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Squatter claims $300,000 home for just $16!!!

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posted on Jul, 21 2011 @ 06:04 PM
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Why oh why don't they have these types of laws in Pennsylvania?

If it weren't for all the illegals pouring over the border, I would seriously consider moving down there just for this.

The owner of the house walked away from his mortgage and then the bank that owned the mortgage went out of business so this guy walked in, set up shop and filed for "adverse possession" which means that if the original homeowner or the bank don't take any action to remove him from the home, he will own the home after three years.

The original homeowner would have to pay off the original mortgage to claim rights to the home and the bank isn't around anymore. As long as this guy stays put, the home will be his.


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.

AOL Real Estate

There is a video explaining the situation at the link but I can't embed.


The neighbors, who are still paying their mortgages,are pissed. They called the cops to have him thrown out for trespassing but they said it was a civil matter and they couldn't touch him.

It looks like he may just end up with the bargain of the century.

[atsimg]http://files.abovetopsecret.com/images/member/7d8f02af870e.jpg[/atsimg]

Not bad for $16.

edit on 7/21/11 by FortAnthem because:



posted on Jul, 21 2011 @ 06:07 PM
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He still has to pay property tax. If he can't pay that then he'll have to sell it. Either way he still makes out in the end. Lucky rat turd.



edit on 21-7-2011 by Manhater because: (no reason given)



posted on Jul, 21 2011 @ 07:49 PM
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reply to post by Manhater
 


With all the money he saves on rent (or mortgage), I'm sure he can find a way to pay those taxes.

I'm sure he'll be sweatin bullets as the 3 year deadline draws toward a close.

I hope he gets it just to spite those snooty neighbors.



posted on Jul, 21 2011 @ 09:29 PM
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Yeah, seriously, I watched the video, and those neighbors.. OMG. Snooty as heck, but, I can also see her point, she did pay for her house. And he throws it in their faces which is 10x even more funnier. "Go ahead, try to kick me out"
And then him putting up no trespassing signs. CLASSIC. Now the neighbors have no business there.
You have to admit, the guy is not dumb.



posted on Jul, 21 2011 @ 09:44 PM
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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.



posted on Jul, 21 2011 @ 09:48 PM
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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.


Yeah, but all he has to do is try to sell it. He still makes off with the amount.
The guy lost nothing but $16 bucks paying for it and no trespassing signs.
Still funny.



posted on Jul, 21 2011 @ 09:54 PM
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reply to post by FortAnthem
 


Go for it...Pennsylvania in fact, DOES have adverse possession laws but you will have to remain uncontested for 20 years. But Go for it!


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).

SOURCE
edit on 21-7-2011 by ldyserenity because: spelling



posted on Jul, 21 2011 @ 09:55 PM
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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'.



posted on Jul, 21 2011 @ 09:56 PM
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I found an embeddable video:



And here's a good article on the legal principal he used to get the house:


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.

Daily Bail



posted on Jul, 25 2011 @ 02:44 AM
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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.



posted on Jul, 25 2011 @ 03:10 AM
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reply to post by korathin
 


He's not a thief.

He's intelligent, and knows how to do his homework.



posted on Jul, 25 2011 @ 03:31 AM
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I don't think the man is a thief but I think the law needs to be changed. Let the state take the home, sell it and donate the money to needy families.
edit on 25-7-2011 by Domo1 because: (no reason given)



posted on Jul, 25 2011 @ 04:12 AM
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This man is a threat to human rights. He has taken advantage of a system designed to protect needy people.

He must have no conscience to do this considering the owners have to keep paying the mortgage.



posted on Jul, 25 2011 @ 04:21 AM
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You cannot OWN a home without the deeds here. When you get a morgage, the bank takes the deeds.

Simple really.



posted on Jul, 26 2011 @ 01:46 AM
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reply to post by zookey
 


Pay more attention to the story. The guy lost home, bank went bye bye. No one owns home.



posted on Jul, 26 2011 @ 03:41 AM
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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.


Jealous much? Good thing he has the law on his side then, huh? Please quit with the histrionics. If you don't like a law, petition to have it changed. He did it fair and square.

/TOA



posted on Feb, 7 2012 @ 11:44 AM
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UPDATE



Looks like he didn't end up with the house after all.

BOA (boo, hiss) filed paperwork to have him evicted and he went on his way.


$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.

Source

At least he took care of the place and kept it from falling apart while there. That should count for something.

Hope he moves on to another repoed house next.

edit on 2/7/12 by FortAnthem because:
_________ extra DIV



posted on Feb, 7 2012 @ 11:54 AM
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Aww, that's a real shame.

Total bummer, too bad he didn't appeal.

Surprised no lawyers jumped on that lawsuit.




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