Can’t sell your home? Raffle it off
The residential real estate slump has brought much misery, to be certain. But it’s also exposed some real creativity on the part of homesellers desperate to unload residences nearing foreclosure.
The latest bit of creative genius that I’ve discovered comes by way of The New York Times, which details the story of a couple who, unable to sell a home that was nearing foreclosure, held a raffle to get the home off their hands. Yes, a raffle.
You can read the story here.
The couple solf raffle tickets for $100 apiece, with the lucky lottery winner guaranteed their old farmhouse — which the couple had been unable to sell. The hope was that the couple, with the marketing help of a local real estate agent, would be able to sell enough raffle tickets to cover the cost of the house.
Strange thing is, the plan worked beautifully. The couple sold almost 6,500 tickets. The proceeds from the sale not only covered the cost of the couple’s mortgage, but left them with $200,000 extra, that they promptly donated to charity.
Amazing stuff. I don’t know if this exactly qualifies as “good news.” But in today’s troubled real estate market, you take what you can get.
Tags: creativity, foreclosures, New-York-Times, real estate rafflesRelated Stories
POSTED IN: Breaking News, Buying a Property, Educational Tools, Foreclosed Properties, Insights and Commentaries, Mortgage, Real Estate Tools, Real Life Stories, Road to Profits, Selling a Property
2 opinions for Can’t sell your home? Raffle it off
mannyg
Oct 25, 2008 at 6:15 pm
I think it should work.I wrote every legislator in Fl not one answered about the suggestion.Wrote every senator in Washington not one had the decency of answering.Maybe they dont want the foreclosure crisis to be fixed while they can get some funds for their pet projects.Also wrote Bush.
mannyg
Oct 25, 2008 at 6:22 pm
Everybody wins : bank gets ALL its money,owner saves credit, gov.does not have to bail out and gets taxes, what is wrong people ,lets see if we can move this idea forward and all win.
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