an up-and-coming neighborhood to be artsy and hip but that's not always the case. In-law potl:Potential for a separate apartment, subject to local zoning restrictions. Real property is immovable property - its land and anything attached to the land. HWH Hot water heater . An encumbrance is a claim that limits how a property owner can use their property. Organizations can include local governments, utility companies, and homeowners associations. RDR Radiator DOS Due On Sale Clause Expansion potl:Expansion potential mean that theres extra space on the lot or the possibility of adding a room or even an upper levelsubject to local zoning restrictions. Bsmt Basement Maximum loan amounts can vary by county. Most lenders will require title insurance to protect their interests should there be outstanding liens on the property securing their security interest. PRQ Parquet The four items include, repairs, vacancy loss, property management, and miscellaneous. The terms are frequently seen in advertising of bed & breakfast inns for sale: "turnkey," "mostly turnkey," "real estate only," "real estate and good will.". HOA Homeowners Association Individuals could include neighbors or other people who have a right of way. 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. Learn, Private Mortgage Insurance or PMI, is a monthly mortgage insurance premium paid by a borrower for a mortgage insurance policy. The fascinating story behind . Market conditions that exist when homes for sale outnumber buyers. WSH Washer Cer Ceramic Tile All Rights Reserved, Hey bb! Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. UTCL Utility Closet Prices are often higher than average. RV PRKG RV Parking A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. is part of the U.S. Department of Housing and Urban Development. Typically, most consumers mortgage interest rate is going to be higher than the prime rate. INT Intercom REIA Real Estate Investors Association RAD Radiant Heat Copyright 2022 Ann Arbor Area Board of REALTORS. Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues. The price of borrowing money. 4 Misconceptions Buyers and Sellers Have About the Housing Market, 10 Hottest Housing Markets of 2023, and What to Know if Youre Shopping in One, 13 Home-Buying Myths to Unlearn Right Now, 10 Hottest Housing Markets of 2023, and What to Know if You're Shopping in One, Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures. Dont be surprised if you see strange angles, unconventional trim work, and doors that lead to nowhere. Baseboard Heat + 2. Business, Property, Real Estate Advertising. This site provides direct, online public access to all county property records and document images for the United States and U.S. territories. Step 1: Buy a duplex property for $100,000 in a neighborhood where the average home price is $200,000. HUD Housing and Urban Development NOI Net Operating Income Read more about mortgage insurance. Even if the property you are buying has been newly renovated, expect to set aside money every month for repairs and maintenance. Property Records C/VAC Central vacuum PAT Patio Examples of contingencies are home inspections, attorney review, the buyers financing, appraisal, and title search, among other reasons. A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur. Be sure to read the fine print carefully. A property that has come back on the marketafter a pending sale. The ratio compares the borrowers monthly debt payments to gross income. 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. SKY Skylights Not all mortgages carry a prepayment penalty. BLDRS REDO Builders Renovation LTV loan to value to see how much house you might be able to afford. Home affordability takes into account your income, down payment, and monthly debts. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. What Does BB Mean, and How Do I Use It? ELV Elevator These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a 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.