texas law lets man buy house for $16!

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[ame=http://www.youtube.com/watch?v=356kiqllkU8]‪Man Claims 300k House For 16 Dollars! (Neighbors Are Mad)‬‏ - YouTube[/video]
 
Thats just crazy. You have to give some credit to the guy for being smart enough to figure that out.
 
Garry Dean said:
Thats just crazy. You have to give some credit to the guy for being smart enough to figure that out.
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:iagree: wwwwwwwwwwwwoooooooooooowwwwwwwwwwww!!!! I can see how this may anger people but in this day and time, it pays to be smart. This is bonkers though.
 
Good Job for him! A bank will get screwed instead of the consumer .... ha ha ha!
 
I don't know why the neighbors are throwing a hissy fit about it. He found a loophole and exploited it. Good for him.
 
aerogt01 said:
I don't know why the neighbors are throwing a hissy fit about it. He found a loophole and exploited it. Good for him.
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its cause they didn't think about it themselves!!!!!! My neighbors are pissed because I bought my house for less than half of what they paid. It was a foreclosed home. Had been on the market for almost a year, and there was nothing wrong with it. My jaw dropped when I saw how much the previous owners paid for the house.
 
People are always going to Hate.
He did his homework and is going by the Law so Good for him.
Like someone posted above,now the Bank gets screwed. LOL
 
*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?
 
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.
 
From the article, he spent $16 to file a motion to take possession of the abandoned property, and if he continues to live there for 3 years he can petition for full ownership.

Still props for figuring it out, and the cojones to try it.
 
This is very intresting. The house was abandon becuase the owner foreclosed, then the bank closed. This left no owner of the home.
 
I heard about this and it reminded me of another issue we had in the DFW area... Someone was filing warranty deeds with different counties changing ownership over to someone else without the owners knowing about it. I think it came to light because several people had title issues when trying to sell their property.

I work in real estate lending and it's not hard to see how it can happen. All you need is a little knowledge on how it works. It's not right IMO... What makes it different than stealing? In the end the bank will get their money. It's the home purchasers that suffer in the end
 
V3AutoDetailing said:
This is very intresting. The house was abandon becuase the owner foreclosed, then the bank closed. This left no owner of the home.
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Actually when a bank goes under the Fed takes over it's assets and will sell them off to other banks for a cut rate. Loans and foreclosure property is included in this
 
I think they're not happy with his upkeep because it even said that he didn't have utilities or anything just that little bit of furniture.
 
There wasn't any upkeep before either. Usually a bank doesn't want to out much into a forclosed property. With the bank being closed I bet there was no maintenance done.

If those neighbors dont like it they should see if the homeowners association can site him enough times for violations and toss him out. Not sure if all HOAs have that power but I've seen several that do state the right to evict for violations.
 
I am going to have to check into this here in California.

I know of three, incompleted Mansions up on Mulholland Hwy that have been abbandoned for two years. The contractors just walked away. I could seize them, put 500K into finishing one, and have a 8K sq ft Mansion all to myself.

I see a new business in my future. "Mulholland Luxury Detailing"
"Your fine automobile detailed in air conditioned splendor"
 
I can see why his neighbors are mad, their property value just dropped dramatically I think. We had neighbors of our forclose and it hurt our other neighbors trying to sell their house.

Now did he have to break into the home to get in or did they give him the keys because of the paperwork he filled out?

If he broke in then he should be arrested, that is not right. If they handed it over to him then kudos to him for beating the current system.
 
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