Man buys $300K house for $16 [video]

[Gnnr]

356kiqllkU8

Neighbors are haters and jealous as fuck. lol

[travisty_]

Neighbors are probably just pissed that they had to pay up and hes smart and looked for a loophole.

Such a boss, house is so nice too.

[ILoveMyRHS13]

Holy shit, good for him.

[sr20sean]

i think theyre just racist

[lawrenceyang]

haters gon hate. shit seriously why are they so pissed about it ?

[RichieSR20]

Smart man, he deserves the house.

[Swifty]

Total WIN!!!
Neighbors got :Owned:

[Rockda240]

To all the haters. Drink yo haterade and stfu!

[WERDdabuilder]

i was hoping that he would open the door dressed like....
http://www.city-data.com/forum/members/bs13690-83559-albums-random-pics-pic73517-silky-johnson1-1.jpg

but yeah not sure why they'd be pissed. if hes not causing trouble than let him do his thing.

[iLagX]

know your rights!

[upsdude]

good for him! i'll bet the neighbors are going to try to track down the original owners so they can get the new guy kicked out. i honestly can't see why they're mad other than 1) they're jealous or 2) they're racist; or a combination of both. so what...they'd rather have the house vacant and let it go to hell and become an eyesore? f'in haters.

[Slammed Assassin]

Im proud of this guy!! he used his knowledge and payed off!

[Matej]

There goes the neighborhood. :)

[Mikey McFly]

Damn! LMAO! Straight haters!

That lady is probably all like: *in hardcore country ass texas twang*
"Whoa whoa whoa! We made that law so we can take dem black folks'es homes and now he done gone and used that law 'gainst us!"

You see why reading is important?
Those fine prints aren't there for decoration you know.

[mkezzo16]

of course...they are mad cuz they have a black neighbor who virtually got a free home and they didnt ..im sure some of them are going to dedicate their time to getting him out

[Swifty]

i was hoping that he would open the door dressed like....
http://www.city-data.com/forum/members/bs13690-83559-albums-random-pics-pic73517-silky-johnson1-1.jpg

but yeah not sure why they'd be pissed. if hes not causing trouble than let him do his thing.

That would have been great if he was dressed like that!

I'm richhh biatchhhh!

[NiSilS14]

I don't see what the big deal is. Someone didn't pay up, shit happened, and this dude jumped on it. Stuff like that just doesn't happen. Anyone else would've done the same had the opportunity be known. If I was him, I would sell the house after the 3 years and piss off the neighbors even more.

[ChrisWantsBoost]

The man read up on home owner laws, and took full advantage of it.
When should that ever be frowned upon?

*Insert racial remark about him being black, and other homeowners being pissed off, rich, white people*

[roboticnissan]

Dope as Fuck if you ask me. Seems like more ppl are gonna jump on this loop.

[w0nderbr3ad]

I applaud his efforts. Its not everyday a man like that gets a score. I hope he stays there. +1 for the disadvantaged taking advantage.

[RACEBREAD]

i wonder if nm has a ssimilar law lol

[icedsole]

white folks gettin mad, i would throw that dude a party.

[deco]

+1 for this guys big win! That bitch is so pissed, she just didn't want her kids grown up with no black folk. I think its bad ass, braken the system.

[nomoremk2]

I wish I could understand why that made anyone angry. He did his research and is reaping the rewards.

[blueshark123]

they are racist

[skyline331]

Thats sic!

[shahabshaukat]

How to become a homeowner like a BOSS!!!

[driftsilvias13]

That lady is so jealous its funny. Props to this guy!

[Matador]

Well, this isnt exactly long term. They mentioned the lender went out of business, but someone picked up their assets. Another servicer would still have a lien on the property since the foreclosure hadnt gone through. They will eventually either take possession of the home regardless of what he has filed. Honestly, after that news story Id bet sooner rather than later. You just have to remember that rights to living somewhere are different from actual ownership. He's just hoping they dont notice it for a while.

[Gizmo_S13]

That guy is probably think to himself, "MOTHERFUCKER I'M AWESOME!!!" this is badass though. I'm glad that white chick is jealous! Props to a minority figure sticking it to the man!!

[blueshark123]

honestly i wish i could buy a house like that around here for 300,000 shit that house here would be triple that price easily.

[JaeTea]

I'm more pissed that a home like that is worth only 300k!!!

Fucking NJ.

[HyperTek]

How would the nieghbors know this guy came up on it? That is what I hate about homeowners associations, they all team up on the house they don't like or the people they don't like etc. I could understand if the dude started making the outside look like shit, which affects the overall look of the neighborhood..

