In today’s down market, some detached houses are not selling as quickly as they used to – if at all.
However, one couple has come up with an innovative solution to raise the funds they need from the sale of the house.
Married owners Teresa Rambold and Bill Wyrostok in Calgary are giving away their $3 million “dream home” in an online contest called Boldstok.
Entrants have to pay a $35 entry fee and upload a photo of their pet to be in with a chance of winning the 2014-custom-built, 4,000-square-foot home in Calgary’s Mount Royal neighbourhood. There are also three runner-up prizes of $50,000 each.
The contest is not a raffle but instead the entries and pet photos will be judged by the animal-loving owners to determine who gets the house and the runner-up prizes.
The competition ends October 22, or after 105,000 people have entered, raising $3.5 million for the couple plus runner-up prize money.
According to a press release, the couple is turning to this unusual selling solution to get them out of debt, as they are not confident of a quick sale on the open real estate market.
Any additional funds raised, after $3.5 million for the sellers and after the runner-up cash prizes have been given out, will be split between the Animal Rescue Crew Society (AARCS) and the MEOW Foundation.
The contest is not the only similar initiative by a home seller thinking outside the box. In January, a woman in Millarville, near Calgary, invited up to 68,000 entrants (later reduced to 60,000) to submit short 350-word letters explaining why they should win her $1.7 million house, along with an entry fee of $25. Again, the minimum number of entries has to be achieved for the contest to go ahead. This contest closes July 5.