January 29, 2009___Housing Raffles

An article in today's edition of the Financial Post (FP10) talks about holding a raffle to sell your house. An individual in Southern Spain could not sell his house over the last year. So he decided to sell raffle tickets for about US$33 each. The original list price was US$1.92 million, reduced to US$1.65 million. As of today he has sold 2,000 tickets and the draw is to be held May 1, 2009.

There are many raffle sites in Europe due to the slow real estate market, but be aware there may be government or other regulations that prohibit or put restricitions on this type of selling.

Another popular method used in some countries is by auction. In this case there is often an upset price to protect the owner from selling their property for a very low price.

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