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Old 02-11-2009, 07:52 AM
 
Location: Jersey Shore
831 posts, read 2,097,022 times
Reputation: 299

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Quote:
Originally Posted by Bill Keegan View Post
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.
I am not familiar with NAR but I had also looked up her license. Says she has a active license until 9/2009. Believe me I am the first person to investigate and research before I make any decisions. I think I am still going to wait and see how this plays out.

Last edited by dmccauley; 02-11-2009 at 08:01 AM..
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Old 02-11-2009, 07:59 AM
 
Location: Martinsville, NJ
6,154 posts, read 10,890,837 times
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Quote:
Originally Posted by dmccauley View Post
I am not familiar with NAR but I had also looked up her license. Says she has a active license until 9/2009
NAR is the National Association of Realtors. Not all real estate salespeople are Realtors. She is not a Realtor, as far as I can tell.
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Old 02-11-2009, 08:03 AM
 
Location: Martinsville, NJ
6,154 posts, read 10,890,837 times
Reputation: 3938
The more I think about it, the more I believe that this sort of "auction" doesn't need to be conducted under the rules & regulations of real estate, but under the gambling & lottery rules. I mean, look at it. You aren't making any determination of value. You certainly can't make an "educated" offer to purchase the property. There are 50,000 numbers. (A range of one cent to 500 dollars, in one penny increments.) Pick one of those numbers, pay $100, and hope you win. Is there any way to argue that this is a real estate sale and not a gambling or lottery participation?
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Old 02-11-2009, 08:07 AM
 
Location: Jersey Shore
831 posts, read 2,097,022 times
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Quote:
Originally Posted by Bill Keegan View Post
NAR is the National Association of Realtors. Not all real estate salespeople are Realtors. She is not a Realtor, as far as I can tell.

Really? How could this be true. If I were to list my home here in Florida with a realtor he/she may not be one? Isn't NAR just an association. As I had stated I am originally from NJ and realize that there are tons of organizations and associations people belong to but just because you aren't a member doesn't mean your not legit.
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Old 02-11-2009, 08:20 AM
 
Location: Martinsville, NJ
6,154 posts, read 10,890,837 times
Reputation: 3938
Quote:
Originally Posted by dmccauley View Post
Really? How could this be true. If I were to list my home here in Florida with a realtor he/she may not be one? Isn't NAR just an association. As I had stated I am originally from NJ and realize that there are tons of organizations and associations people belong to but just because you aren't a member doesn't mean your not legit.
No, she is a licensed real estate agent. But she has not joined the National Association of Realtors. Realtor is a trademarked term, and one cannot be called a Realtor without becoming a member of the NAR. The association exists to provide a framework, a reference, resources & education to help us be better at what we do. Becoming a Realtor requires adherence to a Code of Ethics. (Of course, if one is going to be unethical, I guess breaking the oath of an association isn't going to be an issue.) But in the end, it's an association that one can choose to join or not. Maybe she doesn't want to pay the membership fee. There are , I guess, various reasons for not becoming a Realtor. And I am sure that that there are some very good real estate agents who are not Realtors. But this woman isn't selling real estate. She's running a lottery. I should rephrase that. Maybe she is selling real estate. But this lowest unique bid thing is not real estate sales, it's a lottery.
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Old 02-11-2009, 08:43 AM
 
Location: Jersey Shore
831 posts, read 2,097,022 times
Reputation: 299
Quote:
Originally Posted by Bill Keegan View Post
No, she is a licensed real estate agent. But she has not joined the National Association of Realtors. Realtor is a trademarked term, and one cannot be called a Realtor without becoming a member of the NAR. The association exists to provide a framework, a reference, resources & education to help us be better at what we do. Becoming a Realtor requires adherence to a Code of Ethics. (Of course, if one is going to be unethical, I guess breaking the oath of an association isn't going to be an issue.) But in the end, it's an association that one can choose to join or not. Maybe she doesn't want to pay the membership fee. There are , I guess, various reasons for not becoming a Realtor. And I am sure that that there are some very good real estate agents who are not Realtors. But this woman isn't selling real estate. She's running a lottery. I should rephrase that. Maybe she is selling real estate. But this lowest unique bid thing is not real estate sales, it's a lottery.
I understand what your saying. If your not a member of NAR then you can't call yourself a "realtor", but other then that you provide the same services and both are required to adhere to the "state standards and regulations" that issued your license.
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Old 02-11-2009, 09:01 AM
 
