$1.28 million home to sell for $50

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Do the math... - 2009-01-02 18:34:35

Per the State of Maryland Land Records website the owners owe about $808,000 and they have sold/pledged roughly 24,100 tickets which equates to a total of $1,205,000. After 10% donation to charity (percentage based on information from prior Capital article) of $120,500 that gives the owners an estimated $276,500 profit after paying off existing liens. It seems to me that they keep pushing the drawing back in order to put more money in their pocket.

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Concerned Citizen - Annapolis, MD - Karma: Neutral

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Info from the owner - 2008-10-30 09:04:54

As the owner of the property that is being raffled it seems as though a few points need to be clarified. The mis-information seems to be about: the charity, the taxes, what happens if the raffle is cancelled, the value and how much each party receives. The Charity: We care and Friends is an Annapolis-based charity and it is the first thing mentioned on the fiftydollarhouse.com website. They were present at, and included in, the Inside Edition taping. Unfortunately, we do not have editorial control. Their website, wecareandfriends.com can better explain their services than I can in this limited space. The Taxes: yes, if you win you will have to pay taxes on your winnings. The exact amount will be determined by a recent appraisal. What Happens if the raffle is cancelled: If by some strange reason we have to cancel the raffle, 99% of each ticket will be refunded. The other 1% will offset any refund cost. We have the contingency of selling 31,500 tickets because this is not a common fundraiser, and we want to be certain that we can sell enough tickets to make the fundraiser work, and it looks as though we will. The Value: the value was determined by an appraisal (not assessment) and it is not some arbitrary figure. How much each party receives: In a nutshell, We Care and Friends is buying the home, getting proper approval to conduct a raffle, selling enough tickets to cover the sales price, closing costs, cost of the raffle (advertising, printing, credit card expense etc.), and the money for the charity. The drawing is held and the winner receives the property. We as the owners, receive the appraised value and We Care and Friends receives the rest. We understand that this is not a normal fundraiser and may sound to good to be true, so we understand the cynicism, but if things continue the way they have been (and it seems as though they will) someone will receive a home worth more than $1,000,000 for $50. I can be reached at 443-758-5164. Good Luck!

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Tom Walters - Edgewater, MD - Karma: Neutral

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Interesting Follow-Up - 2008-10-22 12:37:35

This "raffle" was actually covered on Inside Edition last night (see http://www.insideedition.com/news.aspx?storyID=2238 ). They made it seem like some grand estate. NOT! "..the Walkers are having a tough time making their mortgage payments." HA! So are lots of speculators. "..poured their heart and soul and every dime they had into building their dream home." Dream Home? If only Inside Edition would have done their research and realize they are contributing to the hype and ill-gained fortune of these missed-the-golden-opportunity flippers and now we're coming up with a creative way to scam the money we should have made. Oh, and unless I missed it, the "charitable" contribution was NEVER mentioned on TV and you have to look real hard to find it on their web site. SHAME ON THIS GREEDY COUPLE or do they think people are just that stupid to buy a ticket ??!!!!!

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k c. - KNOXVILLE, TN - Karma: Neutral

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Sarah H - 2008-10-13 15:46:10

I tried your email and it was returned. How can I help you? Do you have a question?

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Robert R. - Harwood, MD - Karma: Terrible

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Excellent - 2008-10-11 15:16:02

Every comment here is absolutely dead-on and excellent.

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sean harmion - annapolis, MD - Karma: Neutral

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Hope - 2008-10-11 00:44:46

The value may be a bit overstated, in this market, and based more on how much they have invested remodeling it; but I know something about the value of homes in Annp. one of my favorite towns. I bought 2 tkts. and HOPE I WIN! Lucky Todd

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Todd W. - Wilmington, DE - Karma: Neutral

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HEY BOB(the taxman) - 2008-10-11 00:03:05

I would really like you to contact me . . . you stole the words out of my mouth. As someone who just obtained a Bachelors in Accounting, I couldn't agree more. Please, contact me through my email: goofy9579

this is at yahoo.com . . . I like to separate because some sites do not allow this.

