$300k house for $16

Wow, very interesting, the only thing now is that he got couple of jelous enemies neighbors...
 
Wait until the tax man raises his property taxes, then he will get screwed.
 
He may or may not get it done. He has to stay there for 3 years to petition the court for title. What the neighbors are upset about, and I would be too, is next year when they want to sell their house, that house that sold for 16 dollars will be a comparable property. Joy, so now my house is devalued because of this sale. Same for foreclosures, my neighborhood was hit hard by 4 foreclosures and thereby reducing the property values of everyone around them. Comparables go by sale prices, not the reason it sold. My house lost 50k in equity in 3 years. I am happy for the guy if he gets it done and make they system work for him, but I can see the other side too.
 
That is apsolutly crazy.. Is this seriously what our country has come to. We are that greedy that we feel we EARNED the right to something cause of a loophole in the system??

Stuff like this pisses me off. I struggle to pay for a roof over my head and this loof is living rent free for 3 friggin years? :WTF:
 
twotonevert said:
He may or may not get it done. He has to stay there for 3 years to petition the court for title. What the neighbors are upset about, and I would be too, is next year when they want to sell their house, that house that sold for 16 dollars will be a comparable property. Joy, so now my house is devalued because of this sale. Same for foreclosures, my neighborhood was hit hard by 4 foreclosures and thereby reducing the property values of everyone around them. Comparables go by sale prices, not the reason it sold. My house lost 50k in equity in 3 years. I am happy for the guy if he gets it done and make they system work for him, but I can see the other side too.
Click to expand...

The word comparable is often misunderstood. As an appraiser, we should only select arms-length transactions, meaning home exposed to the open market in a reasonable method. Selling your home to your friend or a squatter taking possession doesnt fit the criteria. The only exception in using....say foreclosures, are if those homes are actually a large part of your neighborhood. If there are 10 new houses that the banks own and they are competing with your listing, then yes they might be considered.

I might mention the sale of a home dumped in the report, but would only include it if it is a trend that is happening.

That clown wont pull off stealing this home, in my opinion.
 
"He wants the house, buy the house like everyone else"
I can see why they'd be pissed, but at the end of the day the guy did his research and outsmarted the rest of us...

Now can i get that 16 dollars spread out over a 30 yr loan?
 
Thats is one crazy law :laugh: Instead of being arrested for trespassing on private property, they give em the deed :laugh:
 
I wonder how many homes are in limbo like that......bank repo's and then goes belly up and doesnt handle their assets. House just floating there......
 
Robinson contends that the abandoned house is his for the taking, since neither the original owner nor the bank is likely to go to the trouble or expense of kicking him out. If he can manage to stay in the property for three years, he says, the law grants him the right to petition the court for title to the house.

What? If that were my old house, Id go shoot at him till he left on principle, and it Texas, so Id get cheered on too:laugh:
 
I read an article in local paper how Florida is the 'foreclosure state'. The article cited a law where HOAs can assume ownership of homes that have been foreclosed on and have outstanding HOA dues. The HOA sues in local court and is instantly awarded possession whereas the bank is still trying to foreclose in state law which the average time here is 617 days. In the meantime the HOA rents the houses out and they are making a boatload. The HOA does not have to disclose the status of the home and at anytime the bank when finally given the house back can come and toss out the tenants.
 
How funny would this be if this jack wagon gets possession of the house then the state slapps all the back taxes and remaining loan amount on him AFTER he gets the deed... In the end he ends up paying for the damn house anyways.

WOULD MAKE MY DAY!!! Of course it wont happen but one can dream:whistle:
 
No power or water. Does that mean he cannot get it turned on? I don't know how he will live there for 3 years without either. To me its just greed on his part. Like the neighbors said if he wants it pay for it like every one else did. I think if he get away with this it will become the norm for others to do it and it will get out of hand before the law gets changed. How ever if he has to pay the taxes on it he might change his mind about what he has done.
 
You cannot occupy a dwelling in Florida without water or elec. Health Dept will remove the front door to the place and kick you out.
 
You can always shower at the YMCA or local gym... Then again, if hes too cheap to pay rent then he probably wont wanna fork out the 30 bucks for a gym membership.
 
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