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News: Buy Home; Get a Free Corvette ;)
;)
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13 Comments on FREE Corvette with purchase of home!
we offered a free new F250 and horse trailer with a horse farm I was selling. Unforrtuantely, it still didn't sell ;-( But did get lots of attention!
Wow!
You get a free Corvette, isn't that over a $50,000.00 concession?
So you start out paying at least $50,000.00 to much!
Then unless you play games and commit fraud with the lender you'll have to put an extra $50,000.00! While nominal real property is not held against the buyer, for$50,000.00 to be nominal takes a mighty big purchase!
Change you pitich! Consumers go upside doun for cars all the time. Buy a $400.000.00 Corvette and we'll through in a house.
Just don't tell anyone that eather the $350,000.00 house or the $50,00.00 Vett is worth $400,000.00!
I'll bet this is contingent upon financing by the builders in house lender.
Bill
How about a free kitten or puppy with your new home!
:)
This is a bad idea. You are promoting this expensive depreciating asset for someone to buy a home. This is exactly the mindset that got people in trouble in the first place. I know the car is free, but the concept is the same.
This is actually a big issue when you apply for a mortgage. It is a sales concession that will directly reduce the price of the home. We saw things like this in the late 80's/early 90's, so it is not new.
At issue: 400,000 home, you get a free car. If the car is worth $40,000 you are really buying the house for $360,000. This WILL change the LTV. It is just a gimmic that doesnt work and will only cause problems. Price the house right and it will sell, Steer away from the Gimmic.
Several years ago we started seeing homes with deep-water access including a boat with the sale of the home. It did get a lot of attention, but I think most buyers would rather have that $$ off the purchase price instead.
UPDATE: I understand that you will have to deduct the value of the car to come up with the value of the house for the appraiser and certain types of loans and I am not condoning lying on your mortgage application. My intent was to show what some home sellers will consider doing to get the house to sell. This is a tough market and I thought they were being creative. If you view the video, this is not a BRAND NEW corvette and I am not the listing agent. I would hope that the listing agent already counseled the seller about pricing the house to sell.
UPDATE: I understand that you will have to deduct the value of the car to come up with the value of the house for the appraiser and certain types of loans and I am not condoning lying on your mortgage application. My intent was to show what some home sellers will consider doing to get the house to sell. This is a tough market and I thought they were being creative. If you view the video, this is not a BRAND NEW corvette and I am not the listing agent. I would hope that the listing agent already counseled the seller about pricing the house to sell.
Clever idea but I doubt that it will work, don't you, Larry?
Interesting. Gets you to thinking outside the box. Of course, the box is designed to keep you a safe distance from the cliffs.
Barbara, No, I don't think it will work. Mainly because of the loan you get on the property. We have trouble letting a refrigerator to go with a house, how would you do the Corvette. But, this agent received FREE advertising on the main network in Little Rock on Sunday Evenings news as well as the daybreak news. The morning news plays about 4 or 5 times in their two hour segment. I wouldn't mind getting FREE advertsing on a mian network in my town.
Betty, this is definitely thinking outside the box. Whether it can be accomplished or not, this agent received a ton of free advertinsing for the house as well as for her.
This just shows how negative the American population is to anything that they did not think of. The Corvette is not new. It is not part of the finance contract. It is FREE. It is my car---I paid for it----I can set it on fire if I choose.
I choose to give it away to whomever buys the house.
At any rate, it may not make a bit of difference, but we (agent and my self) have had a blast with all of the NATIONWIDE publicity--including all of the local stations, Memphis Channel 5, Dayton, OH, Des Moines, IA, Miami, FL and CNN.....
Ever hear of the pet rock? Who would buy a pet rock?
Hi Larry,
Sounds interesting to say the least. We have tractors, farm equipment and boats being offered with listings down here all the time. The thing is the home needs to make apparaisal without the value of the items being offered. They cannot even be listed on the Purchase and Sale. If the seller wants to offer the items as an incentive then they have to be willing to do just that...offer them as an incentive and be willing to take the loss. Most of the time if the potential buyer is interested in the incentives being offered then they are offering very close, if not at, the asking price. When this happens the seller is happy and doesn't usually mind giving up the money he is losing by giving them away.