Skip to comments.Fed Up With Housing Slump, Couple Raffles Off Home (Tix $100. ea; will benefit local charity)
Posted on 12/30/2007 5:37:49 PM PST by Stoat
HAGERSTOWN, Md. Frustrated by a nationwide housing slump, a western Maryland couple is selling raffle tickets for their $390,000 house and hoping they'll sell enough $100 tickets to get the farmhouse off their hands.
Dennis Kelly and Karen Crawford put the four-bedroom house for sale for $425,000 a year and a half ago. But they say the housing slowdown means they haven't had any takers. The house is now valued at $390,000.
"We had showings every weekend and we couldn't get a buyer," Crawford told The (Hagerstown) Herald Mail. "It's part of what's happening today."
Crawford read a story in the newspaper about an Ohio couple who offered their farm for sale in an essay contest, and she got the idea for a raffle.
(Excerpt) Read more at foxnews.com ...
Here's more on the story from the Hagerstown Morning Herald:
A man’s reach should exceed his grasp - unless he’s buying a home.
Are they SURE this is legal in Maryland? In Texas - this would be a FELONY.....Illegal Gambling.
We had six couples interested in the home, but when they went for financing, we never heard any more, Crawford said. People could not get the money.
I don't suppose it ever entered their mind, that the house may be a bit overpriced.
From the posted Fox News article:
Cynthia Moler, the couple's Realtor, said the raffle has been approved by Maryland gaming authorities.
This is just another cheap gimmick to sell their house. A few years ago it was creative and unique then it died out when people figured out that the “essay” had nothing to do with it, selling enough tickets was everything. This is no different they’ve just added a little twist. Good luck with it.
So If I pay 100 bucks and win the house is it not correct that I will owe federal taxes on the difference between the 100 bucks and the current asking price of 390,000, or in my bracket 35% of 389,900 or a little over $135,000 to the IRS.
Then there are the state taxes.
If you sold it immediately any gains would be taxed at ordinary gains. Otherwise you would have to live there to get the single exclusion ($250,000) or married ($500,000)
If you win you better have the ability to write a lot of large checks.
What catches my eye is the traditional Five, FOor, and a Door.
I couldn’t afford to win it.
No Stairs! You must be a youngster.
I'm almost sixty, and consider having to go up and down stairs a healthy fringe benefit.
Of course if one is handicapped, that could be a problem--but in such a case what about those stair masters things?
Not a bad looking little house.
I’d almost be interested, but Maryland is too hot, too overpopulated, and this house sounds like it’s nowhere near the ocean, so no good to me at all.
The house I spent the greatest part of my childhood in was a one-storey.
My grandmother lived with us, and to keep the peace, my dad built her her own kitchen in the finished basement.
She was well into her eighties when she died (and no lightweight, either), but she went up and down those stairs all day with no problem.
You could get a mortgage to pay the taxes. Assuming you live in the area or would like to and can afford a 30 or 15 year mortgage on $135,000 (assuming you don’t sell your current house to help pay the taxes and reduce the mortgae) this could still be a good deal. You’d have $234,900 of equity assuming the house is actually worth $389,900. Then there’s those messy property taxes to deal with also.
In short I wouldn’t enter the raffle if I didn’t want to live in that house and I’d also want to be pretty sure I could sell mine.
or....maybe those with bucks just didn’t like the house?
Maryland “Freak State” PING!