An enterprising way to sell your house!

Doozergirl

Spotted this in my local paper this morning. Wish it was my idea - I'm actually quite jealous!

http://www.win-this-house.com

They're basically raffling off their house! If they don't sell the maximum number of tickets, you get 50% of the proceeds. If they sell every ticket, they’ve made £300,000. Even if they only sell one, they’ve made £12.50. Either way, they’ll have created interest for the estate agent selling it!

It's an interesting way to beat the market don't you think?

frugal_dougal_3

I think they probably won't sell all the tickets. The last people I was aware of didn't sell a quarter of them and this has been done quite a few times now.

meanmachine_2

These stories always come along when the market hits a rocky patch.

Just drop the asking price, you muppets!

Lemoncurd

This one isn't even the owners running the competition. The person/company who is doing it must make a packet it out of it - lets say these tickets are unlikely to sell out it sounds like they keep 50% of the takings each time they run one of these comps. Even if the house is won they are selling £300k worth of tickets but the house value is less than £250k so it looks like they are taking a tidy sum.

Doozergirl

It's not a bad idea though. Although they may not sell all the tickets, they are going to make some money at least and are creating interest in their home, which may sell it for them on the open market.

The couple are in the paper talking about their 'new venture' and I'm pretty sure the house belongs to them or someone close to them - I don't know whether you've taken the tour of the property but it's maybe not the place you'd choose for a prize in a competition.? There are brand new flats just up the road from there selling for less with a pool and 'designer fittings'.

They must have set up the company to comply with gaming regulations and are hoping, if it takes off, to continue with more houses. I've seen this at airports with an Aston Martin/Ferrari but this is virtually risk free for them as they don'tneed to buy the property themselves. Who wouldn't mind full asking price plus 12% in this market?

I wish them the best. Admittedly, I haven't purchased my ticket. They'll need some serious marketing behind them to get it off the ground, not just the local rag and a few hairdressers.

Sooler

If the current owners are having trouble selling it how is the 'winner' going to get rid of it?


Who'd take ownership of a house with now viewing - no survey even?

You can't view unless you win it. Once you've won it you're obliged to take ownership - or pay the consequenses, which are what?


"Q: Can I view the property?
A: No. We cannot organise viewings. The prize is only for the winner to view."

"5.5 The winner is required to take a transfer of the property within 28 days of the announcement of the win and that they will indemnify Arrow Competitions against any liability arising as a consequence of not completing within the timescale. Time shall be of the essence for the purpose of this clause."

Doozergirl

Sooler wrote:

If the current owners are having trouble selling it how is the 'winner' going to get rid of it?

Erm, by selling it at less than market value? If you put it in the paper for £50,000 you'd get £100,000!

sOOLER wrote:

Who'd take ownership of a house with now viewing - no survey even??

for £25 plus solicitors fees? Me, right now! The ground it's stood on is worth more than that!

Sooler wrote:

"5.5 The winner is required to take a transfer of the property within 28 days of the announcement of the win and that they will indemnify Arrow Competitions against any liability arising as a consequence of not completing within the timescale. Time shall be of the essence for the purpose of this clause."

That clause is just indemnifying the organiser against the winner not getting their backside into gear. They're only asking you to complete within 28 days so that owner 'sells' their property in swift time. Considering that the money comes from the competition organiser, and you don't need a survey on a next to free house, you're hardly likely to exceed that time period unless you couldn't be bothered to instruct a solicitor. When you buy a house, you generally set a completion date when you exchange contracts. If you miss it, you can incur the other party's costs.

Ian_W

Doozergirl They must have set up the company to comply with gaming regulations ...

Can't see anywhere on the site where it says they are registered with either the LA or Gaming Board of GB so I think they are cleverly [?] getting around the law on prize draws/lotteries by making it a game of skill rather than one of chance.

Answer a silly question or you don't get to stage 2 [skill], 5 random winners picked [chance], then a quiz [certainly skill] to decide who gets the house or more likely cash as they probably won't sell enough tickets.

Hmmm ... they've obviously taken legal advice but as someone who used to promote a charitable small lottery registered with the LA, I'd have some doubts if the chance element at stage 2 would exclude them from the betting & gaming laws. Still, don't suppose they'd take the prize off you if you won but the organisers could be up before the beak. _pale_

Doozergirl

Is that basically what they do on daytime TV aswell then? Make up questions with ridiculous wrong answers to get round the rules? I know nothing about gaming regs, except that they exist!

Ian_W

Yep, R&J ask a silly question, you & about 5m others ring a premium line, one gets picked and then answers questions for £1k a time - game of skill, genuine.

So I suppose in that respect this is no different.

Game of chance has to be registered either with LA or Gaming Board depending on size and nature. Law could have changed anyway, mega casinos, 25hr drinking, who knows anymore in TB's Britain!!

Doozergirl

You learn something every day!