You remember my post about the hungry Los Feliz home flippers willing to cover the expense of six months mortgage if someone, anyone would close escrow. The gaudy part? Hanging a banner on the front of the house to pimp that fact.
Well, eagle-eyed reader SSD discovered that the home owner is trying a new tactic on Craigslist: a new car!
TASTEFULLY & COMPLETELY REMODELED HOME NEIGHBORING SHAKESPEARE BRIDGE AND FRANKLIN HILLS. THIS BEAUTIFUL HOME IS A 4BED 2BATH, 1,900SQ.FT WITH NEW HARDWOOD FLOORS, PAINT, CARPET, CUSTOM KITCHEN CABINETS WITH STAINLESS STEEL APPLIANCES, COPPER PLUMBING, UPGRADED ELECTRICAL, WINDOWS, ROOF, CENTRAL A/C, AND LANDSCAPE. IMAGINE WITH THE PURCHASE OF THIS HOME ~ AT CLOSE OF ESCROW YOU GET A NEW CAR. HOW PRACTICAL IS THIS ~ A 2ND CAR OR FOR YOUR TEENAGER GETTING READY TO DRIVE.
I spoke to the Realtor, who told me that it was true: The seller will spring for a new Nissan, or a Toyota Carolla, as soon as escrow closes.
Of course, the MSRP for the top-end Carolla is $15,415. And we calculated that 6 months of mortgage would be worth $31,716. Take the mortage money.
Meanwhile, Sunday's L.A. Times Real Estate section picked up on the trend toward outlandish seller incentive ploys in this story:
Stopping short of installing glue traps to ensure that prospective buyers can't get away, sellers, builders and real estate agents have been reaching deeper into their bag of tricks in their efforts to move the ever-increasing homes-for-sale inventory.
They are giving away new cars, trucks, plasma TVs and chances to win expensive vacations to those who buy, refer a buyer or, in the case of Coldwell Banker, even just agree to chat with them without using a pseudonym.
The market's slowdown has spurred a flurry of buyer incentives — and some creativity — on the part of people trying to sell homes, new or otherwise.
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