Can I Auction / Raffle a half acre site?

tipptopper

I need some help / advise please. I have a half acre site with full planning permission for a dormer style house, about 1 mile from the shores of Lough Derg. A river runs directly behind the site that flows in to Lough Derg giving the option of mooring a small boat / cruiser. In boom times I was offered 150k for it but didn’t sell it as I thought I would build a house on it and live there. I was given the site as a gift. Since the recession hit I’ve moved to the UK and currently have it on the market. 2 interested parties in it but none have made a firm offer yet (would be lucky to get 70k for it now).
Need the money to buy a house here in UK and was wondering if a raffle / auction style thing is legal? Had heard of a guy on the Gerry Ryan show a few years ago raffling his house but can’t remember the outcome.
Basically the idea would be to sell say 500 – 1000 tickets at 50 / 100 euro a pop and have a public draw, all legal and above board. Someone gets a half acre site with full planning for a house for 50 /100 quid and I get money to buy me house, everyone’s a winner it seems.
That’s in theory of course and great if it worked, am I away with the fairies for even thinking this idea would be a runner?
Help and advise greatly appreciated

Apologies if this is in the wrong place, mods, please feel free to move if need be.

El Weirdo

Moved from AH to Accom & Property.

Probably more suited here.

Kosseegan

there was a lot of that going on in the 80's. There was a clampdown after a few draws had been held. A permit is needed under the Lotteries Act to start with. I haven't heard of anyone doing it in years.

CreepingDeath

In the UK/Scotland I believe they sometimes use "sealed bids".

So interested parties put in their best bid for the land, and the seller picks the highest bid from the applicants.
It forces the buyers to give their best bid, rather than their lowest one.

Victor

You need proper legal advice.

zac8

Have you thought about reducing the asking price?

tipptopper

Won't be letting it go for any less than 65k. Reason for this is the site is opened up, hardcore on the drive in and around the perimeter of the house, site fully fenced and foundations poured. Cost me over 15k to get this done of which was money that was saved up. 70k for the area and the site would be a steal, believe me.

engineermike

Hi
It sounds truely picturesque, however what you put in and what you thought or think the value is in the Midlands - has no bearing on what you will get for it these days.

The Raffle option - as the other posters mentioned need legal structure and permission.
My suggestion would be to go the route of auction, there are a no. of auctioneers with high profile in the midlands at the moment doing auctions of houses with good profile, or selling one house for full price and get a second house for free ( if that doesn't tell you what the market is like !!! )

Just put a reserve on the value and let it go to auction. Still no gurantee it will sell, plenty of finished property on land that is picturesque available - new build, ready to move into for the value of your land and still less that the cost of building a home on it - so it a particular buyer you want, - I'd also try the sell it your self web sites - yousellwesell that type of thing.
mike f

the_syco

Best bet is auction, but spread the word a bit when the auction is, the asking price (+€25k to haggle with), some nice pictures with blue sunny skies, etc.

Idbatterim

if 65k is the lowest you will genuinely take, why not put it up for auction at an upcoming allsops or http://www.merlinproperty.ie/

also i wonder if it would be possible to advertise it yourself and withdraw it prior to auction if you manage to sell?

ABEasy

Idbatterim wrote: »

if 65k is the lowest you will genuinely take, why not put it up for auction at an upcoming allsops or http://www.merlinproperty.ie/

also i wonder if it would be possible to advertise it yourself and withdraw it prior to auction if you manage to sell?

Not sure about Merlin but allsops won't list it with what seems an unachievable reserve of 65k. OP site is worth what someone is willing to pay for it, not what you think it is worth. If you need the money list it in the auction with a low reserve and see what it makes!

Think you also need to consider that houses are selling for less than build cost atm and the possibility that your planning may expire if u hold on too long (not too sure about this if build has started, someone might clarify).

L1011

tipptopper wrote: »

Won't be letting it go for any less than 65k.

You won't be selling it, in that case.