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Raffling Off a Humble Abode

Raffling Off a Humble Abode

Raffles for gift baskets, car washes, or a belt-busting meal at a local restaurant are all old hat, but this is one big-ticket item you might want to check out. One hundred bucks (and a bit of luck) could soon net you a five-bedroom home in Arizona.

Joseph and Loriann Gaunt were having trouble selling their home in this down market. Part-time real estate agent Loriann came up with the ingenious idea to sell $100 raffle tickets to stir up interest in their home. They’re now on the search to partner with a non-profit agency (required by state regulations) to share in the money over their $400,000 goal.

The Gaunts will also throw in a leather sofa, dining room table, pool table, pinball machines, beds and two flatscreen televisions on top of the $197,200 appraised home. Just think—winning means paying $20 per bedroom! (Of course, you'll be up against 4,000 other home-buying gamblers.)

Does this sound like a viable idea in these desperate times? Would you drop some cash on the chance of scoring big on buying a home? [The Arizona Republic]

Posted: 10/14/08
cobber

I heard a guy built a model of his house and put it up for sale for six figures. The kicker was this. If you bought the model, you got the real house for free. Seems like creative selling to me. And, it worked.

  • By cobber
  • on 10/15/08 2:00 PM EST
AnnieChance

This house sounds like it costs too much. I heard some guy bought a house for $1.75 on eBay.

LauraLee311

Now that's a lottery I'd actually try for!

Eva1873

At this point, it's a free for all. Raffle it, rent it, burn it down and take the insurance money (kidding.)

I think creative solutions are great in a crisis of any kind. It shows that we can get through the hard times by being actively involved in our own rescue.

  • By Eva1873
  • on 10/14/08 3:00 PM EST