real estate lottery - Posted by L. Schechter

Posted by chris on July 24, 2000 at 15:57:18:

This was posted in the past and it looked like a legal pain. You may want to look at Bill Effros’ book How to Sell Your Home in 5 Days.

Have you placed ads in the paper stating that you are motivated and want to get rid of this thing like yesterday-all offers will be considered? Throw some FSBO signs up around the area. RENT TO OWN,etc.

Throw some lines out there and see what bites.


real estate lottery - Posted by L. Schechter

Posted by L. Schechter on July 24, 2000 at 12:40:00:

I own a house in a difficult to sell area and am looking at a major loss if it stays on the market for very long. I have heard of people selling their properties by holding a lottery. I was wondering if this is legal and how it can be done legally. I’m willing to let it go for the price of the note. Thank you for any information you can provide. L. Schechter

Check with your State Attorney… - Posted by Carmen_FL

Posted by Carmen_FL on July 25, 2000 at 20:14:55:

In Florida, this is illegal. You cannot hold a “raffle” or “lottery” if it requires the person buying the “chance” to pay you anything unless you are a non-profit organization and there are a hundred other rules.

I thought this would be a great idea - sell 1000 chances at $100 each, that would give you $100,000! Then “give” the $70K house to the lucky winner! It seemed so simple. Then I spoke to my State Attorney’s Office. They were not at all impressed with my easy-home-ownership plan. Oh, well. At least I called them BEFORE I tried it!