Real Estate Glossary – W

Waiver – The voluntary surrender or renunciation of a claim, right or privilege.

Warehouse Fee – A closing-cost fee showing the lender’s cost of holding a borrower’s loan before they sell it on the secondary mortgage market.

Warranty Deed – A deed that has a covenant that; the grantor will protect the grantee against any and all claims. It usually contains covenants ensuring good title, freedom from liens and encumbrances, and quiet enjoyment.

What-If Analysis – An affordability analysis that is based on a what-if scenario. A what-if analysis is useful if you do not have complete data or if you want to explore the effect of various changes to your income, liabilities, or available funds or to the qualifying ratios or down payment expenses that are used in the analysis.

What-If Scenario – A change in the amounts that is used as the basis of an affordability analysis. A what-if scenario can include changes to monthly income, debts, or down payment funds or to the qualifying ratios or down payment expenses that are used in the analysis. You can use a what-if scenario to explore different ways to improve your ability to afford a house.

Wholesale – To put a property under contract with the intention of reselling it quickly for a profit.

Wild Deed – A deed improperly recorded.

Without Recourse – Words used in endorsing a note to waive personal liability of the debtor in repayment of the note(repossession of the asset the loan is against is the only recourse).

Wraparound Mortgage – A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.

Writ of Execution -Â A court order that authorizes and directs an officer of the court (usually a sheriff) to carry out the judgment or decree of the court.