Changes to RMLS- But No Raffle Field Yet!
By Charles TurnerThere were a few changes to RMLS last week. It is now possible to list a house as an auction or with a price range. Some firms (Prudential has Value Range Marketing) have a range program where the seller will respond to all offers in a range. The idea being that getting the conversation started between a buyer and seller is better than no conversation. An offer at the lower end of the range does not make any guarantees of acceptance or counter. The range can now be entered into RMLS.
Last night I received an email from fiftydollarhouse.com. The sellers were raffeling off their house providing the sell 31,000 tickets at $50 each by December 31. They’ve rescheduled the auction for January 23 and lowered the number of required ticket sales to 27,000. ($1.35M) You have until the 21st to buy tickets. The home is in Maryland. It’s an interesting idea whether it sells or not. Could it spawn an industry of professional house rafflers?
What sort of success have they been able to get with the raffle…personally I think it is a creative idea, that may spark a change.
Looks like they had a “price reduction” by lowering the number of required tickets sold. The site says that they reserved the right not to follow through with the raffle if fewer than 31,500 tickets were sold ($1,575,000) by Dec.31. They extended the event until Jan. 21 and say they will run it with 27,000 tickets sold. That’s a reduction of $225,000.
There is a second prize of $10,000 too.
Guess it worked:
Congratulations to the raffle winners!
Grand Prize Winner:
Karen McHale of Idaho Springs, CO (ticket # 15614)
Second Prize Winner:
Stephanie Krejci of Port Washington, WI (ticket # 16178)
That sounds like a great idea. I want to raffle off my house. If you were to sell 10,000 tickets at $25 per ticket that is $250,000. Are there not legal issues with that though? I wonder how that will affect the economy. I would buy a ticket, but I dont think I would pay $50 for when the odds are that high. I would pay $25 for lower odds. I guess it depends on what is wanted on the home.