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Million-dollar home to be raffled off for $150, math answer

By Aaron Rognstad
San Joaquin News Service
Saturday, December 13, 2008 5:54 AM PST

For as little as a $150 and the answer to a simple math question, someone could win a $1 million home in the Tracy countryside.

Instead of trying to sell their Lammers Road ranch house on 1.68 acres, Valerie and Jerry Bahm decided to have a contest and raffle it off.

The raffle seems a clever way to get money for a house in a horrible real estate market, but partly the Bahms are doing it for charity.

The Bahms hope to help out a family that might not qualify for conventional financing by transferring ownership to them, or a family that might not be able to afford a home in this range.

If it's successful, the Bahms say they'll donate at least $140,000 and as much as $346,000 to charities in town, such as the McHenry House Family Shelter and Tracy Interfaith Ministries.

"We just figured we go another route," Valerie Bahm said. "I really hope that whoever wins really needs a house like this."

The couple had their home on the market for $1.675 million back in 2006, but rejected offers to sell it and perhaps now are kicking themselves since the housing market has nosedived.

But instead of selling their home, they're holding a contest and handing it over to anyone who can fork over $150 and answer a simple math word problem.

Entry into the contest is simple. Log onto www.tracyhomegiveaway.com, fill out the entry form, (which assigns contestants a drawing number) pay the $150 fee and answer the question. Contestants who answer the question correctly will be entered into a raffle and the lucky winner will be drawn in June.

The Bahms have set up two bank accounts, one at Fremont Bank and another at First National Bank, Valerie Bahm said. Entry forms and entry fee checks can also be mailed to Tracy Home Giveaway, 25201 South Lammers Road, Tracy, CA 95377.

"All you need to know is how to read and do simple math," Bahm said of the question, which was a requirement of the California Department of Consumer Affairs to be a valid contest. "We wanted to make it so that anybody can enter the contest."

The Bahms bought the place at the end of 2001 for about $645,000, erected a shed as big as the home and all told sunk about $300,000 into the property, Valerie Bahm said. They estimate the three-bedroom, three-bath, 3,800-square-foot home is worth about $1.25 million today.

Jerry Bahm, a retired Navy man, and Valerie, a marketing director for a Livermore inn, want to retire to Texas, where the cost of living is cheaper than it is here.

Reader Feedback

dot dot dot wrote on Dec 15, 2008 9:30 AM:

" Don't they have to sell 11,000 tickets to even raffle? I read the fine print, but wasn't completely sure. So if I am correct and they only sell 10K tickets do they still keep the money or is there no reserve??? "

edumacation wrote on Dec 14, 2008 12:25 AM:

" A Realtor friend of mine just completed her 4,000+ sq ft custom house on an acre. Instead of paying retail for each level of construction, they became owner-builders. All they need was an AE building plans and hungry subcontractors. They built on a vacant lot, not a homesite and used only quality materials, from imported tile to hard wood floors. The roof was also of high quality, no asphalt shingles or shake roofs.

What was the bill?

%350,000!

Thats all folks! Build at wholesale prices and you too can EARN "speculative sweat equity".

I don't see $1.25 million in that structure. Is that a 2005 appraisal?

If you can't sell within 90 days, THE HOUSE IS OVERPRICED. Lower the house asking price and you will find the correct market price. I wonder what a BANK would loan on this place? I would like to see a RECENT appraisal and inspection report. "

davidd wrote on Dec 13, 2008 10:52 AM:

" If approx 16,000 people apply to win this house, they'll have earned over $2,000,000 even after giving the $346,000 to charity. Brilliant!

These guys are attempting to get press from anywhere they can. Even paid $90,000 for an attorney, website, etc.

Oh, and the winner of the home needs to cough up about $16,000 for property taxes. "

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