Raffling off your House...Is Illegal in New York

Yes Sellers, times are tough! But Please, Don't go to jail over it!

The internet is filled with schemes to sell your house, but what they don’t tell you is that some of these, OK, most of these schemes are illegal. My local TV station had a nice story tonight about a home owner who is raffling off his 1.6 million dollar home for $50 Bucks. Yes, 1.6mil  for $50 bucks.   http://wcbstv.com/watercooler/raffled.off.home.2.1155130.html

They showed you the house, told you about the seller and even promised to return 98% of the entry fee if he fails to sell the 30,000 raffle tickets. But they never told you it was illegal. Since he sold 10,000 tickets so far through his PayPal account, he has earned $10,000 in fees! Not a bad investment for illegal gambling.

Yes, raffling off a house is Illegal in most states, NY being one of them. I hope they go easy on him as I am sure he is not planning to spend some time in jail for Illegal Gambling, but the law is clear and he is breaking it. Here is a link to the NY Gambling Law 

About the only way for a seller to do this is to get a charity involved. The charity must be licensed to perform this.

So sellers, yes it’s a tough market out there and this is why it is Very Important to get proper representation by a Professional Licensed Real Estate Broker. If you are having trouble selling your home in NY, give me a call. I will be happy to meet with you and offer you my professional opinion.

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