I wonder how the news station got ahold of the story.. neighbors probably called them and reported how this guy got the house, in attempt to destroy him, but it backfired.. He was probably just chillen when the news station contacted him for an interview.. lol

[Daniel.]

People in suburban middle America have nothing better to do, than to meddle in their neighbor's affairs.

[theicecreamdan]

They probably knew the guy that got foreclosed, and feel bad for him/take it out on the guy that came up.

[Otto347]

Its all going to come down to "he bought the house for $16 but can he afford it?"

Sure he got it for $16 but the upkeep on the house is whats going to cost money.

He needs to make sure everything works then sell that bitch. Turn $16 into $275,000

[ILoveMyRHS13]

Only shitty thing is that he has to live there with no electricity or running water for 3 years. It's completely worth it, but it'll be a long 3 years haha.

[wh0aitznic0]

^He probably still lives whereever he was living at before still and just chills in front of the fireplace in his new pad.

Playing this song all day everyday
YaM6_yiUchw

[theicecreamdan]

Only shitty thing is that he has to live there with no electricity or running water for 3 years. It's completely worth it, but it'll be a long 3 years haha.

Why is that ?

[Gnnr]

Probably can't get the utilities in his name yet.

[LimeLite Racing]

Holy shit that's awesome! And lol @ the jealous ass bitch.

[Matador]

Its all going to come down to "he bought the house for $16 but can he afford it?"

Sure he got it for $16 but the upkeep on the house is whats going to cost money.

He needs to make sure everything works then sell that bitch. Turn $16 into $275,000

lol, good luck. Dont forget he has to pay off any and all liens during a sale. That includes bank, utility, and tax liens. Speaking of which, they didnt mention this guy having any intention of paying the taxes on the house.

[Robb]

If he claims ownership through this law (PA has a similar law), he is relieved of all debts. He will not have to pay taxes until the first year of owning the house.

[Otto347]

I wish they would have given more background on what he did for a living. Seems like he knew about this loop hole so maybe he is an upstanding citizen?

[tricky_ab]

She's jelly! Those neighbors need to fuck off. Seriously they tried to get him arrested, what the fuck?!? If you don't like the law, then make action to CHANGE IT! I'm going to love hearing the various news reports on how super jelly is going to have him thrown out.

I'm hesitant to call them racist, but that seems like a bit much for a person that is just upset about a new neighbor.

[Matador]

She's jelly! Those neighbors need to fuck off. Seriously they tried to get him arrested, what the fuck?!? If you don't like the law, then make action to CHANGE IT! I'm going to love hearing the various news reports on how super jelly is going to have him thrown out.

I'm hesitant to call them racist, but that seems like a bit much for a person that is just upset about a new neighbor.

Honestly, all they really have to do is contact the homeowner and have them file to evict the squatter. Im not sure where they are getting the 3 year deadline, but in the state of TX it takes 10 years for this to work. Most other states are 20-30 if I remember correctly. You can pretty much guarantee that the property will foreclose before he gets close to actually owning it.

[tricky_ab]

Honestly, all they really have to do is contact the homeowner and have them file to evict the squatter. Im not sure where they are getting the 3 year deadline, but in the state of TX it takes 10 years for this to work. Most other states are 20-30 if I remember correctly. You can pretty much guarantee that the property will foreclose before he gets close to actually owning it.


Courts haven't enforced bad faith adverse possession claims in decades. It just doesn't happen. The three and five year statutes require the original owner to file a claim. After that, it seems like anyone claiming the property can file for the deed. And since this guy has filed the adverse possession, the statute of limitations clock started with that and he would be second in line if the original title owner does not step forward.

And obviously if the original deed owner steps forward, they would need to re-assume the mortgage payments. This guy wouldn't because he never signed loan paperwork in the first place. He is under no obligation to pay for the mortgage. The original deed-holder did and is still obligated to that debt.

[HyperTek]

he is getting the place because there is no home owner.. person who had the place left because they couldn't pay it.. and mortgage company went out of business. He just has to stay there for 3 years to show that no one is coming to claim the place, then it will be his.

[tqstarburst]

How to become a homeowner like a BOSS!!!
Someone should make a decal of this and send it to him or, a huge sign for the front of his yard!.

[Daniel.]

Courts haven't enforced bad faith adverse possession claims in decades. It just doesn't happen. The three and five year statutes require the original owner to file a claim. After that, it seems like anyone claiming the property can file for the deed. And since this guy has filed the adverse possession, the statute of limitations clock started with that and he would be second in line if the original title owner does not step forward.

