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Not sure why this is in the NY forum since it's a Texas house, but anyway....
I dug around a little to find out why they'd be so crazy to sell their house for $150. In the link it tells you they are taking in $150 for every entry fee for the writing contest. But then I found this Today.com article that says that if they "don't find an essay they like" then they will just refund everyone's money.
I am SURE that if they don't get at least $400,000 worth of entry fees, they will claim not to have found an essay they like, refund all the entry fees, and then will put it on the market for the appraised amount, which is $400K.
I also wonder if there's some tax loophole they are getting around by taking in "entry fees" that add up to $400K versus the sale of a home at $400K.
Not sure why this is in the NY forum since it's a Texas house, but anyway....
I dug around a little to find out why they'd be so crazy to sell their house for $150. In the link it tells you they are taking in $150 for every entry fee for the writing contest. But then I found this Today.com article that says that if they "don't find an essay they like" then they will just refund everyone's money.
I am SURE that if they don't get at least $400,000 worth of entry fees, they will claim not to have found an essay they like, refund all the entry fees, and then will put it on the market for the appraised amount, which is $400K.
I also wonder if there's some tax loophole they are getting around by taking in "entry fees" that add up to $400K versus the sale of a home at $400K.
If they do get $400K worth of entry fees, it means you're competing with about 2,665 other people for the win.
My thoughts exactly! Still, I think its a (or has the potential to be) pretty ingenuous way to try to sell a house. I'd seriously consider such a process if we ever decide to sell our home.
Not sure why this is in the NY forum since it's a Texas house, but anyway....
I dug around a little to find out why they'd be so crazy to sell their house for $150. In the link it tells you they are taking in $150 for every entry fee for the writing contest. But then I found this Today.com article that says that if they "don't find an essay they like" then they will just refund everyone's money.
I am SURE that if they don't get at least $400,000 worth of entry fees, they will claim not to have found an essay they like, refund all the entry fees, and then will put it on the market for the appraised amount, which is $400K.
I also wonder if there's some tax loophole they are getting around by taking in "entry fees" that add up to $400K versus the sale of a home at $400K.
If they do get $400K worth of entry fees, it means you're competing with about 2,665 other people for the win.
Your not suggesting I should have posted it in the Houston forum, are you?
Yes, it's true that they can pretty much back out of this for any reason according to the website, but still for $150 one has possibly a 1 in 3,000 chance to win something worth $400,000. That's better odds than the lottery. Then the house could be flipped, give 'em the finger, and take the cash back to New York.
$400k for a tiny 2 bedroom house in Texas!? You can get a giant mcmansion on a monstrous lot and great schools in most other parts of Texas for that amount.
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