Question adapted from Inman News
Selling home by lottery may be illegal
Q: Since the Florida real estate market is down, I would like to sell my Florida property on a "lottery" system. My idea is to sell it with an ad that says: "Own this home (furnished) for only $500." I would sell 400 tickets, but each entry must be accompanied with an essay of 100 words on a subject such as "What life means to me." The essays would be read by three responsible people, and they will select the best essay as the winner. Do you see any problem with this idea?
A: Unfortunately, selling a house by lottery is illegal in almost all states. Some states allow lotteries of homes, but these lotteries are generally organized by churches where the proceeds of the sale benefit the charitable organization. For further details on what is permitted, please contact the state of Florida.
We sympathize with the many homeowners who are frustrated by the current market and looking for creative ways to get their property sold. No one understands the plight of the seller better than professionals who earn a living from buying and selling real estate.
Professional plug: listing a property with a licensed Realtor is going to be your best bet to getting the home sold. Realtors have networks and more time and resources to devote to getting your property SOLD...and that's our honest opinion!
However, if you are so entirely strapped by your mortgage that you can not afford the listing fees of a professional Realtor, we do not advise using the "discount" real estate companies - you'll probably get more accomplished doing it yourself.
If you are a “FSBO” we recommend using the internet to its fullest potential! A yard sign may attract those passing through your neighborhood, but an internet posting will be seen by buyers world-wide.
82% of buyers are looking at Realtor.com and other similar real estate sites as their FIRST source of research. You can also try ebay, or Craig's list.
http://pages.ebay.com/realestate/
http://tampa.craigslist.org/rfs/
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