Results 11 to 20 of 33
Thread: WANT TO WIN A HOUSE FOR $50!!??
-
October 30th, 2009, 03:49 PM #11Super Member
- Join Date
- Feb 2009
- Location
-
*
- Posts
- 811
- Rep Power
- 24639
Re: WANT TO WIN A HOUSE FOR $50!!??
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.
-
October 30th, 2009, 03:55 PM #12
Re: WANT TO WIN A HOUSE FOR $50!!??
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?
Look to the One Who is wearing what should have been your scars...
-
October 30th, 2009, 03:59 PM #13
-
October 30th, 2009, 04:08 PM #14Active Member
- Join Date
- Nov 2007
- Location
-
Carbon County,
Pennsylvania
(Carbon County) - Posts
- 210
- Rep Power
- 33
Re: WANT TO WIN A HOUSE FOR $50!!??
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.
-
October 30th, 2009, 04:18 PM #15
Re: WANT TO WIN A HOUSE FOR $50!!??
WAKE UP OR WACO!
-
October 30th, 2009, 11:19 PM #16
-
October 30th, 2009, 11:40 PM #17
Re: WANT TO WIN A HOUSE FOR $50!!??
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!F*S=k
-
October 31st, 2009, 12:39 AM #18
Re: WANT TO WIN A HOUSE FOR $50!!??
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.Last edited by knight0334; October 31st, 2009 at 12:41 AM.
RIP: SFN, 1861, twoeggsup, Lambo, jamesjo, JayBell, 32 Magnum, Pro2A, mrwildroot, dregan, Frenchy, Fragger, ungawa, Mtn Jack, Grapeshot, R.W.J., PennsyPlinker, Statkowski, Deanimator, roland, aubie515
Don't end up in my signature!
-
October 31st, 2009, 12:50 AM #19
Re: WANT TO WIN A HOUSE FOR $50!!??
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.
RIP: SFN, 1861, twoeggsup, Lambo, jamesjo, JayBell, 32 Magnum, Pro2A, mrwildroot, dregan, Frenchy, Fragger, ungawa, Mtn Jack, Grapeshot, R.W.J., PennsyPlinker, Statkowski, Deanimator, roland, aubie515
Don't end up in my signature!
-
October 31st, 2009, 01:40 AM #20
Similar Threads
-
XD in the house ....
By soberbyker in forum GeneralReplies: 21Last Post: April 14th, 2008, 09:49 PM -
A gun in the house?
By larrymeyer in forum GeneralReplies: 8Last Post: April 13th, 2008, 05:50 PM -
My Rep to the House.
By Siobhra in forum GeneralReplies: 13Last Post: February 1st, 2008, 11:32 AM -
OMG, someone's in the house!
By sinful in forum GeneralReplies: 10Last Post: January 31st, 2008, 12:31 PM -
The House Behind The House
By larrymeyer in forum GeneralReplies: 0Last Post: January 17th, 2008, 04:12 PM
Bookmarks