And obviously if the original deed owner steps forward, they would need to re-assume the mortgage payments. This guy wouldn't because he never signed loan paperwork in the first place. He is under no obligation to pay for the mortgage. The original deed-holder did and is still obligated to that debt.

Thank you for your informative explanation. Everyone needs to read this.

[whiterps13]

He should have kept his big fucking mouth shut.

Instead, he pissed people off by going on the news and stirring up the pot, essentially bragging about it. Now that people know about this, hundreds are going to try this themselves, and most likely it will end up in some type of legal process to reverse this loophole. Its an awesome idea, and I applaud his ingenuity. I bet it backfires.

[godrifttoday]

That's one smart black man!

[atom]

So the reason he can do this is because nobody bought up the assets when the mortgage company went out of business?

This seems like a freeroll for the original title holder too. If the housing market in that area rises within 3 years he can lay claim to it and make a decent profit by flipping it. If not, whatever, let the dude have it.

[Daniel.]

He should have kept his big fucking mouth shut.

Instead, he pissed people off by going on the news and stirring up the pot, essentially bragging about it. Now that people know about this, hundreds are going to try this themselves, and most likely it will end up in some type of legal process to reverse this loophole. Its an awesome idea, and I applaud his ingenuity. I bet it backfires.

How do you know he actively sought out the media? There was speculation earlier in the thread that his neighbors might have actually been the ones trying to get media attention.

[BoostSlideWayz]

Man fuck those neighbors ... why do they care that he is there.. they should only be mad if hes like causing annoying noise from parties or like not maintaining the property .. not about how he got the house.. he did something really smart that most people dont even know how to do. People like that piss me off its like stop wasting your time hating on that person and just live your own life... Im glad....

[Matador]

Courts haven't enforced bad faith adverse possession claims in decades. It just doesn't happen. The three and five year statutes require the original owner to file a claim. After that, it seems like anyone claiming the property can file for the deed. And since this guy has filed the adverse possession, the statute of limitations clock started with that and he would be second in line if the original title owner does not step forward.

And obviously if the original deed owner steps forward, they would need to re-assume the mortgage payments. This guy wouldn't because he never signed loan paperwork in the first place. He is under no obligation to pay for the mortgage. The original deed-holder did and is still obligated to that debt.

You are correct in that he would not assume the debt, but the debt is still tied to the property. Someone mentioned earlier that he should sell the house and pocket the difference. This is not possible with 1-2 mortgages and any additional tax liens on the house. The foreclosure was obviously not completed as this is not a bank owned property so all liens are in tact. So whoever bought up the last companies assets will be able to move forward with the foreclosure regardless of the squatter legislation. He's just hoping to god they dont notice and he gets a free ride for a while.

[fckillerbee]

fuck that bitch. pay for it like everyone else...get out of here. You would jump on this too if it happened and wouldn't pay 300k for a house you can get for $16.

[ThatGuy]

I think the neighbors might be looking at it in this way:

Typically, people who don't pay for things, don't take care of things.
If you disagree with this statement, I ask that you look no further than the pages of Zilvia and the perfect examples of that very statement.

I say good for this guy, but I can see where the neighbors might be upset.
Though going on the news to bad mouth him, isn't the way to handle it.

[fyneyoungstunna]

Racist.
Im pretty sure the company is liquidated, or in terms does not exist. No assets to be bought, or the majority holder would have come forward a lot sooner. Unless in a twist, the guy in the house IS the majority holder...........
Even if they do come forward, the process, paperwork and court dates will probably favor the this guy from a buying time standpoint as it will have to be a federal order to freeze his proverbial clock for ownership.

[icedsole]

honestly i wish i could buy a house like that around here for 300,000 shit that house here would be triple that price easily.

lmao fucking this right here!! :cry:

[rc1honda]

The real question is where did this guy get his information. Maybe he knew a mortgage company was going out of business then bought a forclosure list from them knowing he could capitalize on the lender's failure.

Then it was a google search and a trip to the courthouse.

[Gnnr]

You guys are making this more complicated than it is.

The guy that lived there before got foreclosed. He has not rights.

The mortgage company went under.

During which time he filed adverse possession.

Cops can't kick him out.

Person that lived there before him can't kick him out.

If there is a new bank that owns the mortgage, they have to go through a lengthy and costly process to get him out.

It was the neighbors that called the news.

The guy is smart to post no trespassing sings.

