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Originally Posted by mistyinca  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. |
I think someone on the Dream home forum said the taxes are over 880,000 which they said if you got a loan it would be 5000.00 a month
I couldnt even afford the insurance on the thing but it sure would change my life to sell it. I am sure whoever is lined up to buy it wouldnt want anyone to stay there even for one night. I wish they would build one and make it tax free but I am sure that will not happen.