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

HAHAHA, at people turning this into a racial matter. . .I don't think a lot of you know one thing about owning property or a house for that matter. . And I'm coming from a neighbors perspective.
 
the reason people are upset about this is prob 2 reasons. 1. they wish they would have been in the know when it came to the loophole. 2. This could bring the value of houses near him down/ people want to be surround people who are in the same brackets..


I would be salty if i pumped some cash into a place and found out someone else getting it almost at nothing. Honestly this seems to good to be true...
 
the reason people are upset about this is prob 2 reasons. 1. they wish they would have been in the know when it came to the loophole. 2. This could bring the value of houses near him down/ people want to be surround people who are in the same brackets..


I would be salty if i pumped some cash into a place and found out someone else getting it almost at nothing. Honestly this seems to good to be true...
 
If these neighbors are friendly enough with eachother to have meetings, then they were probably friends with the guy that lost his house too. So imagine if your friend lost his home because he lost his job or whatever and couldn't pay mortgage, and then some smug guy walks and picks it up for 16 dollars. Its not that unreasonable that they're salty or think its unfair. That said i wouldn't care that much and would probably just think it was cool. Just saying lets quit jumping to conclusions that everyones a racist soon as anything happens to a black guy mentioned in a thread.
 
If these neighbors are friendly enough with eachother to have meetings, then they were probably friends with the guy that lost his house too. So imagine if your friend lost his home because he lost his job or whatever and couldn't pay mortgage, and then some smug guy walks and picks it up for 16 dollars. Its not that unreasonable that they're salty or think its unfair. That said i wouldn't care that much and would probably just think it was cool. Just saying lets quit jumping to conclusions that everyones a racist soon as anything happens to a black guy mentioned in a thread.
 
Originally Posted by Wr

In Texas, that's an average neighborhood. Dallas especially is saturated with suburbs. You can really see how subprime lending really affected the nation if you look at dallas. There was a boom of new construction. Even the home builders had tv shows for their new subdivisions weekly. It's a ton of house that look way bigger than that sitting vacant in dallas. It's the person's fault that had the house before him before him for the property value dropping to forclosure price because they couldn't make it.

Hell, if anything this guy is actually saving the value in the neighborhood. When he sells the house he's gonna ask and get a lot more than a bank. Banks that have foreclosures have short sales where they sell the house way below market value to remove the asset from their books and liability and to quickly get it off their hands.
If the bank sole the property under value, when the neighbors sell their house, potentially buyers are gonna say comparable houses in your neighborhood were sold for much less no matter if it was sold by a bank and because it was a foreclosure.

This guy is actually saving the neighborhood.

He didn't buy the house for 16 dollars. He just assumed liability of the house since the owner and mortgage company abbaited their fiduciary duties.
Click to expand...
He can't sell the house. He doesn't own it. Like you said he assumed liability of it, but it doesn't mean he owns the house. The title is not in his name, he doesn't even have the deed.

If he can use this loophole to get that, which in the video states it would take up to and possibly over three years, then maybe he would save the neighborhood if he turned around and sold it. But that can't happen yet.

Right now, I believe there is no added value to the neighborhood more so than if it was empty. 

But I see what you're saying about the subprime lending crisis. You look at Texas, Las Vegas, parts of Florida, Colorado, etc. it's unreal the amount of new developments in those areas. It's sad because I feel half those neighborhoods are vacant these days.
  
 
Originally Posted by Wr

In Texas, that's an average neighborhood. Dallas especially is saturated with suburbs. You can really see how subprime lending really affected the nation if you look at dallas. There was a boom of new construction. Even the home builders had tv shows for their new subdivisions weekly. It's a ton of house that look way bigger than that sitting vacant in dallas. It's the person's fault that had the house before him before him for the property value dropping to forclosure price because they couldn't make it.

Hell, if anything this guy is actually saving the value in the neighborhood. When he sells the house he's gonna ask and get a lot more than a bank. Banks that have foreclosures have short sales where they sell the house way below market value to remove the asset from their books and liability and to quickly get it off their hands.
If the bank sole the property under value, when the neighbors sell their house, potentially buyers are gonna say comparable houses in your neighborhood were sold for much less no matter if it was sold by a bank and because it was a foreclosure.

This guy is actually saving the neighborhood.

