South Florida Real Estate Blog - Updates & Realty News

If you have a home for sale in Southeast Florida and it’s been sitting on the market for quite awhile, you’re probably trying to come up with ways to get it sold. One of the ways that people are talking about (at least on the Internet) is through a house raffle. Will a house raffle really solve all your problems? Can it really help you get that home for sale in SE Florida off your hands?

Well, yes, and no…

The Legal Aspects

Before raffling your house, whether here or anywhere else in the U.S., it’s important to know that most raffles are illegal. The only way they’re legal, in fact, is if a non-profit organization owns the house before the raffle starts. There have been so many scams in the past that it’s doubtful any U.S. state will allow you to raffle your own house. In fact, the organization must already be a 501(c) 3 and well known.

Mounds of paperwork must be filled out and filed, and a permit will be required. You’ll also want to make sure that the raffle complies with the state’s charitable gaming laws. Once the paperwork is finished, rules will need to be written to govern the raffle. Since every detail matters, this should probably be done by an attorney. You’ll need to set up a website for national coverage; be able to accept PayPal, credit cards or other forms of payment; and figure out how you’re going to keep track of your accounting records.

If a charity does raffle off your house, you can’t personally benefit. In other words, although you get a big tax deduction, you don’t get cash. For those who are trying to make up some of the money spent on the home, raffles aren’t going to give them what they’re looking for.

The Alternatives

If a charity raffle is not for you, you can try adding minor home improvements and looking at other homes for sale in South florida to see how your house stacks up to the competition.

You can also work with a real estate agent who will professionally price and market your home.

If raffles aren’t for you and you’re interested in working with a professional real estate agent, we can help. Call us for more information.

Posted by Real Estate - Associates on October 2nd, 2009 11:42 PMPost a Comment (0)
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