texas law lets man buy house for $16!

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No keys I'm sure. He just filed the paper work to make it his. That would mean he broke in


I like the mansion idea!
 
I wonder if he'll be able to maintain it once its actually his own property in 3 years. A 300k house isn't cheap even after the mortgage is paid (or in this case there was never a mortgage lol).

Certain upscale communities around where i live can slap you monster fines if you dont keep your landscape and house in top visual condition.
 
All homes are down in value! Foreclosure or No Foreclosure.

Those neighbors can just go kick rocks.
 
One element the HOA may have issues with that they may have "maintained" the property while it was vacant expecting to place an exhorbitant lien on the property when the paperwork finally flushed out and the real owners (prolly another bank or morgate company that buys up the assets of the bankrupt one). So now, if this guy cuts the grass and does what is minimally required to "maintain" the property he circumvents the HOA's claim on the house.

Tick toc, this guy just needs to worry about when the real owners come out of the woodwork to claim the property. If it's before his 3 years are up, he'll prolly just get evicted with no return on his time and/or money invested in "maintenance". Of course, he is living rent free until then.

What sadens me is the big companies do this stuff all the time. Quite a few banks and mortgage companies have gone belly up in the last few years. Then like a great vulture, some company with spare cash sweeps down and devours the carcass (assets) of the defunt one. Most of the time for only pennies on the dollar.

But now, this guy is in the public eye and someone will do the due dilligence and ferret out who the deed legally belongs to. Then prolly snatch the property out from under him. Again for only a couple of pennies on the dollar.
 
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It isn't always companies that do that either, investors love that type of stuff. It takes money to get into real estate investments but there is a lot to be made in that business if you're smart about what and when to buy.
 
When it's all said and done it comes down to JEALOUSY!! They are pissed simply like everyone else stated, he was smart.
 
If he enterd the house before filing the paperwork, that is breaking and entering. He said himself he did all the proper research though.
 
Deep Gloss Auto Salon said:
*Devils Advocate*

It takes money to maintain a home. If you cannot afford a 300k home will you be able to maintain it to the standards that your neighborhood is accustomed to?
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It's a lot less to take care of a house if you don't have a $2000 a month mortgage to pay.
 
Shiny Lil Detlr said:
That is called a "squatter," not a homeowner.
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:iagree:

And courts are now suggesting Squatters Rights and not valid in this environment. It would be nice to see the cities and municipalities immediately go back against them with all the unpaid taxes and liens.
 
My guess is that he stepped into a pile of tax liability as of the date of that form. They prolly can't get him for it now, but I'll bet they will after the 3 years.
 
Tyrod said:
One element the HOA may have issues with that they may have "maintained" the property while it was vacant expecting to place an exhorbitant lien on the property when the paperwork finally flushed out and the real owners (prolly another bank or morgate company that buys up the assets of the bankrupt one). So now, if this guy cuts the grass and does what is minimally required to "maintain" the property he circumvents the HOA's claim on the house.

Tick toc, this guy just needs to worry about when the real owners come out of the woodwork to claim the property. If it's before his 3 years are up, he'll prolly just get evicted with no return on his time and/or money invested in "maintenance". Of course, he is living rent free until then.

What sadens me is the big companies do this stuff all the time. Quite a few banks and mortgage companies have gone belly up in the last few years. Then like a great vulture, some company with spare cash sweeps down and devours the carcass (assets) of the defunt one. Most of the time for only pennies on the dollar.

But now, this guy is in the public eye and someone will do the due dilligence and ferret out who the deed legally belongs to. Then prolly snatch the property out from under him. Again for only a couple of pennies on the dollar.
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You guys kill me. If this guys came to the door with a suit and tie on and a lighter skin color, you would be HIGH 5-in. You look at him and assume he can't pay HOA or property taxes. He did not take any food from anyones mouth, he didn't put a gun to anyones head and rob them. He thought of something that NONE of us would, which seems to show some sense of intelligence. The system has been screwing with everyone for a very long time. the fact that someone was able to use that same system and do what did, gives me hope.....
 
feslope said:
If he can afford the taxes, utilities and up keep he should be allowed to keep the house. I do think there should have been a process before he moved into it. Last I knew, breaking into a home that does not belong to you is a crime.

Or, maybe the hood just does not like their new neighbor.
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you think, hmmmmm?
 
gumbedamit said:
Question: If you could have done exactly the same thing to get your house, would you have?
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Not I ^

If these ppl can't even afford to turn the lights on, do you really think they stand a chance when the banks finally do hire attorneys to fight this?
 
For everyones info. This scheme is nothing new. Its being done all over the Country. Getting involved with something like this will get you on a radar screen I assure you don't want any part of
 
Flash Gordon said:
Not I ^

If these ppl can't even afford to turn the lights on, do you really think they stand a chance when the banks finally do hire attorneys to fight this?
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These people? It just looked like one man to me.....hmmmmm

I didn't read that he could not get the utilities on, it just said they were off. Did it state anywhere how long he was in the house?

Not I

BIG BS!!!!!!
 
gumbedamit said:
You guys kill me. If this guys came to the door with a suit and tie on and a lighter skin color, you would be HIGH 5-in. You look at him and assume he can't pay HOA or property taxes. He did not take any food from anyones mouth, he didn't put a gun to anyones head and rob them. He thought of something that NONE of us would, which seems to show some sense of intelligence. The system has been screwing with everyone for a very long time. the fact that someone was able to use that same system and do what did, gives me hope.....
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That's an ignorant statement. I learned about this in a 100-level business law class. You can do pretty much the same thing with your property line, too. Keep pushing your line into your neighbor's and if they don't say anything for long enough, it's now considered yours.

I knew about this before the post, and I haven't and won't do it any time soon. And no, that's not BS.
 
gumbedamit said:
1)These people? It just looked like one man to me.....hmmmmm

2)I didn't read that he could not get the utilities on, it just said they were off. Did it state anywhere how long he was in the house?

3)Not I

4)BIG BS!!!!!!
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1)Yes, these ppl....As stated before, this is happening all across this Country. There is a guy here who has taken possesion of a half dozen or more houses using this method. It was all over the news 6 months ago

2)Well, he's says he is living in the house, right? How in the hell do you live in a house WITH NO UTILITIES when the temps in Texas are 100 degrees daily? Sounds like super fun to me

3)Yes, Not I

I have no desire to live in a home I know I can't afford

4) F U 2!!!!!!
 
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