How do you raffle off a home?

Profile picture for lougood
I have a lakefront home valued around$500,000. I would like to raffle it off to raise VC for a new business. How would I do that?
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December 17 2008 - Wayland
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Answers (3)

Profile picture for sunnyview
I had read a while back that raffle auctions for real estate were not legal in some states, but I do not know if those laws have changed since the article was written or not.

There is an interesting article here from the American College of Real Estate Lawyers about real estate auctions that was interesting that discussed some of the legalities around RE auctions.
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April 21
Profile picture for Springhill Frames
Found this in a search today.... wondering if you ever found out whether or not it was legal and of course if yes, how did it work out?
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April 21
Profile picture for JudyBoyleCDPE
Hi Lougood!  Great idea!  You'll want a real estate attorney by your side in this one!  You'll also want a real estate agent help you work out the details and, more importantly, promote the raffle!  Feel free to pick my brain any time!

Good luck!
Judy
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December 18 2008
 

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