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House Raffle

Submitted by: CraigH
Created: Jun 9, 2007, 5:49 am

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The Elevator Pitch

For people trying to sell their house who have trouble getting the price they want, or want to maximise the amount they get the House Raffle website is a way to market your house to an international audience that might not otherwise consider buying or be able to afford your house. Unlike a direct sale our product gives buyers the opportunity to win houses they might not be able to afford and achieve a mortgage free life and sellers maximise the income from their property.

The Idea

A commercial property website with all the features of online estate agents but instead of selling houses, sell raffle tickets to win houses.

Raffle ticket prices are set based on the desirability of the house and the expectation of the vendor (how much they want for it) and people buy a ticket online. After the closing date, if enough tickets are sold, a prize draw takes place, and the winner can chose the between the house and a cash alternative of (say) 90% of the market value of the house - as determined by local estate agents. This gives the winner an opportunity to opt out of winning a house that has problems (I can think of a few reasons why you just wouldn't won't a house even if you won it for £60 and it's worth £400K)

If enough tickets (pre-determined & advertised) haven't been sold, the raffle money is returned to the player.

The Logo

I thought of this idea when I was...

frustrated with selling our house and the sale fell through 3 times. I was looking for alternative ways of getting rid of the house and considered ebay or raffle. In the end, I just didn't have the time to investigate the legalities and set the whole thing up, but if a site already existed I would definitely have done it - with my wife's permission, of course :-)

Comments Posted

CraigH Posted: June 10, 2007, 2:47 am

Well, it looks like a straight raffle might not be insde gambling laws in the UK. It seems the competition needs to be based on skill rather than luck.

An online game to win a house still sounds good to me. Maybe this is why people don't do it for themselves, and providing a safe and legal framework for consumers is a strong selling point.

Any comments?

vanhees Posted: June 14, 2007, 5:46 am

I see some legal problems here.
Tommy

ecahoon Posted: June 15, 2007, 7:15 pm

Same problems with Gambling laws in the US - unless it is for charity.

Moogy Posted: June 18, 2007, 10:14 am

If I need to sell my house I need to sell it... I'm not going to wait for a raffle...

]V[oogy

jill Posted: June 19, 2007, 9:41 pm

There are stranger things under the sun.

How about a raffle where the winner must purchase the house for a pre-determined price.

The seller puts all available info, including some standardized independent home inspection report, online and sets his price.

Only those willing to pay the price can buy a ticket (like any auction).

I believe our provincial government sold some great pieces of land by lottery about 20 years ago. Of course, they are the government, and they make the rules.

But I gather from comments that CraigH you have found it to be illegal where you live. If you decide to do further research, then bring it back with the details.

Real estate transactions are done a lot differently in different parts of the world, and I think this might work as some form of modified auction. You might ask, why cut off the ceiling price on the auction?

The answer lies in the fact that apparently not all "winners" (people who successfully bid on Craig's house in the past) are willing or able to complete. Better to have 3 would-be buyers at the same price and the same time than to go through the whole process 3 consecutive times with a fluctuating price, isn't it? If time is important, anyway.

A very attractive feature would be to have a preapproved mortgage tied in.

CraigH Posted: June 22, 2007, 1:32 pm

kl, thanks for your comments, jill. it is much better for me to get good comments like this instead of a dismissive comment without reference. cheers!

jtylee Posted: October 2, 2007, 8:02 am

This is being done now on http://easyfreeliving.com

The difference is, that it's not a contest of luck, it's skill based on the quality of the essay.

claire2622 Posted: October 22, 2008, 6:42 am

I need to sell my house by raffle,do i need to get a solictor involed

Hello!

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