Houston Realtor Sells $389,000 House for $150

Houston real estate agent Michael Wachs has a trick up his sleeve. He is selling his nearly $400,000 Houston home to one lucky winner for only $150!

But if it seems too good to be true, it probably is. In this case, your $150 enters you into a pool, and Wachs will only sell if the home draws enough sales to reach the market rate. At $150 each, it will take about 3,000 entries to reach the level he wants to sell. If he does not reach his target, he will refund all applicant entry fees and sell the property with a standard listing.

The process to win is more than a simple lottery, however. With the $150 entry fee, applicants are also required to submit an essay on why they should be selected to buy the home. He said that some of the entries received so far have been emotional, others have been funny, and many in between. He does not have a specific criteria that will determine the winner.

Because the winner is not based on chance, it is not considered a lottery. He is considering all applicants equally. Wachs, who is reviewing the essays with his wife, said that the winner may be a developer with an amazing essay or someone looking to get out of poverty. He reminds applicants that property taxes are around $500 per month, so winning the house does not make living there free.

This is a once in a lifetime chance to get a house for $150… maybe.

Update: The owner has issued refunds to all applicants and did not, in fact, sell the house for $150.

Read the entire story at Texas Monthly.