I want to raffle off my house, is that legal?
I want to raffle off my house, selling tickets for $20. And after I get my asking price of $110,000 I want to donate all additional money to charity. Is this legal? Also, I want to have a stipulation that if I do not hit the $110,000 I will not have to sell the house.
Answers:
Where do you live?
In my state (NC), private raffles are considered a form of gambling and are illegal, unless the raffle is held by a non-profit organization (and even then there are restrictions).
You need to check the laws of your specific state.
You need to speak to a lawyer who is familiar with your state's gambling laws. In my state (FL) it would be illegal.
Not under the conditions you're imposing. #1, it's not legal period in many states. #2, it's a raffle, not an auction, so there's no 'reserve'. There is insurance you can buy to pay certain expenses, one being that you didn't get enough money to pay off the mortgage, but it would probably be cheaper to just pay a realtor to sell it for you.
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