Hold a Raffle to sell your Gilbert AZ home!

By
Real Estate Agent with wexzilla.com

We all read the news. We know the stock market is struggling. Likely, if you read this blog, you are more concerned with the Phoenix AZ real estate market. And, for the most part Phoenix AZ real estate and Scottsdale Real estate is selling, but slowly.

It is a challenge for homeowners to sell a home at fair market value as sellers are (in most places) competing with short sales, foreclosures and bank owned homes (REO). These types of listings are priced at significant discount to resale market prices as a net amount a sale is less important to banks and short sale listings.

As a result, if you really want to sell a home in most parts of Phoenix AZ, Peoria AZ, Chandler AZ, Gilbert AZ and Glendale AZ, you need to price your Phoenix AZ real estate near the price of neighboring REO’s and Phoenix short sales.

There is a growing trend that I have been hearing more and more of and wanted to offer it as a solution to selling your home at a fair price and relatively quickly.

It is called a Home Lottery or Home Raffle. Here’s how it works.

* Let’s say you own a home in Gilbert AZ

* You want to sell your home at $250K * You do not want to pay a Gilbert AZ real estate agent to list the home.

* You do not want to pay a Phoenix AZ real estate agent to bring a buyer * Hold a raffle. (please see your local guidelines about the legal requirement for non-profit organizations to conduct the raffle)

* Non-profit should conduct/Advertise raffle or lottery tickets at $100. * Offer that $10/each ticket goes to a local charity * Receive some radio and other advertising for free as a result

* Sell 3,000 tickets for a total of $300K. * One lucky winner, will own the Gilbert AZ home , ‘dream home’ for only $100. Not bad, right ?

* And you get to help donate $30,000 to charity while you sell your home at at a ‘dream price’.

Q: Is it legal ?? IMPORTANTLY, I am NOT an attorney. I do not know the laws in your area, jurisdiction or state. Although, each state has different laws,

I have been told by Ser Greene at USA Home Raffle , one of the leaders in helping conduct Home Raffles , that these raffles must be held by Non-Profit organization. Otherwise, as stated above, they would be illegal.

Make sure you speak with local governments about raffle, sweepstakes and lottery laws as such a priced item may require certain guidelines and registration. I wish you the best of luck and happy selling!!

Contact your bank a real estate professional to help you through the process.

Make sure you work with a Phoenix Realtor or Scottsdale Real Estate agent who is experienced with auctions and lottery sales.

 

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Copyright © James Wexler *Hold a Raffle to sell your home!*

If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done. Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales

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Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Have you seen these done successfully in your area?  Though I've heard of the concept before, I have not seen any first-hand accounts of it being done.

Feb 26, 2009 03:18 AM #1
Anonymous
C. Tyree Powell

Mr. Peidl, here's a link from Fox News that may help you: http://www.foxnews.com/story/0,2933,497426,00.html

Mar 02, 2009 02:14 AM #2
Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

C. Tyree - Thanks for sharing that story.  I hope that the winner owing $84,000 in taxes does not prevent them from reaching their goal in ticket sales.

Mar 07, 2009 02:38 AM #3
Anonymous
Rick Wallace

As home raffles continue to increase in popularity as the housing markets decline, it is good to see that there is now a book about home raffling to help home owners and prospective ticket purchasers make informed decisions. The book is titled, "The Home Raffle Book" and is located at www.thehomerafflebook.com.

Apr 03, 2009 12:35 PM #4
Rainmaker
35,967
Michelle Shelton
Realty One Group - Gilbert, AZ
REALTOR®, Certified Negotiations Expert®

I looked into doing something like this. You need a gaming license I think...I am no attorney, yet it seemed like a good idea for a home that was unique or the white elephant.

 

Mar 08, 2011 04:16 PM #5
Rainmaker
110,903
Jayson Hoffer
Jayson Hoffer Insurance Agency Inc. - Tempe, AZ
Mesa AZ 480-948-6115 Home, Auto, Life Insurance

What an amazing idea. I am all for helping to promote this. I have a big database and I have a ton of connections to help promote this. Great article. By the way. Do you have an insurance agent that you work with? Also, enjoy these few points!

Jayson Hoffer 480-518-0747

Apr 17, 2011 02:25 PM #6
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James Wexler

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