et the Adventure Begin! – This is how the blog set up by local Stamford residents Donnie and Olivia Cole begins. Their blog at dollarstamfordhouse.wordpress.com announced the adventure on August 31st. What is their adventure you ask? To sell their home at 1012 Texas St. in Stamford for a $1. Yes, you read that right.
The Coles have decided to take part in a blessing. On their blog they outline that they understand how hard it is to save for a down payment and afford home ownership and they want to give someone that needs the house an opportunity to get it.
Here are the details:
Write a paragraph or two, (no more than 300 words) to convince The Coles you should be the buyer. Be as creative as you want! Enter as many times as you want. Each entry must be accompanied by a $150 entry fee two self-addressed stamped envelopes. , and only 550 entries will be accepted within the contest period.
Mail entries to: Stamford Dollar House, c/o Olivia Cole, P.O. Box 186, Stamford, Texas 79553
The entrance fee may be a cashier’s check or money order, payable to Olivia Cole. All entry fees will be held in contest escrow until a winner is announced. All entrance fees are non-refundable. One exception is if the owners cannot find a winner. The owners reserve the right to return all entrance fees in the event they do not find a winner of the contest. If 550 entries are received by November 1st, the Cole’s have the option to extend the contest by 30 days.
Entries must be postmarked by October 25, 2015, and received no later than November 1, 2015. The winner shall be determined and announced on November 8, 2015. The transfer of the prize will be thirty days after determination of winner, on November 8, 2015.
All contest participants must be over 18 years of age. The owners, judges, and immediate family of either owners or judges are disqualified from entering.
The winner of the contest agrees to buy this property as-is. The owners will not make any repairs. The owners will write up a Bill of Sale for $1. All taxes, lawyer fees, and any additional fees associated with the transfer of real estate will be the responsibility of the contest winners. Current home owners will be responsible for property taxes for 2015 through the date of property transfer. The new owners will be responsible for any remaining property taxes for the 2015 tax year. If the winner of the contest does not choose to claim the prize and purchase the house, the first runner-up will become the new winner. If the first runner-up does not choose to claim the prize and purchase the house, the second runner-up will become the new winner.
The Coles want to stress that proper grammar and spelling will not factor into the contest at all, they just want to read the story of each entry.
The contest will be conducted by a third-party coordinator who will receive and number the entries as they arrive, making the contestants’ names anonymous, The owners will read and grade every submission. They will determine the top twenty (20) entries. The judges will make the final ruling on a winner, a first runner-up, and a second runner-up. The final decision will be conducted by a panel of judges, unrelated to the homeowners, and it will be a blind judging.
The Coles released the information on August 31st and the first day their blog post received 2,179 visits. Olivia says it has already been a blessing to their family to hear all the stories, and they can’t wait to see how it will continue to bless them and other people.
There have been at least five other families in the United States that have tried the Dollar House concept. A couple in Marlin, Texas is selling their 1902 Victorian Folk Home for $1 to one of 1,000 essay submissions. There have also been instances in Maine, Houston, and Boston.