- 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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