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Man Claims $300K House for $16
A tip of the hat to our pals at Curbed for tipping us off to this one. Thanks to a little-known provision in state law, enterprising Texan Kenneth Robinson -- either a hero or a squatter, depending on your point of view -- has taken possession of a foreclosed $300,000 house for a mere $16. That's the amount he forked over to file a claim of "adverse possession" of the property with the Denton County courthouse.
Robinson contends that the abandoned house is his for the taking, since neither the original owner nor the bank is likely to go to the trouble or expense of kicking him out. If he can manage to stay in the property for three years, he says, the law grants him the right to petition the court for title to the house.
Originally posted by fixer1967
How many of you have seen a house that has sat empty for 3 years? After 3 years the house would have been so run down it have have gotten tore down. 3 years is a long time to wait. But if no one can lay claim to it in that time then I guess it is his. He had better be saving up for the taxes because I bet when they come due he will get hit for 3 years back taxes on that house.
Adverse Possession is a means of acquiring property without the permission of or sale by the real owner..
In order to establish a claim of Adverse Possession, the claimant must satisfy the following elements. The possession of the property must be Continuous. As it sounds, this means uninterrupted possession of the property for a period of twenty (20) years (in Pennsylvania).
How One Texas Man Got A McMansion For $16
Adverse possession is a common law concept developed in the 1800s. According to Lucas A. Ferrara, a partner in Newman Ferrara, a New York City real estate law firm, adverse possession was enacted to ensure that property wasn't abandoned and was "maintained and monitored." It requires the posting of a clear, public notice that someone is at the property -- hence the court filing -- and that someone would remain there for a specific period of time, usually 10 years.
After the time requirement is satisfied, the Robinsons of the world have the opportunity to claim clear title to the property. In the meantime, the original property owner could fight the action, but it would be costly. And since the house has already been abandoned it's not likely the original owner would wage an expensive legal battle to get it back. The mortgage holder would have to fight a court action too.
Originally posted by Alxandro
Not too far from here.
I'm mixed about this, he squats right in and claims the house, lucky bastid.
He just better not gripe when the tax man comes a knockin'.
Originally posted by korathin
Originally posted by Alxandro
Not too far from here.
I'm mixed about this, he squats right in and claims the house, lucky bastid.
He just better not gripe when the tax man comes a knockin'.
Lucky? He is a thief, a con artist. A scum bag. A whole slew of words to describe such a person without honor or morality of any sort. Nature has a way of balancing it's self out. Because of the publicity this thief will most likely be out within a month or so.
$16 house? Dallas area man evicted after squatting
But Robinson's time in the house ran out Monday.
Bank of America wants possession after foreclosing on the home last month, and a judge on Monday gave Robinson until Feb. 13 to appeal or move out. Rather than wait to be evicted, Robinson slipped out before sunrise Monday, skipped a morning court hearing and refused to say where he was moving next.
"It's been a huge learning experience," he said in a phone call with reporters.
On his website, Robinson describes himself as a savvy investor who's part of a "paradigm shift" in which people have taken over abandoned homes. Last June, under a law known as adverse possession, he filed a claim in court promising to pay taxes and homeowners' association fees while living in the house. He kept the lawn outside mowed, and the front clean.