Quote:
Originally Posted by CO_yorkie_momma  A normal person would either have to rent it out for most of the year or sell it just to pay the taxes and insurance. I would love to live there but would sell it and walk with about 2 million (before taxes) |
Actually, I hate to be the bearer of bad news, but a normal person can't even take possession of the house
. The taxes and insurance bill is over $400,000 (and that was on a house a few years ago that was less expensive than this one); the real estate tax is retroactive to when they acquired the property. You have to form an LLC and take out a loan for the taxes and insurance, just to take possession. Then you can sell it. From what I've read, there are buyer$ already lined up by the time they have the drawing. They won't even let you spend the night in it. I think the guy that won it 2 or 3 years ago said he had to take out a special insurance policy to even be allowed to spend the night. I think they made out with about $300,000 after the sale of the house. So if you can afford to get the loan, you can come out of it with something.
That's why they started giving away the car and cash, so you can actually get something for having your name drawn. I'm sure there are many people who couldn't even get that loan.