On the subject of raffling your home, what about a contest ? Name my pet, win my house.?

You charge an entry fee of like $5 per pet name. Enter as often as they like decision is made on specific date and then you would have a regular closing after house is paid off you deed it to the winner.

Answers:
Raffles by definition are restricted in most States to non-profit organizations. If you have a contest of some sort then there are issues of money spent on marketing your "contest" vs. how many replies you actually get. If you don't have the proper language in the constest rules, then you may be giving your house away under the fair market value. Then there is the issue of taxes for the winner of the contest. They must pay taxes on their "winnings" immediately (at a high tax rate) and they will not likely be able to even keep the home. Very few "winners" of homes are actually able to pony-up the tax bill.
you havnt got a pet
Is your pet called fluffie? I could do with a new house! Fiver on its way to you!

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