onegata asked:


I own a townhouse, and the property value on it has come down considerably. I want to move, but it’s not a good idea to sell the house for such a low amount of money,and to have to compete with many other houses for sale in the area. My idea is to have a raffel, and sell tickets for a $100.00 until I reach the price I want for the house. So, I get the money I wanted out of the raffle and someone gets a house for a $100.00 dollars. Can this be done legally?

fundraising

5 Responses to “Is it legal to raffle off a property you own?”

1. Wondering on October 21st, 2009 11:30 am

   Don’t know if it’s legal but it’s a good idea.I never thought of that before.I always associated raffles with minor things like school funds or charities.Raffling a house off should be easy.

2. mad_mike_j on October 21st, 2009 8:28 pm

   Yes. But you have to make sure the rules stipulate when the drawing is and how many tickets you intend to sell.

   You have to have a drawing or give the money back. You can’t hold the money indefinitely while you are waiting for enough tickets to be sold.

   Don’t forget to declare the income.

3. Chris M on October 23rd, 2009 5:17 am

   I doubt it usually, you have to have a license to have a raffle because its a game of chance.

   And if it were is is complicated in so many ways what happens when someone else claims that your raffle was fixed? They could sue you for performance and take the house and the money. You have to also insure clear title. this is not a boat.

   Some folks would not buy a ticket if it is binding. Because they may not be able to wait to move, would have to wait til you sold enough tickets to take a determination etc

   And the other factor even if it was legal it is not a binding contract on either end.

   I would go with a Realtor who could properly market your house. Sorry, but the market is what it is. Or i would employ a real estate auction house but again, you aren’t going to get more than the property is worth. Unless it was an old family home someone is buying for sentimental reasons and is therefore priceless, no one is going to pay through the nose for a townhouse when there are others available

4. Kenneth D on October 26th, 2009 3:07 pm

   Totally illegal. There was a guy in NJ who tried this. It is gambling no matter what you call it and it is illegal. If I can find the news article about the guy in NJ I will come back and post a link.

5. Shane on October 27th, 2009 11:26 pm

   According to this article, it depends on the state you live in.