WIN a HOMESTEAD for $175!!!

[Joy in Eastern WA]

If there's any gamblers out there willing to take a risk, take a look at this one!

http://www.winyourownhome.com/

It's been the buzz in this area and I have driven been by the place. It's beautiful! So, if you're feeling lucky and have a great name for the old place, you could be the proud owner of this little gem!

Not too far from downtown Spokane either!

[uyk7]

The only thing I did not see was how the winner would be selected.

[southerngurl]

On the front page, teehee:

That, along with a check for $175.00 could win you this fantastic farmhouse on 10 acres valued at $270,000.00. All we need is a name. Best name wins. Period.

[Paul Wheaton]

Best name wins. It makes me think they already have the best name picked and they just need suckers to pay for the rest of the house.

Not any different from the essay contests, really. I think legally there has to be some "skill" involved, however minor, otherwise it is considered a lottery and might not be allowed.

What I thought was interesting was that they had a real estate agent fielding the questions, so it probably is not quite a FSBO.

If they get the minimum # of entries, it comes out to $253,750. They say it is "valued" at $270,000, but by whom? Tax assessor? Real estate agent? Their own appraiser (which might come out for more than your banker's appraisal will....)?

[mikell]

Home and 10 acres in an area with a depressed economy. Are the outbuildings in the prize ???? House 2 car garage 10 acres 155k at the most.

mikell

[happycat]

There is a link to an appraisal of the subject property, but there are several discrepancies on the report. Near the bottom left of page 1 it says that this property sold in 12/02 it sold for $135,000! Then, under "History of Property" on page 13 it says the last sale of the subject property was 12/00 for $145,000. Which one is it? It also says in this section that this property was listed for sale at $274,500 for 47 days prior to the date of this appraisal. But then on page 1 it states "the subject has not been listed or sold in the last 36 months".

Just a quick review of this appraisal report revealed the above. I wouldn't trust this report as far as I could throw it.

It's a beautiful house, yes, but I wouldn't give them $25 to enter this contest.

By the way, there is also a "rules" page that explains how the winner will be chosen:

"All entries postmarked by 5-28-04 will be issued a number by the accounting firm and then given to the panel of judges. The panel will be comprised of a group of ladies from a women's studies group in Davenport, WA. When the judges pick the winning "

Uh-huh. That sounds good. What a joke.

[happycat]

Oh, and you think they could at least get their spelling right.

It's "appraisal" NOT "appraisel"

[sancraft]

If all the outbuildings are included, seems like a good deal. Even if it doesn't appraise for 270K, you would have only paid 175.00 for it, so you know it will appraise for more than that. I just want to know how I will know that enough people sent in an entry. I might consider getting my check in the mail before the end of the day myself. How is the weather in that area, anyone know?

[Joy in Eastern WA]

Sancraft, I live within 30 miles of the place and the weather here is more of an arid/dry climate with four distinct, pleasant seasons. This place is located in "Palouse" country, so it's surrounded by rolling fields of wheat, lentils and peas. Very fertile ground. Can be breezy along with blowing snow in the winter. But, our winter snows are not too deep, just a couple of inches at a time. Spokane is a fairly easy commute, since the main highway south is a road less traveled by commeters. Most commuters live to the west, north or east. South is very rural.

You have to admit, it's a beautiful place!