Saturday, June 07, 2008

Raffling Homes

Winning an apartment in a raffle is sounds like a even better than buying a foreclosed home on the cheap. It makes good business sense for the homeowner stuck with an unsellable property :

Miguel Marina said he hopes to be able to pay off his mortgage, worth 80 percent of the value of his property, by selling 64,000 tickets at 5 euros each, promising his home as the single prize to the winner of a draw

The buyer wins big and the also rans are only poorer by 5 euros.

"For five euros, you can win a flat, and I'll be able to sleep again," said Marina.

The only catch is that raffling to sell houses may not be legal. Minor detail I am sure in desperate times needing desparate measures which a dash of ingenuity can work around.
One suggestion is to "have competitions involving 'skill and judgement'- like: 'what is the name of my dog Fido ?' " and sneak the raffle right in.

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