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House Lottery?

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D

DebraA

Guest
Hi!
A friend of mine who just moved in with his Fiance in Georgia and really needs to sell his house in Missouri but so far no takers and his contract with the Realtor is up on November 20. I've heard of those house lottery's and contests before, where for a nominal amount; say $20.00 each/ people can enter to win the prize (which in this case would be the house!) Course you'd need a whole lot of $20.00 entries to get your money out of the house but is it legal in Missouri to do this and if so what would the disadvantages be? (Heck with enough publicity my friend could make a lot more than the house is actually worth....by the way he owns the house outright).

Thanks for your response. ((*..*))
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by DebraA:
Hi!
A friend of mine who just moved in with his Fiance in Georgia and really needs to sell his house in Missouri but so far no takers and his contract with the Realtor is up on November 20. I've heard of those house lottery's and contests before, where for a nominal amount; say $20.00 each/ people can enter to win the prize (which in this case would be the house!) Course you'd need a whole lot of $20.00 entries to get your money out of the house but is it legal in Missouri to do this and if so what would the disadvantages be? (Heck with enough publicity my friend could make a lot more than the house is actually worth....by the way he owns the house outright).

Thanks for your response. ((*..*))
<HR></BLOCKQUOTE>

Check with you AG's office regarding gambling and lottery laws.
 
T

TimC

Guest
In New York State, at least, there are lots of conditions that you must meet, including the hiring of neutral parties to oversee the entire affair from beginning to end.

Once every couple of years somebody tries this effort around here. I have NEVER heard of the house actually changing hands this way. In order to cover the costs associated with the deal, you would have to sell TONS of tickets to people who were actually interested in the house, and the area. In other words, you are not likely to sell tickets to people all over the country. Soooo, your target audience is somewhat limited, and at $20 a pop, how many tickets would you have to sell to cover the cost of the house plus all of the administrative fees?

Not trying to discourage you, just giving some food for thought.

Tim
 

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