A Mitcham man who has struggled to sell his house is planning to sell it off... £2 at a time.
Daniel Twenefour put the Tramway Path property on the market for a few months and received a couple of offers.
But struggles for the potential buyers to secure a mortgage saw the sales collapse.
"There were other buyers who showed interest but it went back and forth for too long," Mr Twenefour told the Wimbledon Times.
"I had a few different excuses from the agent, the location of the property, Brexit, bad timing on the market.
"After a little while I took it off the market and put it in an auction where it sold but didn’t meet my reserve price - I would have been left in debt if I accepted what it sold for."
It was at that point he says he came across the concept of house raffling.
"The idea is to sell enough raffle tickets to cover the mortgage balance and to give someone the opportunity to live mortgage free for life from a £2 raffle ticket - that would be my good deed for life," he added.
"If I don’t sell enough tickets (200k) I will give the winner 90 per cent of the proceeds of the raffle.
"The remaining 10 per cent will be to cover the costs of setting this all up and I’ll be making a donation to charity. The details of the prize draw are all in the terms and conditions, which have been done by a solicitor."
The concept of a raffling off a house has been around for several years now. Just last month a 23-year-old won a £500,000 farmhouse near Shrewsbury with £2 prize draw ticket
"To enter, participants need to visit the website, answer a question about the area, then buy a raffle ticket," Mr Twenefour said.
"After purchasing a ticket they will be randomly assigned a ticket number which will be their raffle number.
"On Good Friday in the presence of a solicitor and hopefully a member of the press using an online random number generator, a winner will be chosen."
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