Buying a house... "VIP Pricing"? Whats the deal with this? Anyone in real estate?

[dozr]

Yea its one couple that uses it in this area and it’s basically a scam. Treat it like any other house.

[boardjnky4]

@Joe

Anyone who thinks the housing stimulus plan didn’t work is insane, and this is proof.

That said, we’re going to hit one more bottom before we go into full recovery. If I buy it will be later this year, around november.

Entry level sales are doing well. However, sellers need to be VERY careful about how they price their home.

There are tons of first time buyers out there right now. I would venture to guess that entry-level homes are selling MUCH better than highe-end homes(naturally).

First time buyers are NOT good negotiators, and are generally very un-easy about situations that are complex. I think that this is one of those situations. It’s good marketing on the seller’s part, but it smells like a scam(even though it probably isn;t). That is probably chasing away 60% of their potential buyers. The other 40% are probably scared away as soon as the sellers counter the intial offer.

[redZ]

@dozr

Yea its one couple that uses it in this area and it’s basically a scam. Treat it like any other house.

hmm interesting. I’m not the low balling type, but I’m also not the 'bend over and accept my asking price" type… sooo… hmmm.

[boardjnky4]

getting the house for a lowball, or paying asking price doesn’t matter. What matters is how much the house is REALLY worth.

Look at the comparables that have sold in the past. That is the only way to know how much you SHOULD be paying for it.

I paid only a 3k less than asking price, but the house was already priced right. It wasn’t priced high with flexibility for negotiations. Shit, I wish all houses for sale were priced right and non-negotiable. Takes a lot of guess work out of buying.

[Hass]

Good thread.
I saw lots and lots of this VIP Pricing, and always wondered what it was exactly.

[cougarspeed]

@Blue Eyed Devil

This happens in a good amrket anyway. I remember people in EA selling there homes for more than they were asking just because many people wanted the house. I doubt it is happening much now in the current market.

All four houses I bid on sold over asking price and within ONE week of listing. Including the one I bought. House went FS Monday 6 competing offers on a bid held Thursday. Certain markets are doing very well right now.

[airhead]

@Griff

Its basically a scam to get a house they want more money for to show up in your search, when normally it wouldn’t. If you don’t think its worth that money, offer what you normal would. Just keep in mind that you may not get a response from them if its a good amount lower than their VIP asking price.

X3. I was going to look at one that was at the high end of my price range, until I noticed it was a Laurendi VIP pricing deal, and I didn’t even bother. As far as I know it’s still for sale. My real estate agent basically had the same opinion on the subject.

[travisn]

It sounds like an ebay listing…

[Matt_Danger]

@boardjnky4

There are tons of first time buyers out there right now. I would venture to guess that entry-level homes are selling MUCH better than highe-end homes(naturally).

I’ve been going through the process and this is what I’m seeing both here in North Buffalo and in East Rochester. <150k homes are selling rapidly.

The first time buyer credit is very appealing but I’m not about to buy a house that’s over priced or that I’m not 100% happy with, so I’m not sure what I’m going to do.

[tour]

@boardjnky4

Look at the comparables that have sold in the past. That is the only way to know how much you SHOULD be paying for it.

That doesnt really work unless it was a house that sold in the past 5 years.