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Old 02-11-2009, 12:38 PM
 
Location: Jersey Shore
831 posts, read 2,100,467 times
Reputation: 299

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Quote:
Originally Posted by ZugZub View Post
I say the OP should try it. After all, if she's so enamored with the idea she should be willing to throw herself on this grenade for the rest of us, so that we can see what happens.

I spend $100 easily with three kids, play the lottery and buy raffle tickets. So I am willing to throw myself on the grenade for my fellow city-data friends. Once its up and running I'll be the first to post back the good bad and ugly. We all have to take chances now and then.
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Old 02-12-2009, 12:42 PM
 
Location: The Hall of Justice
25,907 posts, read 35,056,196 times
Reputation: 42372
I think this sounds like a terrible idea, sorry. First of all, while 10,000 people MIGHT be interested in buying a house for $500, I don't believe that those 10,000 people would be willing to PAY $100 for a CHANCE to buy it for $500. There's a big difference. Secondly, if anybody can bid as many times as they want for free, what's stopping people from putting in every bid from $0.01 to $500? You won't get any unique bids. Lastly, I bet that when they don't sell enough seats, you'll just get a credit for the next auction instead of your money back. And even if they did sell all the seats, I don't see how anyone could actually win, so nobody would win the house and they'd just credit everyone for a seat in the next one. That is, if the people running that scam hadn't left the county laughing with their $1 million yet.
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Old 02-12-2009, 12:57 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,915,144 times
Reputation: 3939
Quote:
Originally Posted by JustJulia View Post
I think this sounds like a terrible idea, sorry. First of all, while 10,000 people MIGHT be interested in buying a house for $500, I don't believe that those 10,000 people would be willing to PAY $100 for a CHANCE to buy it for $500. There's a big difference. Secondly, if anybody can bid as many times as they want for free, what's stopping people from putting in every bid from $0.01 to $500? You won't get any unique bids. Lastly, I bet that when they don't sell enough seats, you'll just get a credit for the next auction instead of your money back. And even if they did sell all the seats, I don't see how anyone could actually win, so nobody would win the house and they'd just credit everyone for a seat in the next one. That is, if the people running that scam hadn't left the county laughing with their $1 million yet.
DING DING! We have a winner. Give the ladie a cupie (sp?) doll.
I spelled that out in another thread, so didn't feel like doing it again here. I'm glad other people can see through this sort of rubbbish.
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Old 02-12-2009, 01:09 PM
 
Location: Jersey Shore
831 posts, read 2,100,467 times
Reputation: 299
Quote:
Originally Posted by JustJulia View Post
I think this sounds like a terrible idea, sorry. First of all, while 10,000 people MIGHT be interested in buying a house for $500, I don't believe that those 10,000 people would be willing to PAY $100 for a CHANCE to buy it for $500. There's a big difference. Secondly, if anybody can bid as many times as they want for free, what's stopping people from putting in every bid from $0.01 to $500? You won't get any unique bids. Lastly, I bet that when they don't sell enough seats, you'll just get a credit for the next auction instead of your money back. And even if they did sell all the seats, I don't see how anyone could actually win, so nobody would win the house and they'd just credit everyone for a seat in the next one. That is, if the people running that scam hadn't left the county laughing with their $1 million yet.
You can either like the idea or dislike it it makes no difference to me but you need to understand how it works before you critize it. You pay $100 to purchase a seat in the auction. The $100.00 goes toward the purchase price of the home (which was predetermined by the seller) Once all the 10,000 seats are all sold out then the auction is closed to the public and the seat holders begin to place their bids. Each person is notified on their members home page the status of their bid. The auction is only open for a specified period of time.
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Old 02-12-2009, 01:18 PM
 
Location: The Hall of Justice
25,907 posts, read 35,056,196 times
Reputation: 42372
Quote:
Originally Posted by dmccauley View Post
You can either like the idea or dislike it it makes no difference to me but you need to understand how it works before you critize it. You pay $100 to purchase a seat in the auction. The $100.00 goes toward the purchase price of the home (which was predetermined by the seller) Once all the 10,000 seats are all sold out then the auction is closed to the public and the seat holders begin to place their bids. Each person is notified on their members home page the status of their bid. The auction is only open for a specified period of time.
I read everything you posted, but please let me know what I am not understanding. I understand it costs $100 to participate in the auction, and that 10,000 people are needed. Having a seat in the auction doesn't guarantee you a house. It gives you a chance to buy it ... a 1 in 10,000 chance. I don't think 10,000 people are going to pay $100 for just a chance. I would consider buying a house for $500, but I'd never pay $100 for the chance to buy one, and I think most people agree with me.

