Sounds like the neighbor is just pissed he can potentially get a really good deal.

Lol! This guy's a genius! Those neighbours go fuck themselves

gators gonna gate.

So a loophole finally benefits someone who (at least seems to) deserves it? That makes me *happy.

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screw those neighbors. Seriously. What wankers.

The neighbors are unfortunately not as rare as one would wish them to be. Jealousy is a root cause of lots of people wanting to see other people stripped of what they have. You can tell be the lady repeatedly insisting that the guy should have to spend the same on the house as they did for theirs. Fortunately it looks like the law is on his side, and it's just his good fortune he got a great deal.

Reminds me of a certain Aesop Fable.

I'd be concerned if I were the neighbor as well.

1) Property values and comparables.
2) Maintenance of the property.
3) He's living there without water and electricity.

However, if he joins the homeowner's association, maintains his property in accordance with the guidelines, and is a generally good neighbor, more power to him.

Tags for this video have been changed from 'money' to 'money, flower mound, texas, foreclosure' - edited by bareboards2

If a neighbor's actions took tens of thousands of dollars off the value of our home, we'd care too.

But his won't necessarily do that.>> ^chilaxe:

If a neighbor's actions took tens of thousands of dollars off the value of our home, we'd care too.

I wonder how the house will be assessed for taxes.

Normally when you buy a house you can get the taxes lowered because you've just proven the market value and it's pretty common for the paid price to be lower than the assessed value.

What happens when you pay $0 for a house?

So the long and the short of it is they have 10 years to figure out what bond holder for the mortgage company owns that house. My money is on the squatter. In the mean time, that's some cheap rent.

If it's within the confines of the law, then the house is pretty much his. But I wonder... why 16? Is it some arbitrary number he conjured up? Is it how much he had in his wallet? Or is it to cover the cost of the paperwork when he filed for possession?

You're gonna have to be more specific.>> ^Jinx:

Reminds me of a certain Aesop Fable.

If he's following a legal process to acquire the title for a property, then he is doing it "the same as everyone else". He's just smart enough to avoid the whole paying for it part.

>> ^chilaxe:

If a neighbor's actions took tens of thousands of dollars off the value of our home, we'd care too.


Wall Street already took care of that for you and yours.

Black guy is smart and savvy, neighbors are jealous haters. That is all.

it is $16 to file the paperwork for him to claim ownership. The bank has 3 years to prove otherwise in court. The house officially becomes his if they don't do anything about it.

I would think the neighbors would be happy the house isn't just sitting empty and deteriorating.

Property taxes have to be paid by someone or else the house can be sold by the county is what would happen here in IL. Not sure what Texas laws are like. Oh and property taxes are supposed to be based on fair market value. This man hasn't bought the house, he filed papers claiming he already owned it.

-karl

LOL This is ridiculous/ironic/hilarious/wrong on every level. LOL LOL LOL

The description yogi has put sums it up lol lol lol

I would bet that there are hundreds (if not more) such cases throughout the country.. This one is a news story because of the racial in*equality, it seems to me.

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yeah, this comes off racist

and i don't see it affecting anyone else, property value included

"Get the money, BUY the house!"

From whom, bitch? From whom?

hahhahahaa, she probably moved into that neighbourhood to get away from scary black people, and then one moves in next door to her. love it.

If the bank is owed money on the place, I really doubt they are going to let some guy move in and own the place for free. They may let him be there for awhile while they get their paperwork straightened out, but I really doubt in 3 years that no one who has any claim on the place is going to let some guy file a 16 dollar piece of paper and take it.

And what's going to suck for him, if he doesn't pay the property taxes he can't claim he owns it. And if he DOES pay the property taxes he's going to have a hard time to get whomever takes the house from him to reimburse him. In a normal process the house would be auctioned off if no one paid property taxes on it for enough time....and it'd sell for something a lot higher than 16 bucks.

It's slick, but I doubt he's there this time next year.

*dead

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