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$300K = $16 - guy snags a 300K house for 16 dollars

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  • $300K = $16 - guy snags a 300K house for 16 dollars

    http://abcnews.go.com/Business/texas...ry?id=14099714

    Apparently there's a law in Texas called "adverse possession" developed in the 1800s
    to ensure that property wasn't abandoned and was "maintained and monitored." It requires the posting of a clear, public notice that someone is at the property -- hence the court filing -- and that someone would remain there for a specific period of time, usually 10 years.

    So... when a homeowner walked away from a foreclosed house - and the mortgage company went out of business - a man looked up the laws and filed a notice with the court house and moved in. All he had to pay was the $16 required for filing the document.


    Neighbors are pissed & call him a squatter. But as of yet they can't get him kicked out cos the cops won't touch it being a civil matter and all.

  • #2
    If the mortgage company foreclosed and then went out of business, who owns the property anyway?

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    • #3
      i can't say with certainty, because obviously it's going to vary on a case by case basis, but often if a property goes into foreclosure, that also means the hoa fees have most likely fallen into arrears (if there is an hoa, and in texas there usually is in most new neighborhoods). with dues in arrears, the hoa can place a secondary lien on the house, so that ownership would transfer to them if the mortgage company went out of business.
      My Space

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      • #4
        Quoth PepperElf View Post
        Neighbors are pissed & call him a squatter. But as of yet they can't get him kicked out cos the cops won't touch it being a civil matter and all.
        By the definition he is a squatter, but the catch is he's a legal squatter. Until and unless someone turns up with the deed, no one can touch him if squatter laws haven't been changed.
        I AM the evil bastard!
        A+ Certified IT Technician

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        • #5
          Well well well, looks like this guy's going to get one heck of a deal in 3-years; I mean, do you think they're going to go through the trouble of paying off the debt, etc, + suing to get the guy out? He's done everything according to the law. Love how ticked-off the neighbors are!
          "If anyone wants this old box containing the broken bits of my former faith in humanity, I'll take your best offer now. You may be able to salvage a few of em' for parts..... " - Quote by Argabarga

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          • #6
            If there isn't a clear owner, that means there's good odds that no one was going to be doing anything with it any time soon. And unless someone is bothering to sue him, I'm guessing there isn't a clear owner or at least no one who thinks the property is worth it. While it's definitely a loophole, at least the neighbors don't have to deal with an empty house slowly getting run down.


            And Ferrara said, "it's quite an un-American notion that someone can take another's property without paying for it.
            This amuses me on so many levels...
            "Man, having a conversation with you is like walking through a salvador dali painting." - Mac Hall

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            • #7
              Quoth Shangri-laschild View Post
              If there isn't a clear owner, that means there's good odds that no one was going to be doing anything with it any time soon. And unless someone is bothering to sue him, I'm guessing there isn't a clear owner or at least no one who thinks the property is worth it. While it's definitely a loophole, at least the neighbors don't have to deal with an empty house slowly getting run down.




              This amuses me on so many levels...
              Me too . . . so much so that I'll save that for Fratching later.
              Human Resources - the adult version of "I'm telling Mom." - Agent Anthony "Tony" DiNozzo (NCIS)

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              • #8
                Hm, I wonder if he will be able to get utilities hooked up?

                Though electricity can be supplied by bringing in a generator, water would be more problematical unless the place is in a non city water sort of location. Sewage tends to always be hooked up.

                Since the primary debtholder is defunct, if there was an entity that took over their contracts, they technically hold the mortgage. Not sure if he is in the nick for that amount of money but he should be accountable for the HOA fees if any, and taxes. So probably not just the $16 but the accumulated taxes and HOA fees at least.
                EVE Online: 99% of the time you sit around waiting for something to happen, but that 1% of action is what hooks people like crack, you don't get interviewed by the BBC for a WoW raid.

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                • #9
                  yeah he might have to bring in his own water.

                  and toilets flush automatically if you pour enough water down... and for flushing water he wouldn't need potable stuff either, so that could be easier to get i guess...

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                  • #10
                    Since ownership of the house may be in limbo, the property taxes are not being paid. Therefore, the governement will eventually seize the property for unpaid back taxes and sell the house at a tax sale.

                    However, since the guy filed a claim with the government, they may bill him for the taxes.
                    "I don't have to be petty. The Universe does that for me."

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