Location: Martinsville, NJ
6,154 posts, read 10,890,837 times
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Quote:
Originally Posted by dmccauley View Post
I understand what your saying. If your not a member of NAR then you can't call yourself a "realtor", but other then that you provide the same services and both are required to adhere to the "state standards and regulations" that issued your license.
When engaged in the business of selling real estate, we are all required to obey the laws pertaining to real estate sales in our respective states, whenther we are Realtors or not. The code of ethics for Realtors is a voluntary addition to our requirements.

As I said though, I don't think that matters. She might as well be a butcher, a baker or a candlestick maker, for all it's relevant to what she is doing here. In this "auction," Ms. Marcus isn't selling real estate. She's making it a prize in a lottery. She's selling boxes in a game of chance. Any persons odds of winning are one in 10,000, assuming that exactly 10,000 pay to play, and worse if more people play. They can't get better, as the drawing doesn't happen if there are less players. (I think that's right. Any statisticians reading this that want to affirm or correct that?)

It is obvious by now, right? You seem very interested and defensive of this process, and I really hope you aren't thinking tht it's a good deal. Despite her blog announcing tht people can buy a house for $500, that's NOT what happens. For $100 you buy ONE chance in TEN THOUSAND that you will be awarded a house for less than $500. If you have $100 to throw away, and want to try it, by all means, have fun. But please, do it with eyes wide open, and not expecting to actually win this any more than you would expect to win the lottery. In fact, the FL Lottery Pick 4 offers EXACTLY the same odds of winning. 1:10,000, according to their web site. And that only costs $.50.
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Old 02-11-2009, 09:06 AM
 
9,807 posts, read 12,896,672 times
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Bill Keegan is correct and this would be covered under gambling laws rather than Real Estate laws.

The catch comes in that many states do not allow individuals to conduct their own raffles or lotteries.( even charity groups need permits in many states)

One person near me thought he found a loophole.

He stated he was running a contest to "donate" his 40 acrs and house to the winner of an essay contest on who wanted / needed his house the most.

He stated the cost to enter the "essay" was $100 and stated if the needed minimum # of entries weren't recieved, your entry fee was returned.

Newspapers and TV stations were at his place. The problem was ( unlike a lottery) there was nobody promoting it the next day and the interest dropped.

He ended up refunding the FEW entry's money.


Yeah, I buy lottery tickets where there is a drawing.
I never would buy a $100 ticket knowing I could not win unless my " sob story" was the best.
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Old 02-11-2009, 09:26 AM
 
Location: Jersey Shore
831 posts, read 2,097,022 times
Reputation: 299
Your absolutely correct. I am interested, maybe not defensive as you stated, but I am looking at it from a seller point of view. The market here in Florida is so bad, much worse then NJ (where I intend on going back to) which is why I am looking at all my options. I welcome all your comments whether they are positive or negative. I am learning alot here.
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Old 02-11-2009, 09:35 AM
 
Location: Martinsville, NJ
6,154 posts, read 10,890,837 times
Reputation: 3938
Quote:
Originally Posted by dmccauley View Post
Your absolutely correct. I am interested, maybe not defensive as you stated, but I am looking at it from a seller point of view. The market here in Florida is so bad, much worse then NJ (where I intend on going back to) which is why I am looking at all my options. I welcome all your comments whether they are positive or negative. I am learning alot here.
From a sellers point of view, I would have a whole different set of questions.
Do you have to pay her something up front? Or only if the house is given away?
Does she get a percentage of the money raised or a fixed fee?
How much time to you have to give her to advertise & market the lottery in an attempt to sell enough seats?
What happens to your house if you wait all that time and she doesn't sell enough seats to hold the lottery?
Can you have your house listed for sale in the traditional manner while she is attempting to sell the lottery seats?
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