FREE Corvette with purchase of home!

By
Real Estate Agent with Realty Professionals, Inc.

WOW! How would you like to get a FREE Covette when you buy your next home?  I was watching the news on Channel 4 in Little Rock, Arkansas (NBC affiliate) this weekend and this video attached below was part of it.

News: Buy Home; Get a Free Corvette

Now, I know some are thinking about RESPA but this is a pretty cool idea!

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.

My name is Larry DeGroat and I am a Realtor in Searcy, Arkansas and I sell new homes, existing homes, commercial property, farms and land as well as manage and own rental properties. If you are looking for real estate for an investment or a home, I will be glad to assist you! You can call my personal cell number at 501-278-7659 or e-mail me at Larry@Searcy4Sale.com. Visit my website at http://www.searcy4sale.com if you are looking for Searcy homes for sale or other areas.

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Rainmaker
134,027
Janie Coffey
GRI - Miami Real Estate
One Sotheby's International Realty

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!

February 23, 2009 08:35 AM
Rainmaker
591,122
William J. Archambault, Jr.
The Real Estate Investment Institute

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

 

February 23, 2009 09:10 AM
Rainmaker
334,260
Matt Listro
Your Credit Repair Expert
National Credit Fixers - Matt Listro

How about a free kitten or puppy with your new home!

 

:)

February 23, 2009 09:11 AM
Rainmaker
318,661
Tony Toto
The Walking Traveler
Freelance Writer & Photographer - Travel

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.

February 23, 2009 09:15 AM
Rainmaker
577,729
Robert Rauf
HomeBridge Financial Services (NJ)

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.

February 23, 2009 09:18 AM
Rainmaker
654,045
Jim & Maria Hart
Charleston, SC Real Estate
Brand Name Real Estate

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.

February 23, 2009 10:18 AM
Rainer
32,776
Larry DeGroat
ABR, CRS, e-PRO, GRI in Searcy
Realty Professionals, Inc.

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.

February 23, 2009 10:26 AM
Rainer
32,776
Larry DeGroat
ABR, CRS, e-PRO, GRI in Searcy
Realty Professionals, Inc.

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.

February 23, 2009 10:26 AM
Rainmaker
712,919
Barbara S. Duncan
CRS, GRI, e-PRO, Searcy AR
RE/MAX Advantage

Clever idea but I doubt that it will work, don't you, Larry?

February 23, 2009 08:45 PM
Rainer
17,412
Betty Fletcher
MPM, RMP - Little Rock Arkansas Property Manager
Fletcher Property Management Inc CRMC® * www.FletcherPM.com

Interesting.  Gets you to thinking outside the box.  Of course, the box is designed to keep you a safe distance from the cliffs.

February 24, 2009 03:48 AM
Rainer
32,776
Larry DeGroat
ABR, CRS, e-PRO, GRI in Searcy
Realty Professionals, Inc.

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.

February 24, 2009 09:35 AM
Anonymous #12
Anonymous
Darwin McKinney

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?

 

February 25, 2009 04:38 PM
Rainer
7,497
Cindy Oglesby
Southeast Realty Group

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.

March 02, 2009 12:34 PM
Anonymous
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Rainer
32,776

Larry DeGroat

ABR, CRS, e-PRO, GRI in Searcy
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