Man buys home for $16

Black guy moves into neighborhood...is hated.
bcglorfsays...

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.

ridesallyridencsays...

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.

xxovercastxxsays...

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?

bmacs27says...

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.

sixshotsays...

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?

swedishfriendsays...

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

Porksandwichsays...

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.

Send this Article to a Friend



Separate multiple emails with a comma (,); limit 5 recipients






Your email has been sent successfully!

Manage this Video in Your Playlists




notify when someone comments
X

This website uses cookies.

This website uses cookies to improve user experience. By using this website you consent to all cookies in accordance with our Privacy Policy.

I agree
  
Learn More