About a year ago I had, what I thought, was a brilliant idea. I took action and made a few phone calls, but found out “that’s not allowed in New Jersey”. I was disappointed, but let it go because the powers that be told me “you can’t do that”. But something’s telling me to put it out there anyway, so here it is:
RAFFLE OFF YOUR HOUSE
Sounds a little crazy at first, but hear me through. To put it mildly, the real estate market has stalled a bit over the past couple of years. People would like to upsize, downsize, relocate, but it’s difficult to sell their home. And many who can sell are left with so little (if anything) at closing that they can’t afford the down-payment on the new home. So how about this…?
Let’s say your home’s fair market value is $500,000. How about if instead of putting your house on MLS, you sell 1,000 raffle tickets for $500 each and the winner gets the house? I can only speak for myself, but I would certainly spend $500 for the chance to own a $500,000 home. And as the seller, I would be very happy to know I would get my asking price for the home and get it quickly. No waiting for mortgage approval or other homes to sell first. No deals falling through at the 11th hour.
Obviously there would be added expenses such as the tax on the winnings, attorney fees, permits, approvals…, but you could get maybe a $150,000 mortgage to cover all of that and be able to AFFORD to live happily ever after in your $500,000 home.
Like I said, I know it’s a little crazy, but just think what this could do for the economy ~ Affordable housing, cash in the bank and money for the government. It could launch a whole new industry; if you’re a realtor, you could become a raffle-tor. So what do you think???