LordChaverly Posted February 1, 2009 Share Posted February 1, 2009 A lesson in elementary Economics is in order here: There are four basic components of a market, i.e. demand, supply, price and a marketplace. In the current housing market, supply exceeds effective demand by a wide margin. In accordance with a basic principle of market economics, in these conditions house prices should fall, which is what of course is happening. However, in this instance, the supplier is not willing to lower the price to a point where the flat could probably be sold (which is probably around half of what he was originally expecting). Therefore, no 'market clearing' is likely and the flat will remain unsold. He still wants to sell the flat at something approaching the original price and so he is abandoning the market mechanism in favour of a lottery or raffle. This of course has been tried before, but by no means always successfully because the ticket price tends to be higher than most punters are willing to pay for such a long shot. Its not a scam - its an expensive raffle. Link to comment Share on other sites More sharing options...
iamdonkey Posted February 1, 2009 Share Posted February 1, 2009 Its not a scam - its an expensive raffle. One that even if the flat is no sold he will get 25% of the takings Can all people who brought one put their name on here so i can stop wasting my time talking to such people Link to comment Share on other sites More sharing options...
Dick Posted February 1, 2009 Share Posted February 1, 2009 So far he's sold 36 tickets in 15 days, if he stareted at the time of the first post. He's got 6 months left so at that rate he might sell 500 tickets if he's lucky. £25000 So his section 40 kicks in, what happens if he doesn't sell all his tickets. 40.2 says he takes 25% 40.3 says 10% to the Childrens hospital. So the winner gets 65% of £25000 - £16250 That's for odds of 500 to 1 Probably not too bad considering the number of people who cheerfully take on odds of 14 million to one every week. The big guess here of course is whether he keeps selling at 2 per day. If sales go down so does the prize money, but the odds get better. But I'll have a little bet of my own that he doesn't get anywhere near his 3600 target. Link to comment Share on other sites More sharing options...
cgksheff Posted February 1, 2009 Share Posted February 1, 2009 By the nature of these raffles, many people that may buy will hold back because not many tickets are being sold. If there was only one ticket left, a punter may have a go as they think that they are sure of being in the house draw. The same punter may not like the risk of the target not being reached. The promoter's problem is how to get enough sold to nudge the reluctant? Link to comment Share on other sites More sharing options...
cgksheff Posted February 1, 2009 Share Posted February 1, 2009 There is also a grey area as to what will happen if I enter and by virtue of delays in payment clearance and updating the counter, my entry is Number 3,601. Will they cancel my entry? Will payment be taken? Will payment be taken and called Entry Number 1 in a new competition? This is hinted at and so muddies the water, in the FAQ. Will I be given an option to withdraw? This and other weaknesses in the T&C suggest poor quality legal advice and reflect poorly on the whole venture. Link to comment Share on other sites More sharing options...
kidley Posted February 1, 2009 Share Posted February 1, 2009 Hi All If i may correct some people this is not a raffle it is a game of skill, ie the Wednesday question and if there are only 500 tickets sold, i would want this to be drawn out, but if it wasn't, make no mistake they will want there £40g "FIRST" so i for one would doubt if you would get your £50 back. Link to comment Share on other sites More sharing options...
Dick Posted February 1, 2009 Share Posted February 1, 2009 If it takes skill to type " Sheffield Wednesday founded" into Google and then read the first result that comes up in 0.06 seconds, then yes, it's a game of skill. Link to comment Share on other sites More sharing options...
AR-Tony Posted February 2, 2009 Share Posted February 2, 2009 I am far from clued up on such matters, but do these type of leases involve all manner of maintenance extras... buildings roofing, windows, painting and whatnot? Given you cannot afford to purchase the lease outright, is it likely you would struggle with the responsibilities that would come with it? Link to comment Share on other sites More sharing options...
Darbees Posted February 2, 2009 Share Posted February 2, 2009 I am far from clued up on such matters, but do these type of leases involve all manner of maintenance extras... buildings roofing, windows, painting and whatnot? Given you cannot afford to purchase the lease outright, is it likely you would struggle with the responsibilities that would come with it?There will be a monthly maintenance charge as with all these types of properties. If the winner can't afford it, sell it. Link to comment Share on other sites More sharing options...
Dave650 Posted February 2, 2009 Share Posted February 2, 2009 If it takes skill to type " Sheffield Wednesday founded" into Google and then read the first result that comes up in 0.06 seconds, then yes, it's a game of skill. I was actually unsure whether the question was a trick quesiton SWFC were originally founded as a cricket team some years before they established as a football team. Link to comment Share on other sites More sharing options...
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