Idea for realtors

The auction option for people has been making it's way around here.  A new idea has come up where a local casino buys a house and sells X number of raffle tickets at $50 per ticket.  For a lower priced house sounds pretty creative to me.

 

I would like some comments to see if anyone has tried this or what your thoughts aer?

 

 
Posted by Greg Adelman on 04/18/2008 05:31 PM   Comments (4)   ,  
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4 Comments on Idea for realtors

After 30 years, I have seen this a few times. It works best if there is no reserve, but sellers are reluctant to do that.

To be successful requires a long lead time and Mucho advertising. Many properties can not support that expense and be profitable. In that case you need 4+ properties in the pot. 

04/18/2008 05:37 PM by David Spencer & Assoc., Broker & Lic. Instr. CE and Pre-Lic.

Heard of that just last year while at our previous company.  There was alot of talk about it, and they did do it, but dont know what they did at all to prepare for it.......and dont know if it was successful, we left the company.  I just cant picture a profit on it, just my opinion!

04/18/2008 05:53 PM by Ernie & Barb Suto (Century 21 Preferred Realty)

That's interesting - I have heard for a car or restaurant but never a house!

04/18/2008 07:42 PM by Shannon Aldrich ~ NH & Maine Real Estate Seacoast (Keller Williams Coastal Realty)

Can't say that I have heard of it either...

04/18/2008 09:54 PM by Elkhart-Evelyn Johnston (Prudential One Realty)

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