Winning a property through a real estate lottery
Recently it was reported that 51 years old Marie Segar, who hails from Warrington, was a lucky winner of a six bedroom house located in Lancashire. The property was to be sold for £845,000. All she did was to buy £20 worth of tickets and participate in the raffle draw.
The owners of the property no doubt left their sold home very happy as their raffle ticket sales generated for them £998,000 which was more than the estimated market value of the house. Ms. Marie Seagar was very happy as well. She rejoiced with disbelief that she could finally win a gamble, having previously won only £9 on a lottery.
This successful sale provides evidence that the sale of properties through a raffle process can work for others as well. Many property owners are also trying out this method of making money from their properties, through the sale of raffle tickets.
What is involved?
What is involved? The UK Gambling Commission has strict rules on gambling. For more information on legal gambling rules and regulations for online casino go to Solicitors.guru. The Gambling Commission makes it clear that those who do not abide by the laws, can potentially face a jail sentence and a fine up to £5000.
The law makes it clear that you cannot run a lottery to make a profit for yourself. But you can do it to raise money for charity, and it requires you to get a license from the Gambling Commission. However, if it is a small lottery like a raffle draw, you may not need a permit, but it must be for a good cause.
How to sell your “win a property ticket”
Homeowners cannot just sell off raffle tickets and get a winner. They have to do this the right way. They could either run it as a free draw or a game of skill. The free draw option entails that organizers make the free entry option stand out just like the paid route. The major worry most homeowners face is that they would receive a huge amount of free entries and give their property away for nothing. Since the free entry option doesn’t favor many owners they can make use of a popular method know by the Gambling Commission as prize competition. It entails that through a competition method, they ask participants to answer a question or series of questions before they could stand a chance of winning the prize. This prevents a good number of people from taking part or receiving the prize. This skill-based method is a requirement which satisfies the rules of the Gambling Commission and participants must correctly answer the questions in order to enter the draw.
The winner of the lottery will receive a property prize with the mortgage cleared and no requirement to pay the legal fees. The property raffle websites are becoming very popular in the UK because people who wish to sell properties are disappointed with the market value placed on their houses. No doubt this is an innovative way to make a profit from the inflation of the housing market.