You are correct, it is not $1,000,000, it appraised for 1,250,000 at the beginning of December. But I am impressed by your ability to determined value, having never seen the home.
actually i was meaning its under 1mill, but wat do i know? i live in a trailor and im 15. but props to the guy who would put up a house for just 50 bucks
"Kudos" fiftdollarhouse, I see nothing wrong with this type of aproach and marketing (I am not a R.E.A. nor have a M.B.A.) For "the home owners", "the charity", "the eventual winner" Is ALL evident, clear and in BLACK & WHITE, you are just bypassing THE MIDDLE PEOPLE. The winner must make shure to have their your finnances in order to pay the taxes and state fees. The winner will get a house of around $800-950k (assest value) and will end up payng less then $450K. for a chance cost of $50.00
I live in sac california. my home as well as all the other homes in my community seem to taken a substantial hit in the market. unfortunatly I am upsidedown by 40 k selling your house this way seem to me to be the only way someone can sell a house get what they would have at the peak of the market. the bottom line is they sold a house and got what they wanted inturn helped some people when is the last time njsteelers helped anyone so fuck you njsteelers in the mouth. yours truly sacramento.
The owner of the house seems pretty intelligent. You're defintely a sleazeball. But..thanks for warning the public. I am amused by guys like you that want to knock down somebody that was smarter than you.
Glad to see you are applying a double standard. Sounds like you got burned by one of us "sleazeballs" and are holding some kind of grudge. In addition, I am not doubting this man's intelligence, it was certainly a clever idea (that has been done before by the way). My issue is publicly passing it off as some great act of kindness when he, the owner, is profiting greatly and getting rid of a house he made the mistake of mortgaging to the hilt.
It sounds to me that the owner was builing their dream house and I am sure that they have put a lot of heart, soul, time and money into this venture, so they deserve to walk away with their $213,000 profit.
So, what's the house worth? I find it amusing that a mortgage banker (some of the biggest sleazeballs in America) is calling out a scam. Sounds to me like sour grapes from somebody that has made a living in a real estate market that has been phony and subsidized for the past fifteen years.
Oh, by the way, the owner of the house must also be a sleazeball as well. See the direct quote from the September 24 NY Times article, Raffles: Real Estate's Latest Game of Chance:
"Mr. Walters, a mortgage broker, bought the house in 2006 and completed a 4,500 square foot addition in June. But his career has suffered as a result of the mortgage crisis, he said, and it has lately become "impossible" to borrow on the house."
Just so everyone knows what a scam this is: Borrowers owe about $808,000 and they have already sold roughly $1,135,000 in tickets (based on website). After 10% donation to charity of $113,500 that give the owners a $213,500 profit after paying off existing liens. This information is based on The State of Maryland Land Records website and I am a licensed mortgage broker in the state.
Sales tax is not charged on real estate in the state of Maryland. In Maryland settlements, you pay tax stamps, transfers and recordation fees. Usually these would be split between the buyer and seller, but the raffle sponsors are covering all of these expenses.
We did a disclaimer. The large addition is brand new so there are no know defects. The original house is 170 years old, and while it has been completely renovated (electric, plumbing, HVAC, roof, windows, doors, drywall, insulation, applicances)we chose a disclaimer.
We did a disclaimer. The large addition is brand new so there are no know defects. The original house is 170 years old, and while it has been completely renovated (electric, plumbing, HVAC, roof, windows, doors, drywall, insulation, applicances)we chose a disclaimer.
In the rules, under How the Grand Prize Winner will be dertermined, It states IF THE DRAWING IS HELD THE HOME WILL BE GIVEN AWAY. I thought about buying a tickets but I am not sure what will happen to my fifty dollars in the event that the drawing does nt take place.
If we do not sell enough tickets the raffle may be cancelled and 49.50 of each ticket will be refunded. However, we don't think that this will be a problem as ticket sales are going very well.
Raffle
youtube.com/watch?v=xGRXrWhzrXY
CashAuction 1 year ago
do you have to be a certain age to enter?
greekmonstervt91 2 years ago
to the winner: good luck selling it or maintaining it and adding debt =) becuase its too expensive to maintain :D
powermikertje 2 years ago
wer is the house located
daisyf1305 2 years ago
not bad...
loneknight97 3 years ago
theres no way in hell that house is 1milll
dunn5050 3 years ago
You are correct, it is not $1,000,000, it appraised for 1,250,000 at the beginning of December. But I am impressed by your ability to determined value, having never seen the home.