[koukimuncher]

ask to be his friend and take over OOOO YEA LOL

[iHateMySilvia]

http://img9.imageshack.us/img9/8092/copyhn.jpg (http://imageshack.us/photo/my-images/9/copyhn.jpg/)

Uploaded with ImageShack.us (http://imageshack.us)

lol

[EjMalernee]

^^^ hahaha

This guy is boss. I imagine most states have a law like this. You just have to do your research.

[Otto347]

Typically, people who don't pay for things, don't take care of things.

:werd::werd:

[bardabe]

Good for him, sure neighbors are pissed, but fuck he jumped on it and used his brain i think he deserves it.

[5pecialist]

Race has nothing to do with it. Come on people :picardfp:

I hope he takes care of the place & makes the effort to win over the neighbors - looks like an upscale neighborhood that people worked hard to live in.

[zylvia213]

what a bunch of cry babies these neighbors are... STOP HATING! this guy was smart and used his brain so what if he didnt pay for the house. If anything the neighbors should be arrested for hating lol.

[Okinawandrifter87]

I honestly believe he deserved the house and and anyone who think differently esp his neighbors can just go shoot them selves for not finding the deal themselves or using their brain to their advantage.

[Matej]

This is not an issue of jealousy nor race. Stop automatically pulling the race card on any disagreement that happens to be between people of different races, Americans.
The neighbors are upset because they live in a nice upscale-looking neighborhood and now they have a legal 'squatter' next door living with no utilities in an unfurnished house third world-style which completely clashes with the mode of life in this neighborhood and makes it feel trashy and strange.
Yes, he attained the house lawfully and deserves it. However, the law under which he bought it is silly in the first place and should have been reformed long ago.

Obviously right now he is an outsider to the neighborhood and the neighbors are wary, but I am sure they can eventually warm up. For his sake and that of his neighbors, I hope he is at least overly polite to everyone, mows the lawn, and keeps the house in a presentable shape. Whether he wins his neighbors over or not is entirely unto him. If he is a jerk though and starts doing things to spite his neighbors on purpose then I hope the Homeowners Association Suburbia Mom Terror Squad will retaliate.

[Daniel.]

This is not an issue jealousy nor race. Stop automatically pulling the race card on any disagreement that happens to be between people of different races, Americans.
The neighbors are upset because they live in a nice upscale-looking neighborhood and now they have a legal 'squatter' next door living with no utilities in an unfurnished house as if in a third world country.
Yes, he attained the house lawfully and deserves it. However, the law under which he bought it is silly in the first place and should have been reformed long ago.

For his sake and that of his neighbors, I hope he is at least overly polite to everyone, mows the lawn, and keeps the house in a presentable shape. The neighbors are wary now, but I am sure they can eventually warm up. Whether he wins them over or not is all up to him though.

I agree with that, although I know that there is no way the neighbors not jealous on top of all that. There is no fucking way she acts like that on camera and is not envious.

[Bobafreak]

i agree not racist. Hating ehhh you can say so. He is smart but really..... living in a place with no running water or electricity? Is he a bum? Im sure he works.. i hope. But he could actually turn this into a profitable way. Throw some partys in the empty place, charge a entry fee, keep it going without a noise complaint and buy it. Or just wait the 3 yrs and if hes working, makes good income, and just save. He could actually get roommates to split the utility's, charge rent, and still live good!

Neighbors though are trying to hard because really i think it was said best. They had to pay full price when this guy comes in and pays 16.00 and they are "mad". Because if the shoe WAS on the other foot, they would have been on board as well.

[IntensePower]

"I hope all the bad things in life happen to you and only you... now if you excuse me please I need to go put water in buck nasty mommas dish!"

HATE HATE HATE HATE HATE

What a crazy loop hole... wonder how he found out about the house in the first place.

[simmode1]

"I just wanna thank God for giving everybody SOOO much and me SOOO little..."

All the reasons you guys stated for the neighbors hating are valid. But this is Flower Mound, TX we're talking about. About 15 minutes from where I stay. You're kidding yourself if you think there isn't some hidden (and not so hidden) racism going on there.

I think the guy deserves the house, but I doubt that neighborhood would ever welcome him without him having to jump through a bunch of flaming hoops. Trust me: it's hard enough for a single black man to gain acceptance in an area like that even without your neighbors thinking you're shady because of how you got that house.

Hopefully he can figure out what he needs to do to flip the house, find another house from said same closed mortgage company and do it again. But I wouldn't plan on maing a home there. Stick and move is that name of the game when you're single.

