What are the steps to raffleing a house? I am just an average joe who owns a house but is finding very difficult to sell it. Is there a handbook for these type of transactions?
2006-10-27 20:12:42 · 6 answers · asked by SAUL S 1 in Business & Finance ➔ Renting & Real Estate
Hmmm, this sounds like a problem to me.
If you are in England or Wales, the contract to sell a house must comply with section 2 of the Law of Property (Miscellaneous Provisions) Act 1989. That is:
a contract must be in writing, contain all terms agreed and be signed by both parties.
So any raffle winner would probably not have a valid contract to buy the house and their position would be precarious.
Also, you'd need to abide by the law in setting up your lottery and maybe register with the gambling commission.
http://www.gamblingcommission.gov.uk/Client/index.asp
Do you have enough friends and acquaintances who would give you money in the hope of winning your admittedly unsaleable house?
Also, what happens if only ten people buy tickets? Would they still win the house despite you only raising a fraction of the value of the house?
I think you'd be better off House Doctoring to within an inch of your house's life and getting a new estate agent.
http://www.housedoctor.co.uk/advice/index.php
2006-10-28 02:13:04 · answer #1 · answered by in vino veritas 4 · 0⤊ 0⤋
Step one: Get a lawyer. It may not be legal in your state, and even if it is, there are probably some legal hoops to jump through, such as you may be required to post a bond of some kind to protect the people buying tickets against fraud, get a permit, etc.
2006-10-28 07:14:48 · answer #2 · answered by open4one 7 · 0⤊ 0⤋
Get a Licensed Property Agency to sell it for you. How it works is pretty simple.
You tell them what you want and the'll tell you what they want. If both agree in writing, then let them handle it for you. And do not try to undercut them. They are also trying to make a living. Be happy when they earn their commission because you get to sell your house.
2006-10-28 04:02:11 · answer #3 · answered by catcher 3 · 0⤊ 0⤋
First off drop the price to be able to just walk away and count your self Lucky for not being upside down.
Also you may want to check this web site out to if if you have been raked over the coals by your Realtor?
http://www.breakingbubble.com/index.htm
2006-10-28 11:45:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, get a lawyer.
But wouldn't an auction with a minimum bid be better and expedite the pocess quicker?
2006-10-28 08:36:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
What exactly have you done so far to sell your house?
2006-10-28 03:19:48 · answer #6 · answered by Morpheous 3 · 0⤊ 0⤋