Simon

Location

Brooklyn, NY

Member Since

January 4, 2010

A $16 Price Tag for a $330,000 Home

Posted in Property on Jul 18th 2011

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A man in Texas uses the law to take possession over a foreclosed home. How did he do it? Simply walking into the house (claims he found the key) and declaring it as yours.

Because the previous owner walked away following foreclosure and the mortgage company went out of business, the home was legally up for grabs. The man filed for the rights to the house at the county courthouse for $16 and was granted ownership.

Neighbors are furious at how the man was able to maneuver through a legal loophole to snag a $330,000 home for close to nothing.

Sounds like a good deal to me...

A $330,000 home for $16? 'This is not a normal process'

Posted on July 14, 2011 at 11:34 PM FLOWER MOUND - A little-known Texas law and a foreclosure could have a man in Flo...

jason
Commented on Jul 19th 2011

That's an amazing deal. But rare that anyone else will get it. Unless someone figures out how to google "foreclosures for all failed banks in Texas"

Also, he has to squat for 3 years! That's dedication. The neighbors don't seem that happy.

http://en.wikipedia.org/wiki/Adverse_possession

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