walk-through inspection A last-minute inspection of a home performed by the buyer just before close of escrow to ensure that the property is in the same condition as when the contract to buy was signed.
walk-up A two-story apartment building that does not have an elevator.
wall street mortgages Cash advances made by stock brokerage houses secured by liens on real estate equities. Wall street mortgages are junior priority liens.
WAM syn Wraparound mortgage, creative financing, seller’s financing, and all-inclusive note and deed of trust See all-inclusive note and deed of trust.
warehousing loans Grouping mortgages into large blocks for sale in the secondary mortgage market.
waste The deterioration of real property caused by abusive conduct, such as actual physical damage or excessive deferred maintenance. In a mortgage deed of trust, it is customary for the trustor (debtor) to agree not to commit waste during the life of the mortgage, so as to protect the security of the lender. Waste thus becomes a default under the mortgage, and the lender can initiate foreclosure.
weasel clause syn contingency, contingency clause, escape clause, and subject-to clause See contingency.
window lot A subdivision lot of greater value due to its location.
win-win deal A real estate deal in which all parties to the transaction receive a good deal, they"walk away happy." Some real estate players contend that a win-win deal is not a good deal, that the other party always should "walk away unhappy."
without recourse Without liability. When a person endorses a note in such a manner that he does not guarantee its payment, the note is "without recourse." Also, in some real estate transactions, a borrower may sign a note as maker, "without recourse," which forces the creditor to look solely to the collateral for repayment of the loan. Also, a creditor to a limited partnership is "without recourse" to the limited partners. All purchase-money mortgages are without recourse.
woodjatake A hypothetical question, often used by traders to test the likelihood of a suggested transaction or deal. “Woodjatake $50K?”
working capital The sum that a developer needs to begin a project, that is, to acquire the land, to obtain a construction loan, and/or to begin development on a property.
workout An agreement between a real estate lender and owner, essentially waiving strict enforcement of the financing for a period of time enabling the project to become economically feasible.
wraparound mortgage, (WAM) syn all-inclusive note and deed of trust, creative financing, and seller’s financing See all-inclusive note and deed of trust.
written interrogatories See interrogatories.