Archive for November, 2014

Nov
07

Can You Profit From a House Raffle?

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Hello All,

Brrr, winter is creeping into our sunny city here in Albuquerque. I hope you are staying warm wherever you are.

This evening I received an email from Christine with a question: “When selling your house in a raffle can you receive more in ticket sales then your owe on your mortgage? For instance, can the homeowner make a profit and also raise money for charity?” The answer is YES. When you sell your home in a raffle you get your asking price which should be based on a fair market value, or an appraisal. Some states require that the charity/nonprofit not pay more than the appraised value. In a house raffle, your buyer is the charity/nonprofit instead of an individual.

That’s the great thing about a house raffle, you get to sell your home and even make a profit if you have equity in your home. i.e. your mortgage is less than the current value of your home. If your home is under water, i.e. the mortgage is more than the value of the home, then you will not be able to sell that home for more than the mortgage because that mortgage will have to be paid at closing of the sale.  However, you can connect with a Realtor and ask for help in setting up a SHORT SALE with your lender. A SHORT SALE is when the lender agrees to take less than the mortgage amount.

To your success!

Diane Giraudo McDermott

Categories : Just the Tips
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What Others Are Saying:

“The book really does take you through the entire process. I feel like Diane holds your hand from beginning to end from qualifying the grand prize home to what happens after the drawing. I’m a homeowner and I’ve had difficulty selling my beautiful home. Now I know what it takes to sell my home in a raffle. I know exactly what type of nonprofit I need to partner with on my house raffle and what to expect. I’m excited to get started.”

-Karen L. Furguson, Homeowner in Tucson, Arizona

"Consulting with Diane by phone has been invaluable. Her knowledge on the subject of house raffles is enormous, and she has really given us a better understanding of the process as we move forward with our house raffle. She has been more than willing to take the time needed in answering all of our questions. After consulting with Diane, we feel we have a much better chance of putting together a successful house raffle and are excited about making it happen."

Chip Thompson, homeowner in Rehoboth, Delaware

"'I Sold My House in a Raffle' is an excellent example of creative marketing. The best marketers think "out of the box" and Diane shows that you can really sell your house in a raffle!"

-Ali Pervex, International Best Selling Author, 'Get Your Black Belt in Marketing', www.blackbeltinmarketing.com

“What a great marketing tool! This is a hot new method to get a property sold. My clients love this idea—I already have my first raffle house lined up. I’ll use Diane’s process to get and sell more listings.”

Jack C. Rosemary – California Real Estate Broker, 26 years experience

“I attended Diane’s workshop on February 27th, and she’s got it all together. Not only does she know how to pull off a house raffle but you can tell that she was a teacher because she knows how to convey the information. She broke the process into bite-size pieces and gave us exercises to complete so we were involved. Before anyone attempts a house raffle, they should attend Diane’s workshop–there’s more to it than one could imagine.”

-Ron Thomas, Real Estate Investor for 20 years, Albuquerque, New Mexico