A lady I used to work with joined a similar venture in California. They were raffling off a house in Newport Beach, a nice house, but I think the tickets were something like $250. They didn't come close to the minimum required participants, and she got her money back, minus a participation fee of $50.
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Old 02-12-2009, 01:21 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,915,144 times
Reputation: 3939
Quote:
Originally Posted by JustJulia View Post
I read everything you posted, but please let me know what I am not understanding. I understand it costs $100 to participate in the auction, and that 10,000 people are needed. Having a seat in the auction doesn't guarantee you a house. It gives you a chance to buy it ... a 1 in 10,000 chance. I don't think 10,000 people are going to pay $100 for just a chance. I would consider buying a house for $500, but I'd never pay $100 for the chance to buy one, and I think most people agree with me.

A lady I used to work with joined a similar venture in California. They were raffling off a house in Newport Beach, a nice house, but I think the tickets were something like $250. They didn't come close to the minimum required participants, and she got her money back, minus a participation fee of $50.
And while that sounds like a fair resolution to most people, I suggest that the entoire operation is set up with the assumption that they will NEVER get enough people, and that they are making $50 per person for nothing.
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Old 02-12-2009, 01:26 PM
 
Location: The Hall of Justice
25,907 posts, read 35,056,196 times
Reputation: 42372
Quote:
Originally Posted by Bill Keegan View Post
And while that sounds like a fair resolution to most people, I suggest that the entoire operation is set up with the assumption that they will NEVER get enough people, and that they are making $50 per person for nothing.
I wouldn't doubt that a bit.
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Old 02-12-2009, 01:41 PM
 
39,078 posts, read 23,203,107 times
Reputation: 12158
When the auction is closed, and you've sold your house for $493.00, and the auction sold 6200 seats, how much does the auctioneer take from that $620,000. Off the top, they're going to take their expenses--termite inspection, appraisal, survey fees, land transfer fees, title searches, etc. Is there a cap on how much they can charge you for their up-front expenses, do you get an itemized statement, or do they get to charge you the amount at their discretion? And then there's their cut. Because they are in this to make money. Like the auction JustJulia cited, those people don't want the minimum number of bidders to buy seats, they sell seats for $250, charge a 20% handling fee, and even if they only sell 100 seats, that's $50,000 for NOTHING. What's the profit potential for dmccauley's auction house?
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Old 02-12-2009, 01:48 PM
 
Location: Jersey Shore
831 posts, read 2,100,467 times
Reputation: 299
I just found this on the internet maybe this explains it better then I can.
Kansas City, KS (PressExposure) July 17, 2008 -- Lowest Unique Bid Auctions is not a game of chance like lottery games are but rather a game of skill because you have the ability to figure out what can be the lowest unique bid by following the hints that we will give to you and you will be able to see those in your control panel. There are hints like this: “not unique”, “unique but not the lowest”, etc. So we can say that is like a game of chess where you need to think how to eliminate your adversary by guessing his/her next move.
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Old 02-12-2009, 01:51 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,915,144 times
Reputation: 3939
Quote:
Originally Posted by dmccauley View Post
I just found this on the internet maybe this explains it better then I can.
Kansas City, KS (PressExposure) July 17, 2008 -- Lowest Unique Bid Auctions is not a game of chance like lottery games are but rather a game of skill because you have the ability to figure out what can be the lowest unique bid by following the hints that we will give to you and you will be able to see those in your control panel. There are hints like this: “not unique”, “unique but not the lowest”, etc. So we can say that is like a game of chess where you need to think how to eliminate your adversary by guessing his/her next move.
Please don't tell me you believe this makes it more legitimate. Please. I mean, just look at it. You go online and put in a bid. You are told it can't win. So you put in a new bid. Do the early bidders get this sort of advantage? Ohh, wit, everyone can come bacck whenever they want and change or add to ther bids? OK, so much for the usefulness of the hints.
Stop. Please. It's beginning to be silly.
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