Housing Market Spurs Home Sellers to Get Creative
Well, here’s a novel idea. Two Colorado residents, desperate to unload their home, decided to give it away in an essay contest. Wesley Ludlow and J.J. Rodgers, hope to raise $200,000 with the essay contest at $100 per entry. If they are unable to collect their goal of at least 2,000 entries, they will return the entry fees to everyone who enclosed a self-addressed, stamped envelope.
According to the Fort Collins Coloradoan newspaper, the four-bedroom, two-bath home sits on a quarter-acre and has been appraised at $171,900. That means Ludlow and Rodgers would actually get considerably more than their house is worth, if they reach their goal. The essay contest only requires entrants to write up to 500 words on why the home should be theirs.
“Ludlow’s contest promotion said the home would be a ‘great family home, bed and breakfast or vacation rental’ that’s within an easy walk to three lakes,” Coloradoan reporter Pat Ferrier wrote.
There are skeptics about the contest - not just because of its uniqueness, but because the home defies the oldest real estate rule in the book. Location, location, location. Local realtor Terry McNeal told the newspaper that entries may be down because the home is in Red Feather Lakes, a town an hour outside Fort Collins that makes for a difficult commute.
The essay contest does signify a growing trend of homeowners willing to get more creative in their real estate transactions. This might include anything from seller financing and closing incentives to contests and even real estate trades. It’s largely an effort to help prospective buyers get around any financing issues and help buyers avoid what Ludlow was experiencing - the infamous real estate market stall. One thing’s for sure - because these strategies are all legal, they beat arson any day.
