This is in Flower Mound, Texas
Posted on 07/20/2011 11:19:26 AM PDT by Do Not Make Fun Of His Ears
If someone you knew claimed to have bought a new house for $16, you'd probably expect it to be a rundown hovel.
But for Kenneth Robinson, that princely sum could see him as the new owner of a $300,000 home in an well-manicured part of Flower Mound, Texas.
On June 17, Mr Robinson took advantage of a little known Texas law to move into the abandoned home.
The house had been in foreclosure for more than a year and its owner walked away. Then, the mortgage company went bust.
After months of research, Mr Robinson used the obscure law 'adverse possession', filled out some paperwork costing just $16, and moved some of his belongings into the home.
Under the law, if someone moves into an abandoned home they have exclusive negotiating rights with the original owner.
If the owner wants them to leave, they have to pay off the mortgage debt on the home and the bank has to file a complicated lawsuit to get them evicted.
(Excerpt) Read more at dailymail.co.uk ...
This is in Flower Mound, Texas
Send him the tax bill.
I don’t see the down side...good on him for being well-informed.
“Mr Robinson used the obscure law ‘adverse possession’,....”
Adverse possession ... AKA “squatters’ rights”.
The law’s the law.
Wish I had known about this deal!
Yep
“Leigh Lowrie, who lives nearby, said: ‘What paperwork is it and how is it legally binding if he doesn’t legally own the house? He just squats there.”
They are just pissed they didn’t think of it first.
The law is the law but if I was the county I would sure send him the tax bill.
He’ll pay property taxes going forward. He doesn’t owe back taxes on this property.
Lawyers?
While property taxes in Texas might be on the high side (although nowhere near as high as, say, NH or NJ) if that’s all I had to do to own a house, send away. I’d rather pay $10K than $300K.
I doubt it is the only house in this situation.
There are thousands of homes in the same situation, right now, in Dallas/Ft Worth, I’m sure.
http://dallas.craigslist.org/search/rea?query=foreclosure&srchType=A&minAsk=&maxAsk=&bedrooms=
Smart guy; way to go!
I have no problem with this whatsoever, and good for him. I wish we had something similar in Germany, but what the heck; for that, I’m willing to settle in Texas.
Adverse possession laws vary by state.
In Arkansas, a claim for adverse possession can only take place after you’ve resided on and maintained the property for seven years. Full documentation of residence and maintenance is also required.
Now the question .. how did he get in ?
If door was locked.. would that not be breaking and entering.. surely the law can not reward a criminal act.
He will in the long run loose, some one some where has clear title and ownership.
Read the law.
There is much you can do.
Very few do read the law. Those who do can do well.
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