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Bloke drops asking price by £300k, still no takers, so sticks it up for raffle

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Yeah just saw that.  He obviously didn't realise the price is totally inappropriate for the area.  People might get interested at 300-400k, but instead he has to go down the stupid raffle route, along with a free advert from the mail.

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Nice renovation job to be fair, but he should have grasped there is a reason people don't buy statley home on the Lancashire  Cumbrian board cheap and then plough £150k into them, looks like it wasn't the easy money he thought it was going to be.

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Quote

Dunstan Low, 37, hopes to sell 500,000 tickets [at £2 each], in the hope of raising money equivalent to the value of the Georgian home to avoid repossession.

Dunstan originally bought the property for £435,000, and spent £150,000 on renovations

He first put the manor on the market in 2014 at the price of £800,000 for six months but only a few people looked round and there were no offers.

Last December, they put it up for sale again at £845,000, but have had only one viewing since. At one point they dropped the asking price as low as £500,000 but still no offers.

So he want's £1million for it really.

Found this in the T&C's:

Quote

If the Maximum Number of Entries to the Competition is not equal to the number of entries received as at the closing date, the Competition will close and the proceeds will either be deemed sufficient to award the house as a prize at the discretion of the promotors, or the remaining funds will be allocated as a cash prize to a winner after the deduction of any expenses and marketing fees.

...


The Promoters will be entitled to retain 20% of the Entry Fees to cover administration and marketing expenditure. The remaining balance following deduction of the 20% is “the Prize Fund”. The Prize Fund will then be distributed to the winning Entrant;

...

The Promoters reserve the right to cancel the Competition at any time either before or after tickets have been sold. If the Competition is cancelled, the Promoters will return the Entry Fees to each Entrant.

Hence why they want to sell 500,000 tickets. It is the promoters profit.

Edited by doahh

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3 minutes ago, reddog said:

Nice renovation job to be fair, but he should have grasped there is a reason people don't buy statley home on the Lancashire  Cumbrian board cheap and then plough £150k into them, looks like it wasn't the easy money he thought it was going to be.

Dread to think what it costs to run...

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There seem to be aunts* like this from time to time. There was one a few years ago who tried the same stunt. He was saying that he was able to buy the house when prices were reasonable and raise his family in it, but now it was so expensive no one could afford it. He was 'giving young people a chance' by raffling the house. He also hadn't been able to sell it hence the raffle.

 

*spelt with a c and without the a. Who do I have to duck around here to get swearing privileges.

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Raffles again.  How 2008-2009, during the 'they didn't know what they were doing' hpc years (covering anyone who owned a house).

Quote

after buying it in 2011 for £435,000    ........hopes to sell 500,000 tickets .............'I had been thinking about doing this on and off for a few years now but so far hadn't acted.

Hmm.

This looks like same house.  An RM listing dated 20 June 2011.

http://www.rightmove.co.uk/property-for-sale/property-30473863.html

Sale Date Property Price Paid Source
09 Dec 2011
Detached, Freehold
£435,000 Land Registry

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=30473863&sale=50996031&country=england

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Lol. I worked on a Raffle for a house back in about 1990. Turned out to be a lot of fraud going on behind the scenes which I wasnt aware of.

At that time, selling a million tickets for a quid each was really hard work. When you see a million raffle tickets stacked up, it gives you a good sense of the challenge.

Maybe with the internet these days he can more easily market and transact, but getting hundreds of thousands of people, in a sufficiently reasonable amount of time, to give a sh|t enough to buy a raffle ticket is going to be challenging.

Loving this #shadenfreude

 

 

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Hmmm questions .....

1. Does everyone posting here realise that it's a semi - just the painted bit, not the nice stone building beyond?

The daily mail caption about ballrooms leads one to think it's the whole lot.

2. Is there a reason everyone applying for tickets writes the address in green ink?

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3 minutes ago, ebull said:

2. Is there a reason everyone applying for tickets writes the address in green ink?

Yes the letters are comedy. Who would use mail as a way to transact on this for a start. How much of your time taken to process a single £2 ticket.

The writing on them is blatantly the same person trying to vary their handwriting. 

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I remember back in 2009 or so a couple flogging a house with fishing lake and cabins via a raffle that got a lot of the old crowd worked up,mainly because they claimed they wanted

'what's it worth' when they sold it.

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See, I don't understand why an internet marketing professional would use a free web template and leave all the rubbish metainformation in.  The sort of thing an imbecile would do.  And I don't think that much of his content.  I mean, it is okay, but he's pushing for a million here.  He's not even put the competition answer in as a drop-down, just a plain text field, ffs.

Anyway, all that said I think it is worth a punt at 64p per entry*...

[* and they don't get a penny of it]

Edited by dgul

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38 minutes ago, ebull said:

Hmmm questions .....