fiftydollarhouse 3 years ago
actually i was meaning its under 1mill, but wat do i know? i live in a trailor and im 15. but props to the guy who would put up a house for just 50 bucks
dunn5050 3 years ago
doesn't look all that great to me , just sayin
tuboricua123 2 years ago
This has been flagged as spam show
can i still get a ticket
whaditizzz 3 years ago
"Kudos" fiftdollarhouse, I see nothing wrong with this type of aproach and marketing (I am not a R.E.A. nor have a M.B.A.) For "the home owners", "the charity", "the eventual winner" Is ALL evident, clear and in BLACK & WHITE, you are just bypassing THE MIDDLE PEOPLE. The winner must make shure to have their your finnances in order to pay the taxes and state fees. The winner will get a house of around $800-950k (assest value) and will end up payng less then $450K. for a chance cost of $50.00
allrevup 3 years ago
I live in sac california. my home as well as all the other homes in my community seem to taken a substantial hit in the market. unfortunatly I am upsidedown by 40 k selling your house this way seem to me to be the only way someone can sell a house get what they would have at the peak of the market. the bottom line is they sold a house and got what they wanted inturn helped some people when is the last time njsteelers helped anyone so fuck you njsteelers in the mouth. yours truly sacramento.
juanriviera67 3 years ago
The owner of the house seems pretty intelligent. You're defintely a sleazeball. But..thanks for warning the public. I am amused by guys like you that want to knock down somebody that was smarter than you.
njsteelers 3 years ago
Glad to see you are applying a double standard. Sounds like you got burned by one of us "sleazeballs" and are holding some kind of grudge. In addition, I am not doubting this man's intelligence, it was certainly a clever idea (that has been done before by the way). My issue is publicly passing it off as some great act of kindness when he, the owner, is profiting greatly and getting rid of a house he made the mistake of mortgaging to the hilt.
mortgagebankerII 3 years ago
It sounds to me that the owner was builing their dream house and I am sure that they have put a lot of heart, soul, time and money into this venture, so they deserve to walk away with their $213,000 profit.
JoClouder 3 years ago
To clarify my earlier comment, by "borrowers", I mean the current owners.
mortgagebankerII 3 years ago
So, what's the house worth? I find it amusing that a mortgage banker (some of the biggest sleazeballs in America) is calling out a scam. Sounds to me like sour grapes from somebody that has made a living in a real estate market that has been phony and subsidized for the past fifteen years.
njsteelers 3 years ago
No sour grapes, just providing a different perspective.
mortgagebankerII 3 years ago
Oh, by the way, the owner of the house must also be a sleazeball as well. See the direct quote from the September 24 NY Times article, Raffles: Real Estate's Latest Game of Chance:
"Mr. Walters, a mortgage broker, bought the house in 2006 and completed a 4,500 square foot addition in June. But his career has suffered as a result of the mortgage crisis, he said, and it has lately become "impossible" to borrow on the house."
mortgagebankerII 3 years ago
Just so everyone knows what a scam this is: Borrowers owe about $808,000 and they have already sold roughly $1,135,000 in tickets (based on website). After 10% donation to charity of $113,500 that give the owners a $213,500 profit after paying off existing liens. This information is based on The State of Maryland Land Records website and I am a licensed mortgage broker in the state.
mortgagebankerII 3 years ago
Sales tax is not charged on real estate in the state of Maryland. In Maryland settlements, you pay tax stamps, transfers and recordation fees. Usually these would be split between the buyer and seller, but the raffle sponsors are covering all of these expenses.
fiftydollarhouse 3 years ago
You are responsible in 2009 for $300,000.00 Sales Tax too.
Teleportaion909 3 years ago
We did a disclaimer. The large addition is brand new so there are no know defects. The original house is 170 years old, and while it has been completely renovated (electric, plumbing, HVAC, roof, windows, doors, drywall, insulation, applicances)we chose a disclaimer.
fiftydollarhouse 3 years ago
Is there a disclosure statement on the house? Will one be provided and when?
TKPzu 3 years ago
Is there a disclosure statement on the house? Will one be provided at some point?
TKPzu 3 years ago
We did a disclaimer. The large addition is brand new so there are no know defects. The original house is 170 years old, and while it has been completely renovated (electric, plumbing, HVAC, roof, windows, doors, drywall, insulation, applicances)we chose a disclaimer.
fiftydollarhouse 3 years ago
In the rules, under How the Grand Prize Winner will be dertermined, It states IF THE DRAWING IS HELD THE HOME WILL BE GIVEN AWAY. I thought about buying a tickets but I am not sure what will happen to my fifty dollars in the event that the drawing does nt take place.
gallatyd 3 years ago
If we do not sell enough tickets the raffle may be cancelled and 49.50 of each ticket will be refunded. However, we don't think that this will be a problem as ticket sales are going very well.
fiftydollarhouse 3 years ago