Home Builders and Construction

You’ve heard of “dream home giveaway” fundraisers. A charity or non-profit organization raffles off a home and raises hundreds of thousands of dollars. Well, many homeowners would like to do this with their homes in order to solve their financial problems. However, individuals cannot hold these types of fundraisers unless they partner with a registered nonprofit organization. This article explains why this is happening and how it can be done.

In the past year home values, along with home sales, have declined. At the same time many homeowners who had adjustable rate mortgages saw their monthly mortgage payments dramatically increase. This has created financial hardships for homeowners who are both unable to pay their increased mortgage payments and are unable to sell their homes to get out from under their mortgages. In some cases homeowners are stuck with owing more on their home than it is worth.

This situation has lead to a sharp increase in home foreclosures and bankruptcies in the United States. In times like these people are looking for ways to solve their financial problems. Desperate homeowners have been the target of scammers claiming home raffles are an easy way out. Homeowners have been told that they can easily raffle off their home and raise enough money to pay off their house and donate the rest to charity.

This may sound like a great idea, however, there are legal issues involved in this that homeowners need to investigate before considering a home raffle. There is a difference between an individual raffling off their home and a licensed charity holding a “dream home” raffle. In most states it is considered illegal gambling for an individual to raffle off their own home.

There is a way for an individual to raffle off their home and that is to find a qualified nonprofit organization that is willing to be a partner and handle the raffle. In most states it is legal for a nonprofit organization to hold a raffle for charity fund-raising. Homes that are raffled by charities are usually new or in extremely good condition. A charity is not going to raffle off a run down fixer-upper. The charity will sell a certain amount of tickets at a price of, for example, $150 per ticket with 10,000 tickets being sold. The charity will bring in $1.5 million if all the tickets are sold.

The charity will have to make enough money on ticket sales to pay off the mortgage and cover all expenses such as legal fees, administrative fees, advertising costs, and other prizes. If a certain amount of ticket sales are not reached the raffle will have to be canceled and the money refunded to the ticket purchasers.

If the raffle is a success and the required number of tickets are sold, then the house will be given to the holder of the winning raffle ticket. The winner will then have to pay income taxes on the value of the house. This person will either have to pay a large sum of money to the Internal Revenue Service or will have to take out a new mortgage to cover the taxes. The charity will keep all the money that is leftover after all expenses have been paid.

All of this has to been done strictly according to the law. The charity should make sure that a lawyer and an accountant oversee the entire process. The homeowner should also have his own lawyer representing his interests. At the end of it all what does the homeowner get out of this? He gets his home sold as well as an income tax deduction. This may be a viable option for homeowners who are facing foreclosure.

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Most homeowners tend to forget about reviewing their homeowner’s insurance policies; People purchase what’s required by their lender or offered by the insuring agent and stick with the same coverage for years. As years go by and property values appreciate or depreciate, customers neglect the fact that homeowners insurance must be reviewed every year. The insuring company or the agent has their own portion of responsibility in this, because it should be their duty to keep the customer protected and happy with the appropriate coverage.

We all know that property values go up and down, so does the cost for the homeowners insurance. Assuming you live in a $300,000 home, if you have appropriate coverage to protect your home and belongings today, this may not be the case in a year when your house appreciates in value, and in most cases you’ll just forget about revising your policy with a higher coverage. The same goes for a property that has lost some value, why pay for more coverage than you actually need?

Now let’s talk about your personal belongings. Did you know you can include most of your personal belongings within a homeowner’s insurance policy? Yes you can as a matter of fact, that’s what wise folks do. Forgetting to insure your expensive jewelry or fine art could mean a painful loss for you one day, so think about this. The professional digital camera you have could be scheduled under your California homeowners insurance and with a very little premium you could have a peace of mind.

In general most HO3 policies could be trusted for popular items being covered; however there are exclusions and special conditions for certain risks, so please watch out for these conditions. With good policies you can customize your home protection to include hundreds of items including: coverage to your computer hardware, software and data or identity theft coverage, including lost income and legal fees. Top coverage doesn’t have to cost top dollar, especially when you consolidate your various policies with some homeowners policies, you’ll enjoy greater savings, convenience and peace of mind.

When you request a homeowner’s insurance quote, make sure that all the gaps are covered and don’t rush through signing that insurance policy, because at the end, it’s your home and what you have inside is you equity. Including a personal article floater within your policy is as easy as counting numbers, that is why I encourage you to make note of all of the above and pay special attention.

Making the right decision always pays off at the end.

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