Imagine Owning A $300,000 Home For Only $16

[Obama 2012 1,714]

Wowsa.

i found it interesting watching the video.... i wonder if his neighbors may not be happy about this because of his ethnicity....

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http://www.wfaa.com/news/local/Texas-Law-Lets-Stranger-Move-Into-330000-Home-125528248.html

FLOWER MOUND - A little known Texas law and a foreclosure could have a man in Flower Mound living on easy street.

Flower Mound's Waterford Drive is lined with well-manicured $300,000 homes. So, when a new neighbor moved in without the usual sale, mortgage-paying homeowners had a few questions.

"What paperwork is it and how is it legally binding if he doesn't legally own the house?" said Leigh Lowrie, a neighboring resident. "He just squats there."

Lowrie and her husband said the house down the street was in foreclosure for more than a year and the owner walked away. Then, the mortgage company went out of business.

Apparently, that opened the door for someone to take advantage of the situation. But, Kenneth Robinson said he's no squatter. He said he moved in on June 17 after months of research about a Texas law called "adverse possession."

"This is not a normal process, but it is not a process that is not known," he said. "It's just not known to everybody."

He says an online form he printed out and filed at the Denton County courthouse for $16 gave him rights to the house. The paper says the house was abandoned and he's claiming ownership.

"I added some things here for my own protection," Robinson said.

The house is virtually empty, with just a few pieces of furniture. There is no running water or electricity.

But, Robinson said just by setting up camp in the living room, Texas law gives him exclusive negotiating rights with the original owner. If the owner wants him out, he would have to pay off his massive mortgage debt and the bank would have to file a complicated lawsuit.

Robinson believes because of the cost, neither is likely. The law says if he stays in the house, after three years he can ask the court for the title.

He told News 8 his goal is to eventually have the title of the home and be named the legal owner of the home.

"Absolutely," he said. "I want to be owner of record. At this point, because I possess it, I am the owner."

Robinson posted "no trespassing" signs after neighbors asked police to arrest him for breaking in.

Flower mound officers say they can't remove him from the property because home ownership is a civil matter, not criminal.

Lowrie and her neighbors continue to look for legal ways to get him out. They are talking to the mortgage company, real estate agents and attorneys. They're convinced he broke into the house to take possession, but Robinson told News 8 he found a key and he gained access legally.

"If he wants the house, buy the house like everyone else had to," Lowrie said. "Get the money, buy the house."

Robinson said he's not buying anything. As far as he''s concerned, the $330,000 house is already his and he has the paperwork to prove it.

[lostinblue 1,989]

II know a man in ohio that owned a home as an investment. He could not make the payments so he walked away from it. Squaters moved in. The mortage has been sold many times within the banking industry. Ownership is in question . The furnace needed to be replaced and said squaters complained to social services. The case went before a judge and judge ordered man who walked away to pay for a new furnace.Mans responce was I have no idea who is living in the house. I abandoned it. Judge said your name is last on the mortage so you buy a new furnace. It seems he cannot throw the squaters out also. Next they will complain about possible lead paint and he maybe will have to gut the house for them per court order. (so he fears).

[Fandango 1,439]

i wonder if his neighbors may not be happy about this because of his ethnicity....

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"What paperwork is it and how is it legally binding if he doesn't legally own the house?" said Leigh Lowrie, a neighboring resident. "He just squats there."

"If he wants the house, buy the house like everyone else had to," Lowrie said. "Get the money, buy the house."

Why does it always have to be a racial issue? I'd be pissed off if I were the neighbors, and it would NOT be about race.

[Obama 2012 1,714]

Why does it always have to be a racial issue? I'd be pissed off if I were the neighbors, and it would NOT be about race.

in THAT neighborhood, I'm guessing they wouldn't be as upset if the skintone matched.

[^_^ 5,021]

I'd be pissed off if I were the neighbors ...

Why? Sounds to me like whatever he did was perfectly legal.

in THAT neighborhood, I'm guessing they wouldn't be as upset if the skintone matched.

I can't help but laugh/cry when a neighborhood full of 300K single family homes is talked about as if its the lap of freakin' luxury.

[Nina~ 431]

I can't help but laugh/cry when a neighborhood full of 300K single family homes is talked about as if its the lap of freakin' luxury.

In Texas, it is!! You can buy a brand new (3000+ sq ft) in a suburb with good schools for around 300K.

[Ban Hammer 12,835]

I can't help but laugh/cry when a neighborhood full of 300K single family homes is talked about as if its the lap of freakin' luxury.

300k in texas gets you a heck of a house, unlike jersey.

[^_^ 5,021]

In Texas, it is!! You can buy a brand new (3000+ sq ft) in a suburb with good schools for around 300K.

Shoot me now.

[Ban Hammer 12,835]

Shoot me now.

here ya go, heathen, an example. 4 bed, 2 bath, 2265 sq ft, 280k

http://www.texashomecentral.com/homes-for-sale/denton-county/flower-mound-real-estate/3312-sycamore.htm

[^_^ 5,021]

here ya go, heathen, an example. 4 bed, 2 bath, 2265 sq ft, 280k

http://www.texashomecentral.com/homes-for-sale/denton-county/flower-mound-real-estate/3312-sycamore.htm

haha if i show my wife that she will cry for the next week.

[Ban Hammer 12,835]

some more:

http://www.texashomecentral.com/homes-for-sale/denton-county/flower-mound-real-estate/4316-saddle-ridge.htm

http://www.texashomecentral.com/homes-for-sale/denton-county/flower-mound-real-estate/1742-briaroaks.htm

[^_^ 5,021]

This is what I get in my hood for 300K

[Mr. Big Dog 10,747]

This is what I get in my hood for 300K

Shoot me now.

I can see how you'd desire that but we rather keep you in agony.

[^_^ 5,021]

There's pre-construction pricing available right now on 2 bedroom condos (1200 sq ft) which will be built on a 100-year flood zone property. Starts at $249,900.

Edited July 15, 2011 by \

[웃 910]

here ya go, heathen, an example. 4 bed, 2 bath, 2265 sq ft, 280k

http://www.texashome...12-sycamore.htm

Not bad at all for the price...Poor man's version of an outdoor grill setup but I would take it!