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What exactly does HowToWinMyHouse.com do?
We are a web-based for-profit business that provides a service to property owners that wish to hold a contest to give their real estate away. We provide the infrastructure to promote and advertise the property owners contest. We also provide the functionality to register contestants into the contest and process/collect their entry fees.
What is the purpose of HowToWinMyHouse.com?
Our purpose is to create a positive solution in an otherwise negative real estate market. Our positive service has three winners:
- The Property Owner - this service will allow the property owner to have a chance to walk away from their property without having to take a loss on it or possibly go into foreclosure.
- Contest Winner - this person will win property that will have instant equity for a fraction of the appraised property value
- The Charity - Each contest will be required to donate a portion of the contestant entry fees to a charity of their choice.
What HowToWinMyHouse.com does not do?
We do not represent the property/contest owner or their property as real estate agents, lawyers or tax consultants. We do not take responsibility for the condition of any property promoted through our service, that is the responsibility of the contestants.
We also do not represent the contestants of any contest hosted by HowToWinMyHouse.com as real estate agents, lawyers or tax consultants.
Please note: One co-founder of HowToWinMyHouse.com is a licensed real estate agent in the state of Idaho. However, in the business of HowToWinMyHouse.com we will not be representing property owners through his real estate license
Who can use the HowToWinMyHouse.com service?
Any person 18 years or older who owns real property can host a contest on HowToWinMyHouse.com.
In accordance with the contest rules any person 18 years or older can enter a contest hosted on HowToWinMyHouse.com.
Do I have to be in the same state as the contest in order to be a contestant?
Unless prohibited by state law, any person from any state can enter into a contest hosted at HowToWinMyHouse.com regardless of which state the property is located in. See the contest rules & regulations for each ontest.
If I run a contest on HowToWinMyHouse.com, how do I pay off my loans and transfer the deed to my house?
During the contest HowToWinMyHouse.com will collect all the entry fees and hold them a secured bank account. When the contest is finished we will transfer the funds to a local title company which will be identified by the property/contest owner. At that point the title company will be instructed to complete the real estate transaction by paying-off any mortgages, liens, and/or taxes that the current property owner has against the property. After all debts are paid the title company will transfer the deed to the property to the contest winner.
How do you know that the property/contest owner will collect enough money in entry fees to payoff all debts and liens so that the property will have a clean title when transferred to the contest winner?
All property/contest owners will need to provide HowToWinMyHouse.com with title records stating all debts and liens that the property has against it. If the contest financial goal does not meet or exceed all the property's debts, liens, title fees and taxes that property owner will not be able to host a contest with HowToWinMyHouse.com
How do you prevent a property owner from running off with the contestant's entry fees and not giving the property to the contest winner?
The property/contest owner will never have direct access to any of the contestant entry fees. During the contest HowToWinMyHouse.com will collect and hold all entry fees in a secured bank account. On completion of the giveaway contest HowToWinMyHouse.com will transfer the entry fees to a local title company to complete the real estate transaction. The property owner will only receive cash if there is any money left over after all debts and liens have been paid by the title company.
What type of contest can be hosted on HowToWinMyHouse.com?
At this time the contests will only be "contests of skill". The first contest will be a coloring contest. Other contests of skill will be considered, such as an essay contest. We have no plans to hold "contests of chance", such as a raffle or lottery.
Why are you not offering raffle contests?
The legalities of raffles are more complicated than "contests of skill". HowToWinMyHouse.com's goal is to make things as simple as possible and raffles are not simple when it comes to working with the legal system.
Is this legal?
In the state of Florida it is legal for an individual to hold a "contest of skill". HowToWinMyHouse.com will provide a platform for the property owner to hold a contest to giveaway their property. We plan to allow property owners in all 50 states to host contests with us but we must first verify that local and state laws allow for these types of contests.
Can a contest be cancelled?
This will be determined by the local and state laws. In the case of Florida a "contest of skill" can be cancelled. In the event that a contest is cancelled the contestants will have a choice to receive a refund (minus processing fees) or have their entry fee transferred to a different contest. There are a couple of reasons that a contest might be cancelled: 1.) The property sells on the open market 2.) There are not enough contestants to allow the property owner to give their property away.
Can I still list my house for sale?
We are not going to make you take your property off of the real estate market. To help property owners who use our service we will incorporate a "Buy Now" feature in each contest. The "Buy Now" feature will allow anyone to send the property owner an offer on their property. If the property owner accepts the offer the contest will be cancelled. At that point the contestants will have a choice to receive a refund (minus processing fees) or have their entry fee transferred to a different contest.
What if I already have a real estate agent representing me?
We suggest that you check with your real estate agent and local real estate commission to determine if you host a contest with HowToWinMyHouse.com will you still be responsible to pay a commission to that real estate agent. We assume that if you have an "Exclusive Right to Sell" contract with an agent you will be responsible to pay that agent a commission if you give your property away on HowToWinMyHouse.com
Is the entry fee the only cost to me if I'm the contest winner?
The entry fee is the only charge that HowToWinMyHouse.com will require of all contestants. The contest winner may be subject to pay taxes on their winnings to local, state and/or federal authorities. The estimated winning taxes will be displayed on all contests. Please consult your tax consultant for additional details on required winning taxes.
If I have to pay winning taxes when are they due?
After the house is transferred to the new owner, a 1099 Form will be reported to the IRS. This will be reported and the winning taxes will be due on the next year's tax return. For example, if the property is transferred to the new owner in January, 2009, the winning taxes will be due on or before April 15, 2010. Please consult your tax consultant for additional details.
How may I pay the winning taxes?
If you don't have the cash to pay the winning taxes we suggest you contact your local financial institution or bank and discuss your options with a loan officer. Remember, if you win property on HowToWinMyHouse.com you will own it free and clear, which mean you will have 100% equity in the property. That equity can be used as leverage to finance your winning tax payment if need be.
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Sebastian Coloring Contest
home: 3 bed - 1 bath
home value: $140,000
location: Sebastian, Fl
entry fee: $49
Click For Contest Details
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Delray Beach Contest
home: 2 bed - 2 bath
home value: $200,000
location: Delray Beach, Fl
entry fee: $55
Click For Contest Details
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