Man buys $300,000 Texas house for $16

C

ComputerLover

New Member
Joined
Feb 21, 2010
Messages
485
Reaction score
0
Man buys $300,000 Texas house for $16; neighbors are upset

In a rare case of working people getting a good break, a story just broke out of the Dallas-Fort Worth suburbs in which a man bought a house in a wealthy suburban neighborhood for just $16.00. The houses in that neighborhood are valued at around $300,000, but this man was able to take advantage of an obscure law called "adverse possession" in which a person can claim ownership of an abandoned property unless the owner contests it in court. In this case, the house had been in foreclosure for over a year, and the mortgage company which owned the note on the property went out of business.

Story link here.

.
Of course, the neighbors didn't take too kindly to this strange person moving into their neighborhood; in fact, they called the police on him and asked them to arrest him for trespassing and burglary. However, the new owner posted "No Trespassing" signs on his lawn, and he showed the police his paperwork for adverse ownership which gave him the right to be in the house. So the police had no choice but to allow him to stay on the property.

However, he doesn't actually own the property; he just has the rights to negotiate with the original owner for possession to the title. However, in order for the original owner to take back possession of the property, they would have to pay off the balance of the mortgage and file a lawsuit to evict him from the property.

http://www.dailykos.com/story/2011/07/17/995632/-Man-buys-$300,000-Texas-house-for-$16;-neighbors-are-upset


[ame="http://www.youtube.com/watch?v=DpqKIzxiixc"]http://www.youtube.com/watch?v=DpqKIzxiixc[/ame]
 
I was just wondering if there is discrimination for being black getting the mansion as he only pay 16 dollars for the $300,000 property. Anyway, that would be up to him to learn the lesson on trying to find a way to pay off the amount of his property as is. :dunno:

There has never been a situation like this happen to anyone. He is lucky to get on for very cheap but still paying for the huge mansion is a lot of responsibly to take care of everything like electricity, heating and keeping up with the maintenance of the property.

I am not that smart in real estate business. :)
 
Not surprised about racism in Texas but nothing like in DC metro.

I had seen plenty of black families own nice houses in DC metro.
 
My deaf friend told me that he had purchased $250,000 house in wealthy area for $35,000 because this house had been in foreclosure. he was very lucky to find it.
 
Jesus... if this were some white family, the neighbors would have thrown a block party barbecue and slapped them on the backs. God forbid a black man move into the neighborhood and get something for nothing! Hey racist scumbags, I have news for you: IT'S THE LAW!
 
my uncle told told me 80,000 and reason lots of expesnive worst to difficult! that is why house costs increase tax!
 
The only reason why the neighbour is complaining is because she has a mortgage to pay off. Hahaha.
 
Chevy57 said:
My deaf friend told me that he had purchased $250,000 house in wealthy area for $35,000 because this house had been in foreclosure. he was very lucky to find it.
Click to expand...

some of my neighbors where able to get a good deal on an old farm house as it been in foreclosure. The guy is contractor and was able to do all the work on the house. I saw the place and they got areal good deal.
 
TheWriteAlex said:
Jesus... if this were some white family, the neighbors would have thrown a block party barbecue and slapped them on the backs. God forbid a black man move into the neighborhood and get something for nothing! Hey racist scumbags, I have news for you: IT'S THE LAW!
Click to expand...
You're making some pretty big assumptions there. If you're upset that some people believe racism no longer exists, it's probably because people like you are so quick to yell "Racism!" that people say "Gee, if that's the best example of racism they can come up with, racism must be dead."

I can understand the neighbors being upset at some guy getting a free house just because he broke in and squatted. It seems shady, but if it's legal, then they should mind their own business or work on changing the law, not kicking out a guy who played by the rules, however dumb the rules are.
 
I wonder if the neighbors are upset because the house was purchased at such a low price which could effect the value of the other houses in the area adversly?
 
The lady in the video said something like "You want the house, then buy it like everyone else." Like Banjo said, these folks are upset cuz they have to pay their mortgages while the dude doesn't.
 
Alex said:
The lady in the video said something like "You want the house, then buy it like everyone else." Like Banjo said, these folks are upset cuz they have to pay their mortgages while the dude doesn't.
Click to expand...

Yep. :)
 
Alex said:
The lady in the video said something like "You want the house, then buy it like everyone else." Like Banjo said, these folks are upset cuz they have to pay their mortgages while the dude doesn't.
Click to expand...

I think so too. I don't think this was necessarily a racism issue.

In today's economy, many are struggling. So for those neighbors to hear that this man who paid $16 will have no mortgage probably leaves a sour taste in their mouth. But, if nothing was illegal, then ... it is what it is.
 
It's typically between 1 to 2 percent of the home value. It's all based on the county you live in ( a base rate along with assessments, levies, including school district levies, etc.) and the home value. Not what was paid for it. So, if his home is valued at 300k, and it's his only home, roughly $3k.
 
Back
Top