WANT TO WIN A HOUSE FOR $50!!??

[FormerUser123]

What is the property tax on a house in that area? I don't know why people on here hate Philly so much, but I think it's a great city. Good idea with the raffle. I hope you make your money back on it.

[ddefazio]

I love the Idea... But I would be putting this offer out there after you speak to an attorney. What will the closing costs be involved? Is the property currently mortgaged?

[Strapped]

I love the Idea... But I would be putting this offer out there after you speak to an attorney. What will the closing costs be involved? Is the property currently mortgaged?

I will be talking to my lawyer on Monday to work out all the details. As of right now it's only an "idea" and I am not accepting any money until I have everything finalized, But I am going thru with this idea.

[incynr8]

I would assume a winner had title costs, any tax differential in property taxes, documentation and notary feeds, and smartly a lawyer fee, which is usually around 500.
Expect a few grand to a bit more if taxes are high, due and rightly YOUR turn as a new owner to pay them. There is often a CO fee too.

unlike a GFE from a mort co, there is not origination fees, inspection requirements for termites, etc......

I would suggest having 3-5K ready as a 'winner' would be a good idea.

Count me in if you get the advice that this can be done, and I hope this sets a precedent to perhaps have people in short sale situations in the future! Of course, the leviathan of banking regulations and circular logics will crush that most likely.

[Strapped]

I would assume a winner had title costs, any tax differential in property taxes, documentation and notary feeds, and smartly a lawyer fee, which is usually around 500.
Expect a few grand to a bit more if taxes are high, due and rightly YOUR turn as a new owner to pay them. There is often a CO fee too.

unlike a GFE from a mort co, there is not origination fees, inspection requirements for termites, etc......

I would suggest having 3-5K ready as a 'winner' would be a good idea.

Count me in if you get the advice that this can be done, and I hope this sets a precedent to perhaps have people in short sale situations in the future! Of course, the leviathan of banking regulations and circular logics will crush that most likely.

I have read of other people doing similar things with their homes.

I will also be giving a pre determaned amount of money to the winner in the form of some of the cost you mentioned. I want the winner to pay as little as possible over the $50 ticket price.

[crlovel]

Not sure why your being the way you are about this,,, but ok.. I'll take $450,000 for it.

Ahhh....sorry bro, was just teasing ya. Good luck with the sale.

[ScaredOnce]

I'm in - hell.... Please let me know when you have a site up that details the legalities and the process.

One could venture far more than $50 to have a much less probable payoff. I like the potential ROI on this one!

[knight0334]

I think games of chance licenses and raffle permits have a cap for dollar figure and/or prize value, which if I remember correctly it is a fraction of the value of that house.

Great idea, but I think you're going run into a legal roadblock on it.

[knight0334]

After further review, it looks like state law limits "special raffles" to $100,000 value prize in a given year. Local govt's have the option on limiting it further. Licenses are issued locally.

[Strapped]

I'm in - hell.... Please let me know when you have a site up that details the legalities and the process.

One could venture far more than $50 to have a much less probable payoff. I like the potential ROI on this one!

You can buy every damn tickit if you want!!