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If you can't sell your house - try raffling it


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http://www.telegraph.co.uk/personal-banking/mortgages/house-prices-slump-look-desperate-couples-solution/

The main part of the story is fairly routine.  Couple need to sell their house but nobody will pay the asking price - they don't seem to consider the possibility that maybe they've overvalued it?  They must sell, as their income has fallen and they can't pay the mortgage.  No mention of how much they actually paid for the house initially, or the LTV of the mortgage.   I think there was an article somewhere about the same couple earlier this year - their "manor house" is in fact the end section of a rather shabby-looking block (as can be seen from the different photo in the physical paper) and in a fairly built-up area.  So they have hit on the idea of putting the house up for raffle, and the article discusses the legal issues.  Fair enough.

The part of the article lower down is what has raised me to FURY this morning.

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Another vendor who made recent headlines by attempting to raffle their home was Renu Qadri, who lives in a five-bedroom property in Blackheath, London.

Ms Qadri started raffling the property last month at £5 per ticket, aiming to raise £3.75m. The property was previously on the market for £1.25m. It had been bought by Ms Qadri through the Government’s Right to Buy scheme..

A 5 bedroom house in Blackheath (not exactly social housing) bought at a discount under the right-to-buy scheme??

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...three years ago for...

wait for it....

 

 

 

 

Quote

 just £360,000.

Words fail me.

Here is the house:

Picture of raffled property in Blackheath, London

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http://www.propertyindustryeye.com/vendor-who-hoped-to-raise-3-75m-through-house-sale-raffle-bought-it-under-right-to-buy/

Actually it's only the top half of that house in the picture. It's a large two floor flat carved into five beds. In an ex -Council property.

She bought it under RTB just three years ago for £360K, having lived there as a tenant for 20 years.

Selling for a paltry million clearly isn't enough for this lady. 

Edited by juvenal
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20 minutes ago, juvenal said:

 

http://www.propertyindustryeye.com/vendor-who-hoped-to-raise-3-75m-through-house-sale-raffle-bought-it-under-right-to-buy/

Actually it's only the top half of that house in the picture. It's a large two floor flat carved into five beds. In an ex -Council property.

She bought it under RTB just three years ago for £360K, having lived there as a tenant for 20 years.

Selling for a paltry million clearly isn't enough for this lady. 

The thing is that its not worth a million and probably (if anyone is being honest) isn't really worth the £360k she paid for it... Hence the only way she can get the money she hopes to get is to auction it.

The other house in the original article is another a prime example of someone trying to escape their mistake... Where are the windows on the ground floor?

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“After talking to many estate agents and ‘quick buy’ companies, we believe it is in our best interest to take the sale of our property into our own hands, whilst offering someone else the opportunity to own and enjoy the property as their own.”

I realise now that I didn't get out that much and totally convinced myself that my home was worth 1.25M and all my problems were solved. Im ok now and seeking to recover what I can before I am repossessed.

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They paid £435k for it in 2011.  They want to raise a million.  I leave to make your own judgements about it.

http://winacountryhouse.com/index.html

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

 

Looking at the RM pics and the ones on their website, I can't see that they spend any significant money on the place, despite claiming to have "lovingly renovated" it.  Still, guess they're worth it.

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So if you sell a house in a raffle, is it worth the million pound that you win or the £2 of the ticket?

If you won a house would you move in for a while then sell, or just sell off the bat and stump up the capital gains tax (if owed). Would you also seek a million or perhaps whatever it takes to line your pockets?

I hope this really takes off.

 

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