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Lottery type competition to win a (so called) £5m house in Belgravia - how fair?
buglawton
Posts: 9,246 Forumite
I read about this in today's Telegraph £5 million home up for sale in £50 competition - Telegraph
and then Googled to what I assume is the genuine competition site and not one knocked up by fraudsters: http://www.winthebelgraviahouse.com
Pay £50 for a ticket and enter your estimated value of the house. The winner will be the one with the closest estimate to apparently, the average of 3 valuations by London estate agents. So, if 3 people from the relevant estate agencies were to get together, they would know this value in advance... or am I missing something?
Had the competition been first out of the hat, so to speak, I might have had a punt, but when the winning info is so constructed...?
and then Googled to what I assume is the genuine competition site and not one knocked up by fraudsters: http://www.winthebelgraviahouse.com
Pay £50 for a ticket and enter your estimated value of the house. The winner will be the one with the closest estimate to apparently, the average of 3 valuations by London estate agents. So, if 3 people from the relevant estate agencies were to get together, they would know this value in advance... or am I missing something?
Had the competition been first out of the hat, so to speak, I might have had a punt, but when the winning info is so constructed...?
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Comments
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But surely no reputable estate agents would behave in such a way?0
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they can't do a lottery type one as its against the law or something, isn't that what happened with the last one of these? They had to refund everyone, it was a house worth ~£1mil0
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Yep, these competitions are illegal lotteries. What will happen is they will collect as much money as they can, then claim they can't go through with the draw, and refund the money, minus 30% which they will cream off as their personal profit, citing "management charges."
They're all scams, avoid!poppy100 -
Pay £50 for a ticket and enter your estimated value of the house. The winner will be the one with the closest estimate to apparently, the average of 3 valuations by London estate agents. So, if 3 people from the relevant estate agencies were to get together, they would know this value in advance... or am I missing something?
...the outcry from the general public, and the gaming commission, if it emerged that an employee, ex-employee or friend of one these agencies had won would be deafening.0 -
My guess?
£5,000,000.
Where do I collect the keys?Been away for a while.0 -
So, if 3 people from the relevant estate agencies were to get together, they would know this value in advance... or am I missing something?
According to clause 14 of the T&Cs, they ought not to be eligible ..
"The Competition is not open to employees or contractors of Imagine or any person directly involved in the organisation or running of the Competition(s) or their immediate family members."Warning ..... I'm a peri-menopausal axe-wielding maniac
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V odd ... there are two kitchens, but a total of four pictures and each picture shows a different kitchen!
And if the reserve set for entry fees is not met, you only get 60% of your fee returned Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
Only in the owners' dreams:Running_Horse wrote: »My guess?
£5,000,000.When it failed to sell, they lowered the price to £4.25 million, but there were still no takers.
Alex Hammond of Jackson-Stops & Staff, who is handling the sale of the house, would value it at £3.2 million. “It’s over-priced,” he says. “It’s huge but it needs a couple of hundred thousand spending on it. There’s a bit of damp here and there and the garden is fairly depressing. But you could make it into a nice pad if you had some money.”
Surprisingly the minimum amount you can enter on the competition website is £3mil.poppy100 -
...if the reserve is not met, as I understand it, the 'winner' gets 60% of the pot collected so far.
But the competition website itself inspires no confidence at all, I have to say.0 -
There was one of these 'house raffles' being done recently on the South Coast. I don't know full details as it was on a forum but apprently the house has been repo'd so anyone who had paid money has now lost it. I would say avoid.
I will point anyone to the forum concerned if they PM me.
Cheers, HG0
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