Sell your home one ticket at a time!

raffle ticketsWhile the real estate market goes soft in many areas and more and more Americans become two mortgage families it's no surprise that some sellers are looking for gimmicks to get their home off the market. The New York Times reports that some homeowners are shifting their attention from one buyer to thousands as they raffle off their homes. One couple who recently raffled off their home $100 at a time sold over 6,500 tickets and raised $200,000 more than their home was worth, which was donated to a local charity.

In case you're wondering what motivated the couple above to give away $200,000 after trying to sell their house for so long, a look at the restrictions on gambling in your state should clear this up. In most states you cannot raffle off real estate or land without a nonprofit partner and in New York you can't raffle a house at all so keep that in mind before you run out and stock up on raffle tickets.Raffling off your home may seem risky, but thankfully part of the raffle process involves setting a minimum number of tickets so you don't get stuck selling your house for $1,000. Keep that in mind when you start taking ticket money, if you don't sell enough you'll need to give it all back so don't splurge on dinner out or an extra payment to the bank until you sell enough tickets!

This seems like a cool way to buy a house in our price range, after all I can think of whole neighborhoods in my town that I'd be ready to buy into for a$50 raffle ticket but like any deal the ticket price is too good to be true. As with any contest, the winner has to pay applicable taxes on the winnings and in the example given by the Times, the winner owed over $100,000 in taxes he couldn't afford! I certainly hope that raffles don't catch on as they seem like an easy way for well intentioned consumers to win an expensive mess.
Read Full Story

Markets

DJIA 21,675.30 0.79 0.00%
NASDAQ 6,202.59 -13.93 -0.22%
S&P 500 2,425.11 -0.44 -0.02%
NIKKEI 225 19,393.13 -77.28 -0.40%
HANG SENG 27,154.68 107.11 0.40%
DAX 12,065.99 -99.20 -0.82%
USD (per EUR) 1.18 0.01 0.47%
USD (per CHF) 0.96 0.00 -0.35%
JPY (per USD) 108.86 -0.45 -0.42%
GBP (per USD) 1.29 0.00 0.21%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.