Buy a Lake Tahoe ski house for $150, a Hawaiian cottage for $101

To raise funds, the Boys and Girls Club of Lake Tahoe is raffling off a $650,000 house. A raffle ticket costs $150. The grand prize is not too shabby -- the 2,100-square-foot-house with three bedrooms and two baths is in South Lake Tahoe, a prime spot for California skiing and gambling in casinos just over the Nevada state line. The inspection report is online, but there's no mention whether the winner inherits any liens, loan balances or other financial costs from the house's owner and builder, Fred Berry. Good luck, Boys and Girls.

They're not the only ones selling off home for the price of a raffle ticket. Plenty of frustrated sellers are doing the same in order to get rid of languishing real-estate investments. A 6,000-square-foothouse near Annapolis, MD, recently sold for $50 (no closing costs or mortgage included), while someone with $101 and a meaningful essay can win a cottage on the Big Island of Hawaii. Unfortunately, they have stiff competition from homebuilders doing "buy one, get one free" deals to reduce their inventories, and other desperate homeowners throwing in cars and Caribbean vacations along with their discount-price homes. This shows it's definitely a buyer's market, but make sure you do your due diligence about the house's construction and financial details before you buy a raffle ticket. (Thanks, On The Block.)
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