Are you looking to sell your home in a tough market and willing to take a risk? The newest idea is to raffle the home off instead of selling it the traditional way.

It does have some benefits. Say you are trying to move a $400,000 home. Selling 4,000 $100 tickets will cover the price. I think that it would be a huge motivator for someone with less than stellar credit to take the chance on that.

Most states require  you to partner with a charity and typically you can not receive more than the appraised value of the home with the remainder going to charity. If you are going down this path, choose wisely as the wrong charity can hurt ticket sales and make the  accounting nightmare a mess if you do not meet the quota and have to return the money.

But the winner could have a $400,000 asset for a $100 investment. Not too shabby if you ask me.

The raffle idea had come to her in a burst of inspiration, she said. But she is not the only homeowner to have turned to some version of this unorthodox approach in recent months. As the economy has worsened and the real estate market has continued to slump, a number of Americans have been using raffles and competitions — latter-day versions of the old rent party, only now with a profit motive for the guests — in a last-ditch effort to raise money and unload a house. And as mortgages have become harder to obtain, some would-be homeowners are being tempted by the chance — a small one, but with better odds than most lotteries — to own a house without dealing with a bank (though the victors must pay taxes on their winnings).  via NYTimes.com.

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