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Man "Buys" $300K Texas Home for $16 using loophole, neighbors mad

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gigahertz20

gigahertz20

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http://youtu.be/c-EbIdVpGGg

The neighbors seem a little pissed that this dude could end up getting this house for free essentially, while they had to pay hundreds of thousands for their homes. Smart dude though 😀

The only thing I didn't understand was why he can't get the water or electricity turned on. When was the last time a utility company asked to see a title to a house to turn service on?

LMAO at the youtube comment "Hell yeah dude freakin life hack" :awe:

Repost. http://forums.anandtech.com/showthread.php?t=2178530
admin allisolm
 
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gigahertz20 said:
http://youtu.be/c-EbIdVpGGg

The neighbors seem a little pissed that this dude could end up getting this house for free essentially, while they had to pay hundreds of thousands for their homes. Smart dude though 😀

The only thing I didn't understand was why he can't get the water or electricity turned on. When was the last time a utility company asked to see a title to a house to turn service on?
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I wouldn't want him in my neighborhood either. The guy isn't smart, he's a thief. Even if what he's doing is technically legal he's taking something that he didn't pay for. From what the video said the bank that currently owns the house could get him out if they filed a lawsuit. Why should they have to spend their money on a lawsuit to get back a house that they own?

People gaming the system increase the prices for everyone else. Looking for an easy way to the top is a serious problem with the current mindset that many people have.
 
I used to run around in flower mound before it turned into an epic sea of houses like LA. It's in a beautiful part of the Dallas Ft Worth area. I believe it's just another neighborhood polarizing from middle class, to haves and have nots.

Of course the have's are afraid a have'not just moved in. Get ready to see more white flight instead of welcoming the genius into their neighborhood.

More power to him. How awesome is it what he just did? He worked for it and won, that's the american dream baby!
 
Stupid law. The home is owned by a bank. The bank cannot get rid of a squatter without filling a law suit that will cost them money. In a better market they would gladly pay the money to evict the bum and sell the house honestly. Loop holes in the law don't make this right.

In the end, the bank will pass on this expense to its paying customers. Banks certainly are evil corporations but unfortunately, this banks CEO is still going to buy his Bentley. Its the young couple that needs a mortgage that is going to have to pay a higher premium that is going to get hurt.
 
That neighborhood has to have a HOA....that's probably where things are going to get interesting for the "legal squatter"

But honestly, if he takes care of the property, who cares?
 
gigahertz20 said:
The only thing I didn't understand was why he can't get the water or electricity turned on. When was the last time a utility company asked to see a title to a house to turn service on?
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They do around here. When we get a new rental, we have to give them a copy of the title, warranty deed, etc. When a tenant goes to get power, they have to have a copy of their lease and a form signed by us to get the utilities turned on.
 
That woman says "buy the house like everyone else."

Buy it from WHO?! The mortgage company that no longer exists? She obviously hasn't thought about it. I usually don't throw this around, but she just MIGHT be a racist.
 
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That is a nice ass house for $300k. Here in CA, you get a piece of shit for that much. And the neighbors are mad cause he's black. There I said it.
 
The problem are these fucking loopholes. It's like law makers put little known holes in policies so they can take advantage of it later.
 
I'm finding this extremely odd that a house that nice and in supposedly good shape can't find a single buyer for a price better then $17.00

shame on the bank that currently owns the title...although they may not be aware of it until now
 
God Mode said:
The problem are these fucking loopholes. It's like law makers put little known holes in policies so they can take advantage of it later.
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I wouldn't even call it a "loophole." Who do you think should own the house? The mortgage company that doesn't exist anymore?
 
mizzou said:
I'm finding this extremely odd that a house that nice and in supposedly good shape can't find a single buyer for a price better then $17.00

shame on the bank that currently owns the title...although they may not be aware of it until now
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He didn't buy it. He found a house that was tied up in a foreclosure and broke in, then filed a form that basically declared that he was squatting. It cost him $16 to file that form. Now because he's squatting it costs the bank money to file a suit to kick him out and get back what they own. Kicking out squatters can be a very long and costly process, depending on the laws in the area. If they don't do that and he stays in the home for 3 years he'll get the title.

Basically he's stealing from the bank. Either the bank pays money to kick him out or they lose the money they could have recouped by selling the foreclosed house. Which ever they chose they'll just end up passing the costs to the rest of the people trying to get mortgages. Crap like this raises the rates for the rest of us.
 
so everyone wants foreclosures to last longer then 3 years? houses sitting empty doesnt do a lot of good

i think i understand why the law says you have to live at the house, because otherwise it just goes to whoever turns in the paperwork first, so that information on when you can do that would be very valuable.

it kinda sucks either way though because you cant squat at a house without breaking in
 
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wirednuts said:
so everyone wants foreclosures to last longer then 3 years? houses sitting empty doesnt do a lot of good
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?

The only thing that they mentioned that takes 3 years was the amount of time that the guy had to squat in the house to legally take possession of it.
 
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