Monday, May 02, 2011

Real estate market glossary

I notices the interesting glossary for today's rough-and-tumble real estate market in Mercury News.

  • Buy and bail: An underwater homeowner pays cash for a similar model for much less than he'd paid for his house, then once it closes, walks away from the original house.
  • Underwater: The state of homeowners whose houses are worth less than they owe on them.
  • Cash for keys: What lenders, or real estate agents on their behalf, will offer an underwater homeowner to leave a house voluntarily.
  • Broomswept: The condition many lenders require departing mortgagees to leave their property in if they want "cash for keys."
  • Massaging: What real estate agents often must do to all parties to keep a fragile deal from falling apart.
  • A scrubbed lead: A lead on a buyer that a real estate agent considers has been confirmed as qualified.
  • A trash-out: The process a bank goes through to clean up a property that's been damaged by the outgoing resident.
  • Preservation company: Crews hired to clean up trashed or vandalized bank-owned properties.
  • Hold for rent: When a bank forecloses on a house, then cleans it up and rents it out until the market comes back.
  • A rehab: A house that's not in livable condition and is being sold as-is by the bank.
  • Handyman's special: Realtor code for a place that needs serious repairs.
  • Turnkey: Realtor code for a home ready to move into.

The article name - Bay Area real estate is a market gone crazy and it covers the short-sale business, bogus landlords, mold-slimed foreclosure homes, fake real estate agents, overwhelmed banks and cash low-ballers sucking up investment fixer upper homes at bargain prices in San Francisco Bay Area.

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