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Sarah H. - Laurel, MD - Karma: Neutral

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No Drawing (SHOCKED?) - 2008-09-30 09:53:23

So after this flier shows up on the door of my apartment I began a little research into winning a house for $50. The entire apartment complex was papered with this thing. The delivery method immediately raised red flags. Once as a na?ve 20-something I hired someone from a flier left on my doorstep and it was a gargantuan mistake ? fool me once? So I checked the website and immediately noticed the photos of the place - coffee cup in the office - food and dishes in the kitchen like they had just had a snack. WEIRD! Then consider the rule about 31,500 tickets (1.6 million) must be sold or they can put off the raffle. Now is that 31,500 collectively or is that 31,500 per 3 month ticket sale period? If they sell, say 10,000 tickets up to the original raffle date which WAS to take place Sept 27, 2008 AND an additional 31,500 before the new date of Dec.31st, 2008 ? that?s an even greater profit margin for the homeowner. And will they EVER raffle this house? Or is this just such a great money maker that they keep running it forever? Most people aren't going to hire an attorney over 50 bucks. And most people, if the ticket sales period just keeps getting extended will forget about it and someone gets multi millions while the donation to the charity is expressed as a fixed amount. Hmmm? The REALLY good schemes are the ones that make you think you might get something. A good schemer gives up something but gets MUCH more. I mean - is it normal for a fundraiser to yield a private party 90% of the proceeds and the charity only gets 10%? Yeah - that's what I thought.

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Shari M. - Annapolis, MD - Karma: Neutral

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Buyer Beware... - 2008-09-16 00:06:38

"Sponsor reserves the right to cancel the raffle if less than
31,500 tickets are sold." This means that entrants would collectively be buying this house for more than market value. And as Robert R. has pointed out, you will be sent a tax bill on the $1.4 million gambling winnings. Jeers to this scammer for creating this hoax to unload his "white elephant" under the guise of a charity.

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IM Freeman - Annapolis, MD - Karma: Neutral

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Think First Capital - 2008-09-15 13:08:29

The Capital and www.hometownannapolis need to think first before they run articles like this. As mentioned below, this is just another rich flipper trying to make a ton of money. The seller should be ashamed at mixing charity work with this scam.

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Matt Brown - Annapolis, MD - Karma: Neutral

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More math - 2008-09-15 09:07:47

The two previous comments are right on the money (no pun intended) I would like to add another twist...Anyone buying a ticket, have they considered the TAX cost of this "easy $50"? The value (supposed) is around $1.2 right, now let's figur in the what the IRS and the Comptroller of Md is going to get. That would be around $410,000 because you have pay taxes on the gambling winnings. So it really isnt $50 folks.

Like what's already been said...tell them to go fly a kite and send your money in directly to the cause skipping the efforts of greedy people looking for an angle.

Bob (the taxman)

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Robert R. - Harwood, MD - Karma: Terrible

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Dave is Right - 2008-09-14 11:19:03

Wow, valiant, noble action for charity, but the bottom line appears to be greed of the seller who can't move their white elephant. I don't see the $1.28M value here, but I'm no real estate expert. Even the county tax assessment records put it barely over $800K. And purchased for $425K in April 2006? Sounds like a flipper looking for a new angle to further add to the real estate crisis. Give your money directly to the charity directly is correct. This raffle is never gonna fly because the "deluge" of last minute ticket purchasers aren't going to surface and the "Rules" of the raffle leave a lot of wiggle room to extend or terminate the auction. I'd love to see what a Real Estate Expert has to say about this property located adjacent to a BUSY highway.

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MD Native - Knoxville, TN - Karma: Neutral

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Do the Math - 2008-09-13 15:47:09

This sounds all nice and fuzzy about the homeowners, but if you do the math you will realise that if they hit their target 31,000 tickets, they stand to receive 1.4 million AFTER they donate the little 150k to the charity; not to mention the tax write off they are going to claim because they donated. This is just another case of rich people thinking the rest of us are stupid enough to just say, oh how nice, and they walk off with even more $$ in their pockets. Don't believe the hype... If you want to help, donate your ENTIRE $50 or more directly to the charity and let the rich do their own dirty work and unload their overpriced plot like all the other homeowners strugling to sell in this market.

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Dave M. - Timonium, MD - Karma: Neutral