Property News · May 21, 2018

How selling your home through a raffle could leave you out of pocket


It may seem like a lucrative way to beat the housing market but can end up being more of a headache, with some homeowners potentially facing lossesIt was an ambitious plan: Donna Pirie offered to give away her £1.7m Aberdeenshire mansion in a competition, but she wanted to sell £3.75m worth of tickets to do so and give £1m to charity.In the end, she sold just 10,000 tickets at £25 each – totalling £250,000 – despite national newspaper coverage. The terms and conditions of the competition allowed her to delay the draw twice but she decided to keep her home and instead give away £188,000 in cash prizes. She also gave £50,000 to charity. Running the competition cost her £43,500, so she ended up with a net loss of £31,500. Continue reading…

Source : theguardian.com
Read more…How selling your home through a raffle could leave you out of pocket

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