Forget a California Mortgage. Own a Home for $100!
Maybe you can’t afford a California mortgage loan.
Who could blame you, in a state where the median price of an existing single-family home is $564,700, according to the California Association of Realtors.
But if you can afford a $100 raffle ticket, you may be able to forget all about a California home loan and still call the Golden State home.
The Dream Home Raffle in Pismo Beach, Calif., is selling tickets to raffle a three-bedroom, three-bath home in Santa Maria.
That’s in beautiful, coastal Santa Barbara County, about midway between the San Francisco and Los Angeles housing market.
The raffle is a fundraiser for the nonprofit Revival Tabernacle in Santa Maria. The 1,950-square-foot single-family home, which was donated, is valued at $650,000, raffle organizers say.
“With the housing market being the way it is, this raffle gives us the chance to help charity and help families struggling to afford a home,” spokesman Sandor Tracey said.
For raffle tickets bought by May 23, there’s an early-bird drawing May 28 that will award $28,000 in cash prizes, including a first-place prize of $5,000.
Early-bird tickets, including winners, remain eligible for the grand prize drawing August 1. This event is similar to a raffle being held by a couple looking to sell a home in a lagging Michigan housing market.
If you think the home has way too much wallpaper, you can opt to receive $500,000 instead of the house - provided you have the winning ticket, of course. And that’s good news.
Raffle organizers say ticket sales will end when 35,000 tickets have been sold or at 5 p.m. July 22. If fewer than 25,000 raffle tickets are sold by that date, the Dream Home will become just that: a dream, not reality.
It won’t be awarded. The early-bird cash prizes still will be given out, though. In the event that 35,000 raffle tickets are not sold, the drawing still will be held.
So, home loan seekers. What are you waiting for?
SOURCE: Palm Beach Post