Grand designs "eco house" won't sell, so they're having a lottery.

Rabiddog_2

Its NOT a Lottery.. its a skills-based competition...:o
They should only be allowed to sell a max number of tickets, thats where the profit for them could really come in...2x the number of tickets reqd, approx £1m of her majestys in their sky-rocket..

skap7309

HelpWhereIcan wrote: »

So, if I understand correctly, those who criticize the whole thing as a scam do so on the basis that the vendors will be making some money over and above the stated transfer value of the house.
Big deal, if they can make the money then fair enough. You have all been able to pick the scam apart because they have set the details out in writing - a fairly upfront scam if you ask me.

If I pay £25 for a ticket and win the house or a lump sum significantly in excess of the cost of my ticket, I do not care what the vendors make.

If a 1 in 46,000 chance is something you are willing to risk £25 or £25,000 on what does it matter what the vendors get out of it?

Now if you are stupid enough to spend £2500 that you cannot afford on tickets expecting to win - that is a different matter.

Well put. Someone is going to get a house (and a very stunning one at that) for as little as £25. So what if they make a bit of profit. Would anyone go to so much work and do it for free? Dont think so. People who read the terms and conditions thinking 'scam' should then pick through your borrowed credit T & Cs and tell me then that is not a 'scam'. Same thing........

skap7309

tomstickland wrote: »

Lottery for mugs. House raffle for mugs.

Keep playing that lottery mate.

skap7309

!!!!!!? wrote: »

That could be almost any amount, down to zero.

I doubt down to zero. Now stands at £61500 ticket sales already. Out of which 10% goes to charity. (No doubt someone will question that to - its a scam innit)

!!!!!!? wrote: »

If you sell a ticket for 25 quid to 'win a house worth a million quid' or whatever, that house should go to the winner and the house should have been proven to be worth whatever they are saying it is worth (multiple independent valuations).

You buy a house, you ask for proof it is worth that much? Didnt think so. So tell me, you buy a ticket, win the house for £25, then because they cannot prove it is worth that you tear up your ticket and storm off in a huff? Joker.

So much negativity surrounding this different way of selling a house. That must be it, some people cannot see past 'normal'.

mewbie_2

Maybe this lottery idea will become the new way of buying houses in the future. Just as poor people buy lottery tickets (aka tax on the poor) in the hope of a dream, then they will also purchase their weekly housing ticket / scratchcard in the hope of finding a place of their own.

With prices set so unrealistically high, and lending levels returning to normal, this could be the only way for a while.

HelpWhereIcan

tomstickland wrote: »

It affects the price of the tickets and/or the odds due to the inflated valuation.

In pretty much the same way the odds and price of entry to any game of chance/skill are affected by the way the game is set up.

A bit like me getting upset with the Casino for insisting on using a roulette wheel with 50 numbers but only offering 35-1 if I guess correctly.

A bit like getting upset with Estate Agents and vendors for setting the asking price as high as they possibly can in order to try and get the best possible final sale price ... oh .. I see ... of course, some here object to that anyway.

Personally I believe that making a profit is moral and (when I last checked) legal. Getting upset because someone makes a profit is a bit daft really. Like with most things in life we have the ability to vote with our wallets and choose to contribute to their profit or not.

No-one is forced to enter, the rules of the game are clearly set out and the eventual winner will end up making a profit on their stake.

As I said, if you base your whole strategy for buying a house on entering raffles like this you will have to be prepared to wait a while and probably spend more than £25.

Cannot see this becoming common place. Has been happening for years and, in the main, houses that are 'sold' in this way tend to have been ones that are difficult to sell anyway.

Yes, because of price sometimes. But also due to location, property type etc etc.

Good Luck to the owners and all those who enter the raffle.

Jimuth

skap7309 wrote: »

yadda yadda yadda

Skap - is this your competition by any chance? You seem very defensive!

Personally, I'm keeping hold of my £25. One of the worst GD's I remember - some good touches like the glass ceiling and clever lightshafts - but I like my privacy thanks.

Yes, it was their back garden to do what they liked with, but I remember the outrage of the neighbours from the programme. So would you with a house being built 20 foot from your back window! Wasn't it because they couldn't afford to run their big old georgian townhouse?

If you want to enter a lottery to live like a hobbit, half underground in someone else's back garden with angry neighbours, and pay £25 for the privilege of entering, then you're a fool, and soon to be parted from your money.

manhattan

I had a spare £25 so had a punt!

I dont expect to win, but worth a gamble for a few hundred grand.

Generali

It actually might be a smart move to enter the raffle, at least from an economist's point of view.

Chances of winning a house worth let's say £800,000 for £25 is 45,999-1. In effect it costs you £1,035,000 or whatever to buy £800,000 when you scale it up.

Cost of buying an £800,000 house on a mortgage = £1,600,000?

The raffle is worth entering so long as you can afford to lose the money.

HelpWhereIcan

Jimuth wrote: »

Personally, I'm keeping hold of my £25. One of the worst GD's I remember - some good touches like the glass ceiling and clever lightshafts - but I like my privacy thanks.

Yes, it was their back garden to do what they liked with, but I remember the outrage of the neighbours from the programme. So would you with a house being built 20 foot from your back window! Wasn't it because they couldn't afford to run their big old georgian townhouse?

If you want to enter a lottery to live like a hobbit, half underground in someone else's back garden with angry neighbours,

and there I was thinking

"Now this is a person who has given a legitimate reason why someone would not want to enter the raffle for this house. A lucid argument based on the merits of the property rather than a general contempt for anyone looking to sell or buy a property."

Then your lack of restraint went and kicked us all in the proverbials

Jimuth wrote: »

and pay £25 for the privilege of entering, then you're a fool, and soon to be parted from your money.

thanks for trying really hard though :beer: