Win this home??

By
Real Estate Agent with Tomson Burnham, llc Licensed in the State of Oregon

enter to winWell the market is down and so sellers are desperate to come up with novel ways to try and sell their homes. This has to be the most interesting way I have seen so far.

These sellers are holding an essay contest, essayand will award the house to the winner.  It costs $200 to enter.  The contest requires 3,000 entries.  Do the math: that is $600,000.  So, you know the holders of the contest take some sort of cut for reading the entries and running the contest.  I wonder how much the owners would get out of the deal in the end?  Is it that much more than dropping their price by that amount?

I do believe that this was a house that was listed on the MLS for many months without a sale.  The owners obviously felt that they needed to try something a little bit more innovative in order to get some money out of the property.

So far they have gotten $38,600 from contest entry fees, which is well short of the required $600,000 to hold the contest.  They are refunding monies in the event that they don't get enough entries. 

I don't consider myself a pessimist at all: I am an optimistic realist, in fact.  However, I am doubtful that they are going to get 3,000 entries.  I wish them luck and hope it works out for them.  Any of you want to have a little home in Yachats, OR?

 

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Rainmaker
337,768
Thesa Chambers
Fred Real Estate Group - Bend, OR
Principal Broker - Licensed in Oregon
I love Yachats - it is my favorite coastal town in Oregon - I chuckle at this story
Feb 01, 2008 04:57 AM #1
Anonymous
Redding
Our favorite place on the planet.  We've entered!
Mar 15, 2008 12:42 PM #2
Rainmaker
260,149
Melina Tomson
Tomson Burnham, llc Licensed in the State of Oregon - Salem, OR
Principal Broker/Owner, M.S.

Redding I wish you luck!  I like Yachats as well.  I checked and they are at 768 entries.  Still a ways away from 3,000 but getting there...

Mar 15, 2008 01:15 PM #3
Anonymous
Reno
 Hey, over a thousand entries now and my niece checked out the home...Great and GREAT VIEWS!  We entered...after all, it's a gambling town!
Mar 30, 2008 03:45 PM #4
Rainmaker
260,149
Melina Tomson
Tomson Burnham, llc Licensed in the State of Oregon - Salem, OR
Principal Broker/Owner, M.S.

Reno,

I wish you luck. I agree that the house is very nice, and it does have gorgeous views.  The contest seems to be picking up some momentum now.

Mar 31, 2008 02:34 AM #5
Rainmaker
111,100
Nancy Brenner
Referral Associates of Georgia, Inc. - Roswell, GA
Roswell Georgia Real Estate Agent

Well that sure is a creative way to sell a home!  Let the community pay for it.  Let one family own it.

Apr 14, 2008 05:01 PM #6
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Rainmaker
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Melina Tomson

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