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Housing Crisis Leads to Drastic Measures

[Jan 11, 2008.]

 

The nation's housing crisis is leading some homeowners to take drastic measures in order to alleviate their financial burden. For instance, a couple in western Maryland is selling raffle tickets for their home, which is valued at nearly $400,000.

The couple is waging they'll be able to sell a sufficient number of $100 tickets to get rid of their farmhouse.
The house, which has four bedrooms, first went on the market a year and a half ago. However, so far, Dennis Kelly and Karen Crawford have been unable to unload the home. Their asking price was originally $425,000, but is now valued at $390,000.

Crawford told the Hagerstown Herald Mail, "We had showings every weekend and we couldn't get a buyer. It's part of what's happening today."

Crawford learned of an Ohio couple who offered their home to the winner of an essay contest. That's when she came upon the idea of raffling of her home.

Extra money raised through the raffle will be awarded to a local charity, the San Mar Children's Home.
There are five prizes being offered in the raffle. The first-place winner will get the house; the 2nd place winner will receive a 2008 Toyota Camry, and other prizes include a Persian rug, furniture, and $1,000 cash.

However, home raffles can be a risky business. For instance, in 1996 a funeral home owner teamed with a local volunteer fire company to raffle off a historic building in Sharpsburg. However, not even half the raffle tickets were sold because of lack of interest.

Still, Kelly and Crawford remain undaunted. They believe that they're gaining enough publicity to turn a profit on the raffle. They have already received national exposure for the stunt. In addition, there may be enough people desperate for an upscale house to make the raffle a success.

Julie Ann Amos
January 11th 2008

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