OS X Terminal fn+delete doesn’t work, prints ~

What you're looking for in BASH is equivalant to what is built-in precmd in ZSH. This built-in function would be executed prior to executing a command. A work around is mentioned in https://superuser.com/questions/175799/does-bash-have-a-hook-that-is-run-before-executing-a-command. I hope it gives you a hint of how to solve your problem. The reset has to be called within this function.

I was encountering a 5-second lag (!) between Terminal window creation and receiving a bash prompt. (This was on a fresh install of Mavericks on which I had copied user profiles from another machine.) I removed all the *.asl files in /private/var/log/asl/ as mentioned here, and it completely solved my lag issue. Thanks.