texas law lets man buy house for $16!

**Twister** · 08-09-2011, 01:55 PM

No keys I'm sure. He just filed the paper work to make it his. That would mean he broke in

I like the mansion idea!

**maluminas** · 08-09-2011, 02:09 PM

I wonder if he'll be able to maintain it once its actually his own property in 3 years. A 300k house isn't cheap even after the mortgage is paid (or in this case there was never a mortgage lol).

Certain upscale communities around where i live can slap you monster fines if you dont keep your landscape and house in top visual condition.

**2kredbb6** · 08-09-2011, 02:23 PM

All homes are down in value! Foreclosure or No Foreclosure.

Those neighbors can just go kick rocks.

**Tyrod** · 08-09-2011, 03:55 PM

One element the HOA may have issues with that they may have "maintained" the property while it was vacant expecting to place an exhorbitant lien on the property when the paperwork finally flushed out and the real owners (prolly another bank or morgate company that buys up the assets of the bankrupt one). So now, if this guy cuts the grass and does what is minimally required to "maintain" the property he circumvents the HOA's claim on the house.

Tick toc, this guy just needs to worry about when the real owners come out of the woodwork to claim the property. If it's before his 3 years are up, he'll prolly just get evicted with no return on his time and/or money invested in "maintenance". Of course, he is living rent free until then.

What sadens me is the big companies do this stuff all the time. Quite a few banks and mortgage companies have gone belly up in the last few years. Then like a great vulture, some company with spare cash sweeps down and devours the carcass (assets) of the defunt one. Most of the time for only pennies on the dollar.

But now, this guy is in the public eye and someone will do the due dilligence and ferret out who the deed legally belongs to. Then prolly snatch the property out from under him. Again for only a couple of pennies on the dollar.

**Twister** · 08-09-2011, 04:25 PM

It isn't always companies that do that either, investors love that type of stuff. It takes money to get into real estate investments but there is a lot to be made in that business if you're smart about what and when to buy.

**bigaizsosexy** · 08-09-2011, 04:44 PM

When it's all said and done it comes down to JEALOUSY!! They are pissed simply like everyone else stated, he was smart.

**V3AutoDetailing** · 08-09-2011, 04:48 PM

If he enterd the house before filing the paperwork, that is breaking and entering. He said himself he did all the proper research though.

**gumbedamit** · 08-09-2011, 04:52 PM

Originally Posted by Deep Gloss Auto Salon

*Devils Advocate*

It takes money to maintain a home. If you cannot afford a 300k home will you be able to maintain it to the standards that your neighborhood is accustomed to?

It's a lot less to take care of a house if you don't have a $2000 a month mortgage to pay.

**C. Charles Hahn** · 08-09-2011, 05:18 PM

That is called a "squatter," not a homeowner.

**ScottB** · 08-09-2011, 06:08 PM

Originally Posted by Shiny Lil Detlr

That is called a "squatter," not a homeowner.

And courts are now suggesting Squatters Rights and not valid in this environment. It would be nice to see the cities and municipalities immediately go back against them with all the unpaid taxes and liens.