An example of what the softening real estate market is causing some home owners to do to get their home sold. The example cited is about some desperate sellers resorting to a raffle to sell their home
. Unable to sell their home after a very long period of time with it sitting on the MLS, they teamed with a real estate agent, and promised any money above the amount needed to be raised would be donated to charity. They sold raffle tickets at $100 a pop, and raised enough money to get themselves out of debt, and donate a sizeable amount to the charity. While this may seem to be an interesting way of doing things particularly in softening real estate markets – there can be a lot hurdles that need to be checked out, such as gambling laws for your area, and there is a significant amount of risk involved as well. What happens if you don’t sell enough tickets? Regardless, it shows how creative some persons can be in these difficult financial times.
Wow, that is very clever. And, like the article said, a lot of work to sell all those tickets!
You’re right Jessica G, it could be a lot of work. But if you choose a charity to team up with that has the ability to market the raffle correctly, that may not be the case. Reports say that there are millions of people going into foreclosure. But I’m sure there are even more who would love to own a home for $100.