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Old 02-10-2009, 10:05 PM
 
12,618 posts, read 14,630,194 times
Reputation: 14131

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Quote:
Originally Posted by dmccauley View Post
I wrote to the woman and asked how this was possible. Here is what she said it allows the sellers an opportunity to generate more income from the sale of their home and the buyers an opportunity to buy a beautiful home. The $100.00 paid to reserve the seat covers the cost of the sellers home. 10,000 seats are sold.
I can see how that would work. Sometime last year there was a new house built in Kansas City with proceeds to go to St. Jude Hospital. You could buy a ticket for $100 and they sold a set number of tickets and then drew a name and that person won the house. Either the materials and labor were donated or the tickets sold covered that plus what was going to St. Jude; I don't remember exactly how it worked. The $100 donated for the ticket is tax deductible as a donation to a charity.
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Old 02-10-2009, 10:26 PM
 
Location: Jersey Shore
831 posts, read 2,098,772 times
Reputation: 299
Quote:
Originally Posted by Bill Keegan View Post
I bolded the words that matter. If they don't sell out the auction, they'll give you a credit to attend another auction. Whoop de doo. You'll never get a dime of your actual money back. Seriously, do you think you will ever get 10,000 people interested in the same house? Honestly?
Again here is her response. You can also email her directly if you care to debate this with her. The email is on the site.

If 10,000 people knew that they could buy a home for under $500, free and clear with no mortgage, insurance and taxes paid for the first year, I personally and professionally think they would bid on a subject property for a reserve seat fee of $100. I have had professional experience in a live auction whereas the bid paddle fee is $250 and the inspections/reports run $250 each. We do Survey, termite, title, appraisal, home inspection, sellerís disclosure and contract for purchase for NO CHARGE. We give those professional reports to our bidders so they can be educated before they reserve their seat.
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Old 02-10-2009, 10:31 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,903,330 times
Reputation: 3939
Quote:
Originally Posted by dmccauley View Post
Again here is her response. You can also email her directly if you care to debate this with her. The email is on the site.

If 10,000 people knew that they could buy a home for under $500, free and clear with no mortgage, insurance and taxes paid for the first year, I personally and professionally think they would bid on a subject property for a reserve seat fee of $100. I have had professional experience in a live auction whereas the bid paddle fee is $250 and the inspections/reports run $250 each. We do Survey, termite, title, appraisal, home inspection, sellerís disclosure and contract for purchase for NO CHARGE. We give those professional reports to our bidders so they can be educated before they reserve their seat.
We? Who is We? What business are YOU in? It LOOKS, from this post, like you are in the home auction business. Are you?
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Old 02-10-2009, 10:49 PM
 
Location: Jersey Shore
831 posts, read 2,098,772 times
Reputation: 299
Quote:
Originally Posted by Bill Keegan View Post
We? Who is We? What business are YOU in? It LOOKS, from this post, like you are in the home auction business. Are you?
The response was cut and pasted again from my email which is why I suggested you debate this with M. Marcus. M. Marcus is the "we". I would assume she is referring to her staff. I am a stay at home mother (retired early from a gov't job in nj), but after this great debate I'm ready to list my home on there and reap the benefits.
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Old 02-10-2009, 10:54 PM
 
Location: Florida
408 posts, read 947,793 times
Reputation: 370
Quote:
Originally Posted by dmccauley View Post
I'm not selling anything. I'm not a realtor not even in sales. I asked the question does anyone have experience with this sort of thing? I keep hearing on the news all these new ideas about buying and selling and thought I would ask the question because it seems to be paying off for some.
Anytime I read nonsense like this, I look for the Florida reference. Found it in one of this guy's entries. Take this scam out of here; there are too many people being seperated from their hard earned cash; last thing they need are people like you to further their woes. Prey on some other folks more deserving of your trickery.
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Old 02-10-2009, 10:56 PM
 
Location: In the Pearl of the Purchase, Ky
6,973 posts, read 12,392,464 times
Reputation: 29171
Wonder if he'll get a kiss in the morning?
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Old 02-10-2009, 11:01 PM
 
Location: Florida
408 posts, read 947,793 times
Reputation: 370
Quote:
Originally Posted by dmccauley View Post
The response was cut and pasted again from my email which is why I suggested you debate this with M. Marcus. M. Marcus is the "we". I would assume she is referring to her staff. I am a stay at home mother (retired early from a gov't job in nj), but after this great debate I'm ready to list my home on there and reap the benefits.
Go away, you knucklehead.
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Old 02-11-2009, 06:01 AM
 
Location: Jersey Shore
831 posts, read 2,098,772 times
Reputation: 299
Quote:
Originally Posted by luzianne View Post
I can see how that would work. Sometime last year there was a new house built in Kansas City with proceeds to go to St. Jude Hospital. You could buy a ticket for $100 and they sold a set number of tickets and then drew a name and that person won the house. Either the materials and labor were donated or the tickets sold covered that plus what was going to St. Jude; I don't remember exactly how it worked. The $100 donated for the ticket is tax deductible as a donation to a charity.
I believe it worked for the man in Maryland too. He sold 24,000 plus tickets for his home. In todays real estate market I'm not surprised if we don't see a lot more of these types of things.
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Old 02-11-2009, 07:36 AM
 
Location: Jersey Shore
831 posts, read 2,098,772 times
Reputation: 299
Quote:
Originally Posted by touretteboy65 View Post
Anytime I read nonsense like this, I look for the Florida reference. Found it in one of this guy's entries. Take this scam out of here; there are too many people being seperated from their hard earned cash; last thing they need are people like you to further their woes. Prey on some other folks more deserving of your trickery.
Funny this statement is coming from someone who lives in Florida so we'll just add this to "nonsense" as well.
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Old 02-11-2009, 07:38 AM
 
Location: Martinsville, NJ
6,159 posts, read 10,903,330 times
Reputation: 3939
Quote:
Originally Posted by dmccauley View Post
I believe it worked for the man in Maryland too. He sold 24,000 plus tickets for his home. In todays real estate market I'm not surprised if we don't see a lot more of these types of things.
I would be surprised, nay, AMAZED, if you see this with any frequency. At best, it's a lottery, where you are hoping to get stupidly lucky and get a house for pennies. At worst, it's a scam that fleeces people of money in amounts just small enough to each person that they likley don't bother to take action, but write it off as a mistake.
Buying & selling real estate is about trading value for value. Researching what you are going to buy, and paying a price for it base on your opinion of it's value. This lowest unique bid thing is nothing remotely like selling a thing of value.
I've exchanged a couple of e-mails with this Marcus woman. She's been evasive, and hasn't actually provided me with any of the facts for which I've asked. Her last message to me says that she'll respond in a day, but that I should remember it's about the industry not about her. By the way, she is a licensed real estate broker in the state of Florida, but I DO NOT find her listed at the NAR web site, which would mean she IS NOT A REALTOR. Man, am I glad about that.
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