Legal Question in Real Estate Law in Washington
Property/raffle
I am wondering if it is legal to raffle off my home. $100 per ticket, minimum 3,000 tickets, winner gets my house. I get the money to pay off the mortgage. Is this legal?
Asked on 9/18/07, 2:25 pm
1 Answer from Attorneys
Elizabeth Powell
ELizabeth Powell PS Inc
Re: Property/raffle
I've seen it done. You can sell your house however you see fit, so long as you don't collect the money and then fail to follow through.
The problem happens when you fail to get the minimum bids you need to make this work. If you had two people put down $100, rather than 3,000, persons, you would not be able to pay off the obligation and you'd still have your agreement with the raffle ticket buyers to honor.
I'm sure if you think about it you'll see the problem.
Elizabeth Powell
Answered on 9/18/07, 6:17 pm