selling by raffle - Posted by Debra

Posted by Nate on March 12, 2001 at 12:21:24:

Better idea is to simply deed it to the organization and let THEM take care of re-selling it. No hassle for you and you get the same, or better, tax write-off.
Ask a tax adviser for more details.

selling by raffle - Posted by Debra

Posted by Debra on March 12, 2001 at 11:35:07:

I’d like to sell my home, which I’ve had on the market for awhile, by raffle tickets, profitting a non-profit organization or charity. Does anyone know the legalities involved? Thanks.

Re: selling by raffle - Posted by Steve

Posted by Steve on March 18, 2001 at 20:22:24:

I saw it done only a few years ago with a twist to skirt the gaming laws and it was perfectly legal. People submit essays (about 500 words) explaining why they would like the house and what they will do with it. Along with the essay, they sent a $150 administration fee for reading and reviewing the entry. There is a clause in the ad that stated if a certain amount of entries were not received, their check will be returned uncashed. They also gave the project 9 months to give enough time for advertising to reach all audiences… especially NYC where people are looking to get out to the country. The list price of the house had been $300k and they reached their goal in about 6 months time, how many more entries they received over the 300k mark is anybodys guess. No laws were broken, hassle was at a minimum, sellers sold, and the new owner got the house for $150!

Re: selling by raffle - Posted by Rob

Posted by Rob on March 12, 2001 at 22:37:35:

I thought of this many years ago. I’d called the police dept to get the info on raffling. They told me to call the gaming dept. It is like a lottery system, except for donation. One would have to fill out a lot of paper work. I didn’t like the part about “donation”. The police officier said" That since it is a donation. If someone ask you for a raffle ticket, you must give him one free" That is the law in California.

I was think of charging people a hundred dollars a raffle ticket. That would be worth it for a 300K house in a very desirable area. I brought the property for 259K and try to get back my investment and more. I thought I would sell 1,500 at $200.00. I change my mind. Wow! That was a wild thought.

Re: selling by raffle - Posted by Surfdog

Posted by Surfdog on March 12, 2001 at 17:28:18:

Legal? Not bloody likely.