He didn't buy the house for 16 dollars. He just assumed liability of the house since the owner and mortgage company abbaited their fiduciary duties.
Click to expand...
He can't sell the house. He doesn't own it. Like you said he assumed liability of it, but it doesn't mean he owns the house. The title is not in his name, he doesn't even have the deed.

If he can use this loophole to get that, which in the video states it would take up to and possibly over three years, then maybe he would save the neighborhood if he turned around and sold it. But that can't happen yet.

Right now, I believe there is no added value to the neighborhood more so than if it was empty. 

But I see what you're saying about the subprime lending crisis. You look at Texas, Las Vegas, parts of Florida, Colorado, etc. it's unreal the amount of new developments in those areas. It's sad because I feel half those neighborhoods are vacant these days.
  
 
Originally Posted by LuckyP90

If these neighbors are friendly enough with eachother to have meetings, then they were probably friends with the guy that lost his house too. So imagine if your friend lost his home because he lost his job or whatever and couldn't pay mortgage, and then some smug guy walks and picks it up for 16 dollars. Its not that unreasonable that they're salty or think its unfair. That said i wouldn't care that much and would probably just think it was cool. Just saying lets quit jumping to conclusions that everyones a racist soon as anything happens to a black guy mentioned in a thread.
Click to expand...

If they were such good friends, they should have pitched in and help dude keep the house
roll.gif
 
Originally Posted by LuckyP90

If these neighbors are friendly enough with eachother to have meetings, then they were probably friends with the guy that lost his house too. So imagine if your friend lost his home because he lost his job or whatever and couldn't pay mortgage, and then some smug guy walks and picks it up for 16 dollars. Its not that unreasonable that they're salty or think its unfair. That said i wouldn't care that much and would probably just think it was cool. Just saying lets quit jumping to conclusions that everyones a racist soon as anything happens to a black guy mentioned in a thread.
Click to expand...

If they were such good friends, they should have pitched in and help dude keep the house
roll.gif
 
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,
laugh.gif
 
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,
laugh.gif
 
Man, cat's down here driving suburbans living in 50k 2 stories man smh. Now that's criminal compared to price of living elsewhere.
 
Man, cat's down here driving suburbans living in 50k 2 stories man smh. Now that's criminal compared to price of living elsewhere.
 
Originally Posted by KenJi714

Originally Posted by CJ863

Just watched this. I don't understand why the neighbors are mad and I hate to play the race card but... that's the only reason I can come up with
why the neighbors are mad. Honestly if this happened to me in my neighbor hood I wouldn't give a damb, it has nothing to do with me, he won so what.
Click to expand...
Preach

The reason the neighbor are mad because they wish they could have done the same if they knew about the law
Click to expand...
 
Originally Posted by KenJi714

Originally Posted by CJ863

Just watched this. I don't understand why the neighbors are mad and I hate to play the race card but... that's the only reason I can come up with
why the neighbors are mad. Honestly if this happened to me in my neighbor hood I wouldn't give a damb, it has nothing to do with me, he won so what.
Click to expand...
Preach

The reason the neighbor are mad because they wish they could have done the same if they knew about the law
Click to expand...
 
Originally Posted by cguy610

^ that would be terrible if the he doesn't cut the grass or anything and the place looks a mess 2-3 years from now.
Click to expand...
yea, considering how often the grass was getting cut when he wasnt there
ohwell.gif
 
Originally Posted by cguy610

^ that would be terrible if the he doesn't cut the grass or anything and the place looks a mess 2-3 years from now.
Click to expand...
yea, considering how often the grass was getting cut when he wasnt there
ohwell.gif
 
Originally Posted by jthagreat

Originally Posted by cguy610

^ that would be terrible if the he doesn't cut the grass or anything and the place looks a mess 2-3 years from now.
Click to expand...
yea, considering how often the grass was getting cut when he wasnt there
ohwell.gif
Click to expand...
lol 
 
Originally Posted by jthagreat

Originally Posted by cguy610

^ that would be terrible if the he doesn't cut the grass or anything and the place looks a mess 2-3 years from now.
Click to expand...
yea, considering how often the grass was getting cut when he wasnt there
ohwell.gif
Click to expand...
lol 
 
this news story will be his ruin though.

Now that this situation has gone viral all over the internet things are about to change quickly.
 
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