This is a rush transcript from "Your World with Neil Cavuto," August 20, 2007. This copy may not be in its final form and may be updated.
NEIL CAVUTO, HOST: Well, you want to know how to sell a house these days? Throw in a free car. Realtors are getting very creative as the markets get colder.
What are you giving away, Kendall?
CAVUTO: All right. So, someone signs a deal with you, they get that car?
HANEY: That is right.
CAVUTO: OK. And how many have been taking you up on it?
HANEY: Well, we just started last weekend. The promotion just started. We have had a huge response on it. My showings have increasinged tremendously. It hasn't sold yet, but I feel like it will.
CAVUTO: OK. But, if they barely qualify for a mortgage, is the car going to make any difference?
HANEY: No. As long as they do qualify for it, it doesn't make any difference at all.
CAVUTO: OK. We have heard that it's more stringent qualifications now. So, are you finding fewer people able to come in and — and seal a deal anyway?
HANEY: Well, the guidelines have toughened up, I think, a lot. But there are still good buyers out there with good credit. And I feel like, in this price range, we won't have any problem with that.
CAVUTO: Do you know what I would say if I were one of your customers, Kendall? I mean, it's great that you have a car and all that. But I would say, cut your commission. Cut your commission.
HANEY: Well, that's true, too. But it's just not enough to sell a house, so we are just trying to be real creative to bring more and more people to the house, which is what we accomplished. And it's the same. That's kind of traditional to do that.
So, what gives you the car, when you're approved for a mortgage, and I bought through your — one of your realtors or what?
HANEY: This is just on one house. This is not on every house in my office.
CAVUTO: I got you. I got you.
HANEY: OK? This is just one particular situation.
CAVUTO: All right. So, who is the lucky recipient?
HANEY: No one yet.
CAVUTO: All right. So, maybe it's a sign it ain't working, right?
HANEY: We — give it a week. We have just been into it a week, so I think it will. Give it a little time.
CAVUTO: All right. Now, typically, this sort of thing — not to be sexist — appeals more to men than to women. Have you noticed the interest is running like that?
HANEY: Well, this is why we're giving you a choice of a Mustang or an Edge. So, it could be a family car. It could be for a single person or a child or something like that.
CAVUTO: What are you noticing in your neck of the woods? I noticed prices are holding relatively steady, but demand is not.
HANEY: Our sales are down from last July to this July 13 percent. I mean, there is a tremendous amount of inventory on the market, but the rates are still low. So, the Memphis market is not hurting as bad as other markets, I think, across the country.
CAVUTO: All right, Kendall, we wish you well — Kendall Haney in Memphis, Tennessee. A novel idea to get buyers out there.
HANEY: Thank you, Neil.
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