I grew up in a Southern California coastal community not too far from the famed beaches of
One thing that
At $100 dollars a raffle ticket, you too could enter to win a brand new Porsche. With a sticker price of around $90,000 dollars for the particular model they were giving away those days, it seemed like a pretty good bet. They would sell hundreds of raffle tickets, and with proceeds going to charity, they were able to pay for the car and donate substantially to the charity of choice for that year as well.
I bring up this trip down memory lane because just today I heard about a woman that has placed her house up for raffle. Starting with a web site to direct traffic leads, this woman created an opportunity for a person to purchase a 1 in 4,000 or 5,000 chance to win a mortgage-free home. At the cost of about $100 dollars per raffle ticket, she has already raised enough money to cover her debt.
This is not the first time people have been turning to alternate methods to sell their homes. A couple in
But do not go and print up your raffle tickets just yet. There are some legal issues that need to be understood before one can place their home up for raffle. For one, most jurisdictions would consider the raffle a form of gambling, and are therefore highly regulated. As such, very strict guidelines need to be met in order to advertise and promote the raffle…including where and how raffle tickets are sold and distributed.
I did an internet search on home raffles and was surprised at how much information was available to the consumer about this topic. Most people view the raffle as a way to avoid inevitable foreclosure or obtain a house free of debt when it is nearly impossible to get a loan for a home these days in the first place. In searching online for information on how to raffle a home, however, it is evident that many people are still looking for the answers rather than providing an actual step-by-step guide.