[Bobafreak]

he would be accepted if he was this guy.
http://static.tvtropes.org/pmwiki/pub/images/WhiteLikeMe_7867.JPG

[exitspeed]

That lady is a bitch.

As someone who has owned a home I can also see where they are coming from. By him doing that and getting the house for that price it will effect the value of their house as well. So they obviously want to protect their investment as well. If everyone comes into your neighborhood, white, black, mexican, asian, whatever, and they are buying houses around you for $16 or say even $100,000 and you paid $300,000 your homes value goes down. I'm sure those are hard working people and no one wants to see their money wasted.

I think they have every right to be pissed...at the law, not the guy. The guy is smart.

[Jav1997GSX]

Thats awesome, houses in texas go for a very low price compared to houses in NJ though. Look in har.com they have a bunch of houses in houston tx going for as low ass 40,000 and there not bad at all. In jersey for 300,000 you can probably get a one room ranch house in paramus.

[atom]

I don't get how so many people are saying he "deserves" the house. How does he deserve the property? From a legal perspective, fine. He's doing nothing wrong. But from a moral perspective, he abused an age old law desperately in need of reform for his own personal gain. A guy swooping in and taking ownership of a $300k house in a decent neighborhood amist an economic downturn is hardly the intent of adverse possession laws.

[TheWolf]

If the neighborhood has an association, they will have some clause in there about utilities must be hooked up for residence. It's a pretty basic standard that keeps people from living in squalor. The HOA will then lein the house for non compliance. Lets face it, who wants to live in a house that you can't take a shower or goto the bathroom in? God forbid he hooks up a genset and then backflows the house. I don't think that he will make it 3 years without anyone finding out. He's got a cheap roof over his head. He doesn't have much more than that. The one thing that's for sure. I've never seen a house that a squatter lived in, ever be as nice or nicer when he moved out as when he moved it. They just go downhill quick because they don't have any invested effort into the house.

[tricky_ab]

From a quick perusal of Texas' AP law, it appears as if the guy should have to live there continuously for a 10 year period before he can petition the court for title to the property, as the 10-year period is the only one that will recognize AP without color of title. I'm pretty sure that filing an affidavit of adverse possession does not satisfy the color of title requirement.

Anyways the creditor of the mortgage company that inherits the account. It's not going to happen overnight, but eventually, the assets of the company including their mortgages, will get distributed to their creditors, who are going to want a clear title to flip the property.

Under Texas real estate law title to real estate cannot be abandoned; it will always have a record owner.

[Matador]

Its pretty funny how many people sided with the squatter. You have to know that he wont be living there long term. Im guessing that the reason this has persisted is because the foreclosure was not completed. The owner probably fled when they received notice of intent to foreclose. Otherwise this would be sitting in an REO department with some BS property management company handling some basic upkeep and keeping the property secured via lockbox etc. As far as it being difficult for the mortgage company to kick him out... its really not. Worst case scenario they bury him in paperwork and legal fees and he breaks. The courts really arent in his favor at all though.

[kenshinS14sks]

ok...is everyone blind? Marker 1:15 shows the form "Avidavit of..."

aVidavit!!! not AFFIDAVIT! AVIDAVIT is NOT EVEN A FREAKING WORD!!! asl;dkfjasl;fj;

whatever, nothing against the guy but that form does not look legit...in which case he doesn't have ownership

but if the city is too dumb to catch it then whatever

[kenshinS14sks]

am i retarded or does ^^ that make sense?

[theicecreamdan]

where is anybody getting the idea that there is no power or water? I'm sure theWater company/electric company are glad to take money from anybody. He is legally occupying the property, people will provide services.

[!Zar!]

There are so many racist remarks in this thread.

[stockbee]

props to that man.

[jasoncanseeoh]

gangsta shit.

[nathanong87]

if i was him, i'd say "YOU MAD" to his hater neighbors

[MADE]

How would the nieghbors know this guy came up on it? That is what I hate about homeowners associations, they all team up on the house they don't like or the people they don't like etc. I could understand if the dude started making the outside look like shit, which affects the overall look of the neighborhood..

I wonder how the news station got ahold of the story.. neighbors probably called them and reported how this guy got the house, in attempt to destroy him, but it backfired.. He was probably just chillen when the news station contacted him for an interview.. lol


This is 100% truth HOA is a clan of Biatch's esp in North County SD. I think thier mad becuae they're probably screwed with thier loan and owe more than the house is worth and this guy is going to be rich once he actaully owes the house. Buy a house for $ 16 and sell it for 280K is a dream.