$300K home for $16 in Texas

[Xtrema]

[RickDaTuner]

"My name is Prince Sandook Amil Marbeqo, I have inherited..."


That guy is playing by medieval rules, and by that book, any one has the right to kick him out and take over the house as well, as was mentioned though you need to have occupied the property for a certain amount of time before the courts can grant you a title.

Also he needs to pay the yearly taxes and anything else related to that place in order for it to play through. The IRS could at any time take possession of the property if he did not, but the question is, how do you pay taxes on a property that does not belong to you?

Fascinatingly enough you could do the same thing here in Canada.

[ZenOps]

Whoo!

Sure they *can* kick him out... But until that time the house is his, and it sure beats renting. And with the way the courts are overburdened - he may have two years of "squatting" there.

This one is more likely in his favour because not only is the house forsaken/forlorn, the mortgage bankers owning the forclosure also went out of business (or are having insolvency issues of their own)

Smart man. He deserves the house.

BTW: Not even paying electricity or water (yet) Probably just bottled water and camp it. I like this guy.

[Pacman]

If those houses were in Calgary, they would sell for 800k!

[sputnik]

Deceptive title.

The guy is squatting in the house with no power and no water.

Its not like he owns it.

So if by chance he resides in the house uncontested and maintains it well for 3 years he can go to court and fight to have the title moved to his name.

[ZenOps]

Texans still have laws that are very close to the old British laws of property.

That meaning that the man who pays the yearly taxes - owns the house (without getting too complicated)

If the original owner does not pay, and the mortgage owner does or cannot pay - then its up for anyone to pay, and if you pay for three years and noone else steps forward to pay the backtaxes - the house is yours.

Paying $300,000 only gives you the right to pay yearly taxes... Paying $16 also gives you the right to pay taxes, but third in line (original land title owner first, then the lender, but if both forsake - you are golden)

Again, smartest man on the planet. It probably would cost a good thousand and a bit to rent each month. At the end of it he has the possibility of possesion of a sellable asset as well.

[n1zm0]

Originally posted by Pacman
If those houses were in Calgary, they would sell for 800k!

yeah first thing that came to mind when i saw the type of houses, most of the townhouses in my area are selling for how much those houses are worth down there!

[B20EF]

Neighbours should burn down the house. Is it still arson if the home doesn't belong to anyone.

[D'z Nutz]

I'll say what you're all thinking: the neighbors are only upset cause there's a negro in the neighborhood now.

[sr20s14zenki]

Originally posted by D'z Nutz
I'll say what you're all thinking: the neighbors are only upset cause there's a negro in the neighborhood now.

They are going to put a lower case t on his lawn. It means "time to leave...."

[ZenOps]

*Points* to nose.

Other than the color thing, I can see why the county loves this man - hes actually going to pay taxes that would otherwise not be paid, and improving the area because of those taxes. The neighbors should be baking him pies.

Mmm pies.

[CUG]

Originally posted by Pacman
If those houses were in Calgary, they would sell for 800k!

Yeah, million dollar houses down there are actually worth a million dollars. They're not worked with shitty vinyl siding and horrible ugh.

[dexlargo]

Originally posted by ZenOps
This one is more likely in his favour because not only is the house forsaken/forlorn, the mortgage bankers owning the forclosure also went out of business (or are having insolvency issues of their own)

If the mortgage companies are going bankrupt, how expensive would it be to buy the loan off of them through the bankruptcy trustee?

That would be another way to get the house, and it would be totally legal: Buy the 300k mortgage for 30k (or whatever they'll sell it to you for - so long as it's a substantial discount, which it should be, because anyone buying the loan would have to expect that they would need to foreclose and go through that 18 month process before they would get to do a forced sale on the house), foreclose and take possession.

If you wanted to complete the foreclosure a lot more quickly, don't foreclose: tell the original homeowner you'll release him from the mortgage (since you won't get any money from him anyway), if he signs a quit claim deed in your favour. You could be all done the same day.

How about that one Zenops?

[kvg]

Good hustle

[ZenOps]

Originally posted by dexlargo
If the mortgage companies are going bankrupt, how expensive would it be to buy the loan off of them through the bankruptcy trustee?

That would be another way to get the house, and it would be totally legal: Buy the 300k mortgage for 30k (or whatever they'll sell it to you for - so long as it's a substantial discount, which it should be, because anyone buying the loan would have to expect that they would need to foreclose and go through that 18 month process before they would get to do a forced sale on the house), foreclose and take possession.

If you wanted to complete the foreclosure a lot more quickly, don't foreclose: tell the original homeowner you'll release him from the mortgage (since you won't get any money from him anyway), if he signs a quit claim deed in your favour. You could be all done the same day.

How about that one Zenops?

I suppose you could do it that way too. But its pretty easy pickings right now just following the

http://www.fdic.gov/bank/individual/.../banklist.html

And doing the $16 adverse possession thing. Its of note that you should technically only be able to do one house per person, as you must physically be at the residence to prove that you intend to live there to gain ownership.

If the bank is still "alive" then there is always a chance that the original owner will have a change of heart and pay the backtax. I think its just best to pick at the corpses of the completely dead banks (ouch, me gets graphic)

Its amazing how there were no banks in mid 2004 to 2007 to close, and now they are dropping like flies. Just do the research and figure out what houses the failed bank "owned".