Buying A House For 16 Dollars [video]
 

This guy figured out how to use an old Texas loop hole to buy a foreclosed house worth over 300k dollars for 16 bucks. :1orglaugh:pimp

video : http://www.break.com/index/buying-a-...ollars-2111318

god bless negroes. Researched while probably was in jail.

heh, guess how quickly the bank lobying groups will have em close that loophole!

he won, other lose!

:thumbsup
rotfl

Let's see if he keeps it.

$330,000 is a big bet against him.

nice for him :)

lol if he found the loop it should be his :)

If I found a loop hole like this I sure wouldn't tell everyone about it.

He has to pay taxes for the duration of the adverse possession period. The story didn't indicate if he has that part covered.

It's not a "loophole". Adverse Possession has been around for A LONG LONG TIME. In English law it dates all the way back to the time of King Henry VIII. You know, the dude who had many wives and broke with the pope.

The neighbors are A) jealous B) mad because a black guy has moved in the neighborhood.

He doesn't technically own the house, he has rights to the property which the former owner and the bank can challenge. If they fail to do so and he occupies the house for 3 years then he can apply for the title through the court and it will be his.

But he doesn't have running water or electricity. That's going to be a very uncomfortable three years.

i am betting that while the mortgage company went out of business, someone actually bought the debt. i would say that sooner or later, they will come back and contest it, and yes, they will spend the money to get him out.

right you bet your ass that the neighbors are trying to find who bought the debt so they can tell em to come and get the place.

The neighbors probably wouldn't have a problem if he was "similar" to them in skin color, no?

Why? Can't he just call the power company up and get service? The power company doesn't care who owns the property?

Well let's see if he gets the house in 3 years and maybe the housing market recovers somewhat. Even if he only sells the house for $200k that's not bad for 3 years.

In most areas they do care

Chances are the utilities will have utility liens against the house as well since the guy that walked away and didn't pay his mortgage prolly didn't bother paying water or electric company.

Its hard to fault a guy for researching property law (and it sounds like this is not something he did the night before and turned up the next day) and putting the findings into practice.