He beat the system. Man claims 300K house for $16 *Video*

Every state has this law.  Adverse possession is really basic.  It's usually not an issue because unless it's some country property that no one uses, you will be evicted before the time period even passes.  Him going after a property that the bank owning the mortgage on went out of business though=genius, because there's no one left to evict him.  Although I think he may be wrong about the time period.  Unless Texas has an unusually short period, it's going to be more like 10 years and not 3
 
Love how white folk demonize minorities for taking advantage of laws THEY created........
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Can we live?
 
Love how white folk demonize minorities for taking advantage of laws THEY created........
laugh.gif


Can we live?
 
Originally Posted by romedadude

He did do his homework. Yall might catch me posted up in $1 million crib in Alpharetta somewhere 
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This #@!!! typed the "avidavit" (go to 1:15) on Microsoft Word at the library and didn't use spellcheck. The neighbors seem real salty though. 
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I can't believe no one in the court house caught that

anyway, props to him if he can get the house
pimp.gif
...
 
Originally Posted by romedadude

He did do his homework. Yall might catch me posted up in $1 million crib in Alpharetta somewhere 
pimp.gif

This #@!!! typed the "avidavit" (go to 1:15) on Microsoft Word at the library and didn't use spellcheck. The neighbors seem real salty though. 
Click to expand...

roll.gif
I can't believe no one in the court house caught that

anyway, props to him if he can get the house
pimp.gif
...
 
Originally Posted by Deuce King

Originally Posted by Lamak

A black man doing it on em
pimp.gif
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Exactly.  Just give a black man a chance
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.
  
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some of the people salty were black, they just mad they paid 300000 for their crib and he got his for 16. I'd be mad too.
laugh.gif
 
Originally Posted by Deuce King

Originally Posted by Lamak

A black man doing it on em
pimp.gif
Click to expand...

Exactly.  Just give a black man a chance
pimp.gif
pimp.gif
.
  
Click to expand...
some of the people salty were black, they just mad they paid 300000 for their crib and he got his for 16. I'd be mad too.
laugh.gif
 
Props to him for doing what? Legally squatting because that's all it is.

They have a right to be mad. When the final sale goes through, that's if the sale goes through, the sale price will be listed at $16 not 330k and will bring the average value of a home in the neighborhood down dramatically.

He's never going to get the title. Just because the mortgage company that went out of business doesn't have it anymore, doesn't mean that another doesn't. Its common to sell debt and have someone else take over it which is exactly what happened here. Being on the news will be the downfall of him because now whoever owns said property will go through their backlogs and a value will be put it on it most likely in the 250k range of which this guy doesn't have. Its not hard to go on the computer at the public library and fill out these forms.

Add to that the fact that there is no running water or electricity. He is creating a health hazard via the raw sewage he creates especially in triple digit weather but he's the smart guy. The neighbors have a case and a good one. He's squatting and buying time.

And he doesn't have to wait out three years because he doesn't have the title/deed to the home:



Sec. 16.024 - The Three-Year Statute

A person [i.e., the original owner] must bring suit to recover real property held by another in peaceable and adverse possession under title or color title not later than three years after the day the cause of action accrues.

Under this section, the possessor must have title (i.e., a deed as part of a regular chain of title) or “color of title,
Click to expand...
 
Props to him for doing what? Legally squatting because that's all it is.

They have a right to be mad. When the final sale goes through, that's if the sale goes through, the sale price will be listed at $16 not 330k and will bring the average value of a home in the neighborhood down dramatically.

He's never going to get the title. Just because the mortgage company that went out of business doesn't have it anymore, doesn't mean that another doesn't. Its common to sell debt and have someone else take over it which is exactly what happened here. Being on the news will be the downfall of him because now whoever owns said property will go through their backlogs and a value will be put it on it most likely in the 250k range of which this guy doesn't have. Its not hard to go on the computer at the public library and fill out these forms.

Add to that the fact that there is no running water or electricity. He is creating a health hazard via the raw sewage he creates especially in triple digit weather but he's the smart guy. The neighbors have a case and a good one. He's squatting and buying time.

And he doesn't have to wait out three years because he doesn't have the title/deed to the home:



Sec. 16.024 - The Three-Year Statute

A person [i.e., the original owner] must bring suit to recover real property held by another in peaceable and adverse possession under title or color title not later than three years after the day the cause of action accrues.

Under this section, the possessor must have title (i.e., a deed as part of a regular chain of title) or “color of title,
Click to expand...
 
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