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This Old House - Do-it-Yourself

Homeowners second attempt to raffle her home could net as much as $3.7m

Written by Posted On Friday, 01 September 2017 21:57
  • Previous attempt to raffle home was blocked by local council for breaking gambling rules
  • Renu Qadri bought the house in 2014 for $466,800 thanks to a government buy back scheme although the house is valued at $1.62m

London homeowner Renu Qadri is attempting to raffle her house in a bid to maximise her investment on her London property after disability has left her unable to fulfil mortgage payments, meaning selling the property remains her only option. After trying to sell the property in the sought after Greenwich area of London, Qadri was unable to find a buyer and for the second time, Qadri is aiming to raffle her property which if successful will over quadruple her initial investment.

Falling foul of gambling regualtions

After finding the selling market a tough nut to crack, Qadri decided to raffle her home in an attempt to get it off her hands and in her own words: “avoid repossession.” reported by Casinopedia Unfortunately, Qadri’s first attempt to raffle her property fell foul of the 2005 gambling act and Greenwich Council put a stop to the raffle happening. This was a big blow for Qadri as her proposed plan of selling 750,000 tickets at $6.48 a piece would have banked her a whopping $4.9m including the homes furnishings.

If at first you do not succeed, try again

Despite the initial set back and block from Greenwich Council, Renu Qadri is making another attempt at raffling her London pad and this time she believes she complies with regulations after saying: “After complying with the 2005 Gambling Act – mistakes were made which have been rectified.” She has done this by dropping the amount of tickets on offer down from 750,000 to 575,000 which equates to a potential income of $3.7m as opposed to the $4.9m in the first failed attempt. After having posted the house on last month, it appears that all is okay for the raffle with tickets easily able to be bought online through Eventbrite. However, in order to be in with a chance of winning the house, homeraffler have put up a simple question you have to answer (which we couldn’t possibly reveal here) presumably in a bid to prevent a host of spammers from entering the competition. In addition to easing the passage of the raffle through regulators, Qadri has also announced that $32,000 would be donated to the Psoriasis Association, and a similar size donation heading in the way off Wateraid. If the raffle is successful, then all of Qadri’s prayers will be answered and she will walk away with a significant profit in the face of adversary.

Listing Additional Info

  • State: New York
  • Address: 7 Maywood PL
  • City: Buffalo
  • Zipcode: 14209
  • SOLD: no
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