Lorraine Mirabella reports today on the trend of house raffles -- homeowners teaming up with charities in the hopes that enough people will buy tickets to both pay for the cost of the home and raise money for the nonprofit. Sometimes it works. Often it hasn't, at least in Maryland:

Of the 12 applications in 2008 and 2007, four never followed through on their applications, five were unable to sell the minimum number of tickets and two others were completed. ...

A nonprofit risks losing the money spent marketing and planning the event. Even successful raffles can be problematic - for the winner. Winners of house raffles need to pay income taxes on their prize as well as property taxes, which could require securing a mortgage or selling a current home, neither of which are sure bets amid tightened credit.

Interested in the five-bedroom home? See photos here.

UPDATE: Lorraine Mirabella shares a tidbit that didn't make it into the story -- the raffle organizers say the winner can keep the house or sell it back to them. The builder says he has buyers lined up in case the winner chooses Door No. 2.