Pro Wrestler Marlena to 'Give Away' Home

One winner will be picked, and will be given the home, plus $100,000 to put toward making the world a better place. Runnels can get at least a portion of the market value of the home back via the entry fees.

"I believe in paying it forward," Runnels says. "The worst case scenario I want is that [entrants] hone their writing skills and they've thought about what they would do."

And with the economy in the state it is, Runnels isn't the only one who's thought to make creative use of it to help out.

"I heard of a lady doing this, only with an essay telling your favorite story about a pet," Runnels says, which gave her the idea for her own contest.

More and more people are finding the surprising benefits that can be had by literally giving away your house. Similar contests involving the donation of a home have appeared across the country, from Melbourne, Fla., to Danville, Ill., in recent months as foreclosures rise and property values plummet.

Oftentimes, the donation of something like a home can benefit not only the receiver of the new shelter but also the donator, who can possibly qualify for large tax breaks on the donation. Laws are different across states regarding taxing on donations, and something given away as a contest prize does not always apply, but in some cases it does --and in today's economy, those tax breaks could outweigh the lowering amount you'd receive for selling the property.