Real Estate Glossary (A thru Z)

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Fort Lauderdale Real Estate Glossary

Glossary - W

Waiver

The intentional relinquishment or abandonment of a specific claim, privilege, or right.

Weighted average method

a technique for calculating the vacancy rate for a market area by dividing the sum of vacant space by total space in the market.

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.

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.

Work Letter

An amount of money that a landlord agrees to spend on the construction of the interior of a space per the lease, usually negotiated.

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