Man Who Bought His House (Worth $330,000) for $16.00

[Warph]

A man in Texas identified a legal loophole that would let him obtain a foreclosed house for the $16 fee to file some legal papers.  All he had to do was walk into the chi-chi neighborhood and move into a house worth more than $330,000.

How did he do it?

Adverse Possession.

Is it legal?

It is in the great State of Texas.

Man, I wish I had thought of that.  And as much as his neighbors might deny it, they do, too.  And I hope he gets to keep it!

Here's how it works:
The house was foreclosed on over a year ago, and the bank holding its mortgage went out of business.  This put the house in a sort of limbo-state... it essentially had no owner and was standing empty.  This man learned of a little-known process called Adverse Possession, which allows someone to claim ownership of abandoned property.  In the past, this was used to ensure that people who settled on land would be able to keep it even if some long-lost heir showed up.  These days, it's a way for someone to take over the responsibility for a property when nobody else is able to step up.  How cool was that.
The guy filed an affidavit stating that he intends to take over the property.  Now, he has to play a waiting game and occupy the house.... which has no electricity or running water... for at least three years (the amount of time varies by state).  He can't just come in every once in a while... his possession has to be uninterrupted and observable by others.
It's all legal, and as long as another owner doesn't challenge him, it'll work.  The bank that now holds the mortgage hasn't done anything so far and as y'all know, mortgage-holding banks are overwhelmed these days.  I dunno about KS but they are here in AZ.

Meanwhile, the house's neighbors are hopping mad.  Better words for it: Super Pissed!  They've called the police to kick the guy off the premises (that they don't even own!) and appeared in a news report saying, "If he wants the house, he can get the money and buy it."  Yep, they'd rather have an abandoned home in their neighborhood rot on its foundations than see someone come in and get it at a bargain rate.  Oh, they are soooooo jealous!  LOL... Hang in there, Sport!

....Warph
http://www.wfaa.com/news/local/Texas-Law-Lets-Stranger-Move-Into-330000-Home-125528248.html



What is Adverse Possession?

[srkruzich]

yeah its been around forever.  ITs hard to do sometimes.  if you put your fence 2' inside your property line and your neighbor mows ithe 2' for 20 years or whatever the time line is he can claim it as his own

[Patriot]

yeah its been around forever.  ITs hard to do sometimes.  if you put your fence 2' inside your property line and your neighbor mows ithe 2' for 20 years or whatever the time line is he can claim it as his own

I do believe it's 7 years in Kansas.

[srkruzich]

you have to at least maintain it once in that time lol.

[Patriot]

I do believe it's 7 years in Kansas.

I was wrong.... it's 15 years.

Here's a link that lists most state Adverse Possession rules: http://www.lawchek.com/resources/forms/que/advposs.htm