Home raffle

[Biff]

Looks like a really nice prize if you win:

http://temp.hhconstructioncom.officelive...fault.aspx

[-Jiggy-]

Looks like a really nice prize if you win:

http://temp.hhconstructioncom.officelive...fault.aspx

I'm winning me a house!!

[cuppie]

That would be sweet, but what would the property taxes be like? And also the taxes that the government would make you pay for winning something. It seems like unless you have some cash to spend, you're screwed right off the bat. It'd be nice to win a home (my wife and I are looking to buy our first one right now) but I'd have to take out a loan just to pay off the taxes.

[Rock Monster]

That would be sweet, but what would the property taxes be like? And also the taxes that the government would make you pay for winning something. It seems like unless you have some cash to spend, you're screwed right off the bat. It'd be nice to win a home (my wife and I are looking to buy our first one right now) but I'd have to take out a loan just to pay off the taxes.

The home was on the market for $265,000. If you win, just sell it for like $150,000, pay the taxes, and still have about $100,000 for a down payment on an affordable home.

[cuppie]

Yeah that would be nice but it's still hard to sell a house right now. I guess selling it for half of it's market value would work though.

[-Jiggy-]

That would be sweet, but what would the property taxes be like? And also the taxes that the government would make you pay for winning something. It seems like unless you have some cash to spend, you're screwed right off the bat. It'd be nice to win a home (my wife and I are looking to buy our first one right now) but I'd have to take out a loan just to pay off the taxes.

The home was on the market for $265,000. If you win, just sell it for like $150,000, pay the taxes, and still have about $100,000 for a down payment on an affordable home.

This was my thoughts exactly.

[thegort]

Yea... I saw that back in like November and they've only sold like 100 tickets since then.

There are a few things that make me wondering about it and they refused to answer my questions about it. It's a raffle and based on the value of the prize they need a license to do so and they also tried this over in Detroit and they had to give all the people their money back but yea if you manage to win just reselling it for cheap and everyone wins in the end.

[facelessvoiceme2]

6500 tickets x $50 = $325,000
So, a house they're having trouble selling for $265,000 could make them $60,000 MORE via this "raffle?"
Nice scam...

[-Jiggy-]

6500 tickets x $50 = $325,000
So, a house they're having trouble selling for $265,000 could make them $60,000 MORE via this "raffle?"
Nice scam...

How is this a scam?

They are a business trying to make money. Somebody wins a house and they make money. Everyone wins. So again, where exactly is the scam?

[potthole]

6500 tickets x $50 = $325,000
So, a house they're having trouble selling for $265,000 could make them $60,000 MORE via this "raffle?"
Nice scam...

I'd say it's only a scam if somebody were to get duped into buying all the tickets.

Since that's not the case, whoever wins will get the house for well below the value of the home. Winner gets a great deal on a house, seller finds a way to actually make some money on a home sale- sounds win-win to me.

[Queenie]

6500 tickets x $50 = $325,000
So, a house they're having trouble selling for $265,000 could make them $60,000 MORE via this "raffle?"
Nice scam...

There is no scam. The likelihood of selling all 6,500 tickets is almost non-existent. In the $60,000 "profit" if all the tickets are sold, you have to take into account the real estate commission (approx. $16,000), the cost of advertising, the cost of printing the tickets, and soft costs (i.e. survey, title policy, attorney fees and closing costs, etc.).

[dino]

6500 tickets x $50 = $325,000
So, a house they're having trouble selling for $265,000 could make them $60,000 MORE via this "raffle?"
Nice scam...

There is no scam. The likelihood of selling all 6,500 tickets is almost non-existent. In the $60,000 "profit" if all the tickets are sold, you have to take into account the real estate commission (approx. $16,000), the cost of advertising, the cost of printing the tickets, and soft costs (i.e. survey, title policy, attorney fees and closing costs, etc.).

Not only is she queen of whore island folks, she's queen of real estate! (Well....as far as this board is concerned)

[Biff]

Raffle canceled.

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[uhohspagettio]

Not surprising that the raffle was cancelled. This raffle may have also been noticed by those who work for the Housing Dept. I remember a few years ago there was a reality show and the winner as voted by the neighbors would win a house. Feds got involved and show got cancelled. Not sure if this is the same or not, but besides slow ticket sales that could be a reason.