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| RE/MAX
Valley Real Estate
Phone: (330) 629 - 9200 |
| - (WABOR) Warren Area Board of REALTORS®
- Founded in 1917 and serving approximately 325 REALTOR® and nearly 60 Affiliate Member companies. WABOR is one of approximately 53 local Boards of REALTORS® in the state of Ohio.
- 345 High St. N.E., Warren, Ohio 44481. 330-394-4001.
- walk-through
- In real estate, a walk-through (often called a 'final walk-through' or 'pre-settlement walk-through') is a review of the property, performed by a real estate agent and his/her clients immediately prior to closing to determine that a property's’ current condition is the same as the condition of the property when the contract was made. As a buyer, the final walk-through should be made a contingency in your offer-to-purchase.
- See ► Real Estate Guide: Buyers/Offers -
- warranty
- 1.) In consumer transactions, a warranty is a promise that an article or service sold is as factually stated or legally implied by the seller. A warranty often provides for a specific remedy such as repair or replacement in the event the article or service fails to meet the warranty. A breach of warranty occurs when the promise is broken, i.e., a product is defective or not as should be expected by a reasonable buyer.
2.) In business and legal transactions, a warranty is an assurance by one party to the other party that certain facts or conditions are true or will happen. The second party is permitted to rely on that promise and seek some type of remedy if it is not true or followed. 3.) In real estate transactions, a warranty deed is a promise that the buyer's title to a parcel of land will be defended and is usually backed with some form of title insurance. See also ► Home Warranty - 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.
See also ► -
- Mortgage Tools and Calculators -
- Sellers -
- what-if scenario
- A change in the amounts that is used as the basis of an affordability analysis. You can use a what-if scenario to explore different ways to improve your ability to afford a house.
- See ► What If? Analysis
- workout
- Also called restructure. An alternative to foreclosure. Can include loan modification, short sales or forbearance.
- See ► Real Estate Guide: Owning Your Home/Foreclosure -
- wraparound mortgage
- A wrap-around mortgage is a kind of second mortgage in which the buyer (who takes out the second) also takes on the interest and principal payments of the first. In a wrap-around mortgage, the lender and seller are usually one and the same, and the seller profits from the higher interest rate that the buyer pays on the new mortgage. The wrap-around mortgage is a risky option if the seller's mortgage contains a due on sale provision and must be paid in full at the time of the sale.
See >> Real Estate Guide: Mortgages -
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