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Thread: Acquiring Real Estate by Adverse possesion

  1. #1
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    Default Acquiring Real Estate by Adverse possesion

    http://www.youtube.com/user/george4t...11/Ltg4ej-zRbI

    There are a *lot* of houses in California that have been abandoned and are coming up on their 5-year limit of property tax payment defaults. There will be an entire flood in 2013 if things continue the way they are.

    Meaning that if you pay the 5-year backtaxes, and the original owner does not come back within a reasonable timeframe to complain - the house is yours.

    I've looked into it, and there are some pretty damn impressive finished houses and locations that start at $15,000US.
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    So what happends if you pay the taxes, but the owners return home, Would you have then made the payments for someone else and lose out on your money?

    And what is the definition of a "reasonable time"?

    And if we are anticipating that the market be flooded with these homes, what does that say about the recovery, and what would be in store for America, specifically the green back, but more importantly how would this affect real estate in Canada?

    Tough Questions.

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    If they return, they must pay the backtaxes with interest and penalty, show proof of ownership, and reclaim the home.

    The backtaxes you paid, would be returned (without interest) or at least thats supposed to be the way it goes.

    Lawyers will come into play, and its definitely a "grey area" type of thing.
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    What's a "reasonable amount of time"?
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    One thing I noticed the scaveng....er... "expert"... mentions several times is that that the property has to be owned free and clear, no liens.

    Even in a shitty economy, why would anyone completely abandon a house that has no mortgage? I can't see these properties being very numerous. He also does a good job at evading the question of how to establish residency in one of those houses. He answers, but not in a very convincing way.
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    Its not a set in stone law.

    Its discretionary based on individual basis. I know some people find it hard to understand that people would abandon homes. But there was also a time in Calgary when real estate could be had for $1.

    I personally think some lots are professionals who used to be making six-digits a year, who lost their job. They had the property owned outright, but could not find anything other than a local McJob. They probably tried to sell and even rent before leaving, but it soon became much easier to just abandon and take a six-digit job somewhere else quickly.

    They didn't bother to hire an asset manager, as it probably would cost more to have someone maintain and keep tabs on the unrentable unsellable property anyhow...

    Tons of fornlorn and forsaken mortgages. And now - even some fully paid off "nuisance" too expensive to cut the grass and pay a few thousand a year in tax properties.
    Last edited by ZenOps; 04-26-2011 at 11:05 AM.
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    Originally posted by ZenOps
    Its not a set in stone law.

    Its discretionary based on individual basis. I know some people find it hard to understand that people would abandon homes. But there was also a time in Calgary when real estate could be had for $1.
    That was because of obscene mortgage rates. Lien free housing wasn't sold for $1.

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    ^ And as I understand the deal, the person who bought the house for $1 would then rent it out until the mortgagee (the bank) could foreclose on their original mortgage - which took around 6 months. So, the point of the scam wasn't that you got the house free and clear, it was that you could make some revenue off of it in the time period before the bank was able to get an order for possession.

    I'm not going to look it up, but I understand that the loophole in the law in Alberta that allowed this has been closed.

    -And about adverse possession, I think it works similarly in the US, but you have to have notorious and uncontested possession of the property you make the claim on for something like 12 years.

    You'd have to break into the house and squat in it for 12 years. Canada and the US are not like Europe, we have almost no squatters' rights - so I rate the chances of this succeeding at approximately zero percent.
    Last edited by dexlargo; 04-26-2011 at 11:24 AM.

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    I know people in Calgary that go down and buy investment properties similar to this situation in Texas. The laws down there state that if the owner comes back you are returned all your money, I think the time period is 6 months.

    Basically, its a no lose situation, they don't come back, you now have a property that you can rent/sell/live in, they do come back, you go back to looking for another property to buy. Not sure about the laws in California, but look up the company America is on Sale, they operate out of Calgary and mainly focus on Houston currently.

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    Originally posted by dexlargo
    .... so I rate the chances of any hairbrained, half-baked, bullshit that ZenOps concocts in his delusional state succeeding at approximately zero percent.
    Fixed.
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    Laws on squatting are completely different in different states yes. Brits have the craziest squatting laws, until you realize that they have historically gone through many economic boom and bust cycles - and then it does make a ton of sense.

    Yes, Texas is very similar. There are also tons of abandoned houses in the hurricane zone of Florida - but the laws there are different, which makes adverse possesion different.

    I'm looking at Cali though, there are *some* areas that are not smack on top of earthquake zones.

    It also helps to show to the judge that you are homeless but have a job (that you will be able to pay taxes on) and have "camped out" at the residence (usually with an RV), improved the lot, and have made every attempt to find or contact the original owner.

    "47% of households in the US do not pay any personal taxes, mainly because they do not make enough to meet the minimum incomes."

    "And the meek shall inherit the earth"
    Last edited by ZenOps; 04-27-2011 at 06:59 AM.
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