Baltimore Businessmen Launch Site to Change US Housing Market
(Towson, MD – July 29, 2008) With the foreclosure rates in the United States being at an all time high, there may be a website that offers hope. Launched on July 2, 2008, USAHomeRaffle.com is one company that potentially gives the US economy a bigger boost than a stimulus check.
With one home raffle, thousands of people spend at least $100 hoping to win a house. One person wins a home, mortgage free. Another person sells their home for the appraised value. Lastly, a Non-Profit Organization (NPO) raises money for philanthropic work.
Home raffles have been happening in the United States for some time, but yet the concept of raffling off a home is not something that most people view as an option in selling their home.
Based in Maryland, USAHomeRaffle.com is the brain child of Ser Greene and C. Tyree Powell who are alumni of Morgan State University and Towson University, respectively. In Maryland, as in most other states, home raffles are legal as long as the owner pairs with a non-profit organization. The site serves as a liaison connecting Non-Profit Organizations (NPO’s) with homeowners who are looking to sell their home. Also, USAHomeRaffle.com provides a central location to view homes being raffled throughout the country and the ability to buy raffle tickets for those homes.
The process is simple. Homeowners register their home on the site and upload pictures and information for the NPO to view. Non-Profits register with USAHomeRaffle to be able to view the list of registered homes. Using USAHomeRaffle the two parties communicate and come to an agreement to hold the raffle. Once the raffle is made legal by the state, the Non-Profit can then take advantage of USAHomeRaffle.com’s additional services to help market the raffle. With the proceeds from the raffle, the NPO would purchase the home for its appraised value, keep the excess funds for their organization, and the winner of the raffle will be able to move into their new home mortgage-free.
