Slow Michigan Housing Market Prompts Unusual Selling Campaign

How slow is the Michigan housing market?

Rather than selling their Mason, Mich., home the old-fashioned way, Mike and Anne Dunivon are throwing a Hail Mary pass of sorts, called the “Own This Home In Mason Essay Contest.”

According to the Lansing State Journal, they’re inviting 1,000 people to explain, in 250 words or less, why they want the house. The essays, each accompanied by a $200 entry fee, will then be judged by a board appointed by the Mason Area Historical Society.

That’s 1,000 entry fees, at $200 a pop, adding up to $200,000.

The house was on the market for $150,000. The appraised value five years ago was just $135,000, but one home improvement loan and many updates later, the asking price has risen considerably.

Also, the difference between the actual fair market value of the house and the $200,000 the couple hopes to collect will cover the advertising and legal costs associated with the contest.

The prize is a 960-square-foot single-family home with a heated in-ground pool, fireplace, remodeled kitchen and a finished basement. The Dunivons aren’t the first people to turn slow-moving real estate into a contest prize. But if you think it’s an alternative to open houses and low-ball offers, think again.

After sitting down with their lawyer to make sure all the Ts were crossed and the laws of the land obeyed, the Dunivons ended up with three pages of rules and regulations, which you can read here.

And of course, there is no guarantee the Dunivons will get the 1,000 entry fees they say they need to hit their asking price and make the enterprise financially viable. The rules address that contingency.

If they don’t get 1,000 takers by June 1, the Dunivons have the right to extend it by up to 90 days. If that still doesn’t do the trick, they’ll refund each entry fee (minus a $30 fee) - and return to Square One.

But for the moment, the Dunivons have pushed that prospect from their minds.

“Somebody is going to get a house for $200,” Anne said.

And 999 will be able to say they tried. Hey, that sure beats qualifying for a six-figure Michigan mortgage. Who would blame them for taking a shot?

SOURCE: Lansing State Journal