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

[aepps20]

He doesn't have to always stay in the house but he needs to stay long enough without long interruptions to meet the continuous element of adverse possession. All the elements of adverse possession are based on the facts and will be hashed out in court.. If someone else steps in while he goes out for a jog the clock for adverse possession would start all over with respect to that person assuming they meet all of the elements.

 

[krazy88s]

^ Damn. Talk about you move, you lose.

 

[dmbrhs]

Originally Posted by derrty6232

^Please elaborate.

Does he actually have to stay in the house for X years? Like, he can never leave? Who checks up on that? Can someone else snatch up the house if he steps out for a jog or something?

He doesn't own the home, so I would imagine anyone could set up shop if they wanted. It's just a matter of anyone actually wanting to do it.

 

[dmbrhs]

Originally Posted by derrty6232

^Please elaborate.

Does he actually have to stay in the house for X years? Like, he can never leave? Who checks up on that? Can someone else snatch up the house if he steps out for a jog or something?

He doesn't own the home, so I would imagine anyone could set up shop if they wanted. It's just a matter of anyone actually wanting to do it.

 

[krazy88s]

^ Damn. Talk about you move, you lose.

 

[what up]

Originally Posted by ajrocka

Originally Posted by Rocky437

Originally Posted by sheistbugz

Damn, those houses are mad cheap for $300k

TEXAS LIVING >

......Living in Texas sucks.  Can't wait to move back to California.
And to everyone who cant comprehend why the neighbors are upset, kept your fists in the air screaming black man this, black man that.  You probably don't own property, therefore can't imagine the reality of having your property lose value because a dude down the street is squatting.  Dan Gilbert, the lady in the video, folks get mad when they lose lots of money.

 

[what up]

Originally Posted by ajrocka

Originally Posted by Rocky437

Originally Posted by sheistbugz

Damn, those houses are mad cheap for $300k

TEXAS LIVING >

......Living in Texas sucks.  Can't wait to move back to California.
And to everyone who cant comprehend why the neighbors are upset, kept your fists in the air screaming black man this, black man that.  You probably don't own property, therefore can't imagine the reality of having your property lose value because a dude down the street is squatting.  Dan Gilbert, the lady in the video, folks get mad when they lose lots of money.

 

[uptownsdotnetstacky]

 

[uptownsdotnetstacky]

 

[missdivadoll]

Originally Posted by kangaroobombs

Originally Posted by Furrell

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,

 

[missdivadoll]

Originally Posted by kangaroobombs

Originally Posted by Furrell

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,

 

[ec]

these type of things are always to good to be true...

 

[ec]

these type of things are always to good to be true...

 

[i rock jordanz]

Originally Posted by ooIRON MANoo

I ain't even mad at the dude.

At the lady...Deal with it.  Talking 'bout, get the money and buy it like everyone else.

I'm mad as hell that $300k doesn't really do much in LA's housing market, but it is what it is.  Dealt with it,

300k wont even get you a house in LA pretty much. Kinda sucks.

 

[i rock jordanz]

Originally Posted by ooIRON MANoo

I ain't even mad at the dude.

At the lady...Deal with it.  Talking 'bout, get the money and buy it like everyone else.

I'm mad as hell that $300k doesn't really do much in LA's housing market, but it is what it is.  Dealt with it,

300k wont even get you a house in LA pretty much. Kinda sucks.

 

[kramer]

Thats so awesome, cant be mad if he did it legally. They just jelly they didnt know about that law first

 

[kramer]

Thats so awesome, cant be mad if he did it legally. They just jelly they didnt know about that law first

 

[RustyShackleford]

I love dude's "C'mon on in and see how I'm Livin" attitude 

 

[RustyShackleford]

I love dude's "C'mon on in and see how I'm Livin" attitude