1. Does everyone posting here realise that it's a semi - just the painted bit, not the nice stone building beyond?

The daily mail caption about ballrooms leads one to think it's the whole lot.

2. Is there a reason everyone applying for tickets writes the address in green ink?

Didn't realise that, just thought the thing had been built in stages, then it is a total total rip off!!

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1 hour ago, ebull said:

Hmmm questions .....

1. Does everyone posting here realise that it's a semi - just the painted bit, not the nice stone building beyond?

The daily mail caption about ballrooms leads one to think it's the whole lot.
 

But you do actually get the bit with the ballroom.  Just not the library or the billiard room.

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Reading between the lines, the income from his graphic design and software freelancing has dried up, and he's basically bankrupt, I'm guessing. He's tried moving to a smaller house and renting the bigger one out unsuccessfully. He can't sell it below a certain price because that would crystallise how f#cked he is.

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2 hours ago, Patient London FTB said:

Saw one of the 'couple throw in sports car to help sell their house' stories the other day as well 

http://www.telegraph.co.uk/finance/property/buying-selling-moving/3533460/Offering-incentives-to-buy-property-Every-which-way-but-sold.html

 

Here was the original extreme house seller.

Bought for £800k iirc,then tried to throw in a Porsche to help find someone with £2mn to burn who didn't mind swimming to their front door during the occasional flood.

 

He did some legendary stuff on utube that brings the memories flooding back.Here he is at the 'Successful Selling Conference 2006'

 

 

 

 

Edited by Sancho Panza

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4 minutes ago, Sancho Panza said:

http://www.telegraph.co.uk/finance/property/buying-selling-moving/3533460/Offering-incentives-to-buy-property-Every-which-way-but-sold.html

 

Here was the original extreme house seller.

Bought for £800k iirc,then tried to throw in a Porsche to help find someone with £2mn to burn who didn't mind swimming to their front door during the occasional flood.

 

He did some legendary stuff on utube that brings the memories flooding back.Here he is at the 'Successful Selling Conference 2006'

 

 

 

 

Very reminiscent of current property118 strategies:

 

He has created a 140-point plan outlining what he believes is required to find a buyer for his home and anyone else's(!)

 

Based on his Devon experience, he now has a consultancy called Property Selling Strategy (www.propertysellingstrategy.com) to advise frustrated sellers, so long as they are happy to pay him £1,000 a day plus expenses.

 

(based on his unsuccessful property marketing exercise you can buy his time at £1000 a day????)

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Haha! I remember these stories from last time around.

Quote

 

Can't sell your home? Why not just raffle it?

Homeowners desperate to sell are raffling their homes instead

The concept sounds utterly tempting. Instead of selling your home in a tumbling property market, and getting thousands of pounds less than you hoped for, why not raffle the thing off, flogging tickets to thousands of people desperate for a £25 shortcut to the good life?

Recent weeks have seen a rash of property raffles, garnering substantial amounts of media attention - in particular of a Devon country estate complete with lake and fishing rights, and a property in Cheltenham with contemporary spa room and subterranean cinema that was featured on the Channel 4 programme Grand Designs.

 

Edited by Eddie_George

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This isn't a game of skill. It's a lottery and the commission need to look into it. 

Looking at the website it's obvious why his work as a web designer has dried up as dgul said...

That white gloss kitchen isn't in keeping either...

 

edit, just realised he's asking a question to enter so ignore the game of skill thing. 

Edited by spunko2010

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10 minutes ago, spunko2010 said:

This isn't a game of skill. It's a lottery and the commission need to look into it. 

Looking at the website it's obvious why his work as a web designer has dried up as dgul said...

That white gloss kitchen isn't in keeping either...

 

edit, just realised he's asking a question to enter so ignore the game of skill thing. 

And it is free to enter, remember*...

[*well, cost of a stamp]

Edited by dgul

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It's a semidetached property not a mansion or a manor. Not dissimilar in size and style to my parents home and the bit he lives in looks like the annex/servants quarters. My mum sold her annex that we (and the post office) had know as our housenamewing for thirty years and the new owner has named it something poncy with little in the title. 

What happens to the postal entry's do they get the same odds as we could all enter en masse in protest.

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So he bought the place in 2011 for £435k. House prices in Lancashire are 10% higher than they were in 2011, putting the unimproved value at somewhere around £480k. He's spent £150k on it. Does that mean it's worth £620k? If nobody will buy it at £500k then clearly not. It is patently NOT worth £845k (the T&Cs state this valuation is an "estimation by owners").

Still, there is no limit to the number of entries one person can make, so you might as well buy £2 worth of stamps and enter multiple times for the same price as a single paid entry - and as someone pointed out, not actually contribute to what constitutes a bailout for a flipper who made a poor decision with a massive payout on top instead of coming out breaking even and escaping ruination which is the most generous outcome one could wish on him.

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