He beat the system. Man claims 300K house for $16 *Video*

[wr]

Originally Posted by Frank Mucus

I can see the neighbors hating if they themselves are trying to sell their home. You don't want to sell a $300k with a $16 home right next to it. Records probably wouldn't show the home's value as $16 though.

that's not the sales price on the home. When you look in the tax records it's probably gonna have the house at the same value when the title was transferred to bank and promissory note from the mortgagor at original sale. That number for tax millage rate purposes is based on the last sales price. $16.00 has nothing to do with the sales price of the home. Just the cost to file the paperwork. In Texas you don't get the title till you make your last mortgage payment. Just a glorified renter until then

 

[wr]

Originally Posted by Frank Mucus

I can see the neighbors hating if they themselves are trying to sell their home. You don't want to sell a $300k with a $16 home right next to it. Records probably wouldn't show the home's value as $16 though.

that's not the sales price on the home. When you look in the tax records it's probably gonna have the house at the same value when the title was transferred to bank and promissory note from the mortgagor at original sale. That number for tax millage rate purposes is based on the last sales price. $16.00 has nothing to do with the sales price of the home. Just the cost to file the paperwork. In Texas you don't get the title till you make your last mortgage payment. Just a glorified renter until then

 

[D StaXX]

Homie should write a book and really get his hustle on. 

 

[D StaXX]

Homie should write a book and really get his hustle on. 

 

[SneakerProSr.]

Originally Posted by PoloLax

He must stay there for a minimum amount of years before he could even consider getting the Title..and no offense, you don't own a thing until you have proper documentation in your hand. As someone else mentioned, I don't think the bank closed, just local branches. I don't think he will be there long....

...also for you people saying some are haters/salty etc. you need to look at it from a homeowners perspective. First and foremost, I don't know the area, but from what they were talking about, that seems to be a pretty upscale neighborhood. Imagine you pay top dollar for a home and someone moves in and pays less, let alone nothing, that decreases the value of your property you know that right? Hell Foreclosure really brings down neighborhood prices, no matter where it is. Say he didn't have the money to buy this house without the loophole he uncovered, but now he has it. Say in a few years the house needs renovations, new landscaping, etc. basically something goes wrong with the exterior of the house. Now if you don't have the right financial setting to live in that neighborhood you may not have the money to keep your house up to date. That will also reflect on your neighborhoods property values.

Think about it from a tax standpoint too. He lives in this house, does that give him residency? I don't know but if it does, is he getting free town services? Is he even paying taxes on the property?

It's not a racial thing I don't think. Yes the guy happens to be black, but it could have been a poor southern, hick texas white boy who found this loophole. Those neighbors wouldn't want that in their neighborhood either. It's more a class thing, not race. In my mind atleast.

In every neighborhood I've looked at in the DFW with houses that expensive their is some type of HOA that states if you take care of the home they can fine you or even foreclose on it.

 

[SneakerProSr.]

Originally Posted by PoloLax

He must stay there for a minimum amount of years before he could even consider getting the Title..and no offense, you don't own a thing until you have proper documentation in your hand. As someone else mentioned, I don't think the bank closed, just local branches. I don't think he will be there long....

...also for you people saying some are haters/salty etc. you need to look at it from a homeowners perspective. First and foremost, I don't know the area, but from what they were talking about, that seems to be a pretty upscale neighborhood. Imagine you pay top dollar for a home and someone moves in and pays less, let alone nothing, that decreases the value of your property you know that right? Hell Foreclosure really brings down neighborhood prices, no matter where it is. Say he didn't have the money to buy this house without the loophole he uncovered, but now he has it. Say in a few years the house needs renovations, new landscaping, etc. basically something goes wrong with the exterior of the house. Now if you don't have the right financial setting to live in that neighborhood you may not have the money to keep your house up to date. That will also reflect on your neighborhoods property values.

Think about it from a tax standpoint too. He lives in this house, does that give him residency? I don't know but if it does, is he getting free town services? Is he even paying taxes on the property?

It's not a racial thing I don't think. Yes the guy happens to be black, but it could have been a poor southern, hick texas white boy who found this loophole. Those neighbors wouldn't want that in their neighborhood either. It's more a class thing, not race. In my mind atleast.

In every neighborhood I've looked at in the DFW with houses that expensive their is some type of HOA that states if you take care of the home they can fine you or even foreclose on it.

 

[space jam xi]

Originally Posted by cguy610

^ that would be terrible if the he doesn't cut the grass or anything and the place looks a mess 2-3 years from now.

Maybe if he took care of the place, then it wouldn't be so bad.   I ain't mad at dude though.   Lol at his furniture.

 

[dathbgboy]

,

In other news, F Pennsylvania w/ there 20yr time frame on adverse possession

 

[you go boy]

Originally Posted by PoloLax

He must stay there for a minimum amount of years before he could even consider getting the Title..and no offense, you don't own a thing until you have proper documentation in your hand. As someone else mentioned, I don't think the bank closed, just local branches. I don't think he will be there long....

...also for you people saying some are haters/salty etc. you need to look at it from a homeowners perspective. First and foremost, I don't know the area, but from what they were talking about, that seems to be a pretty upscale neighborhood. Imagine you pay top dollar for a home and someone moves in and pays less, let alone nothing, that decreases the value of your property you know that right? Hell Foreclosure really brings down neighborhood prices, no matter where it is. Say he didn't have the money to buy this house without the loophole he uncovered, but now he has it. Say in a few years the house needs renovations, new landscaping, etc. basically something goes wrong with the exterior of the house. Now if you don't have the right financial setting to live in that neighborhood you may not have the money to keep your house up to date. That will also reflect on your neighborhoods property values.

Think about it from a tax standpoint too. He lives in this house, does that give him residency? I don't know but if it does, is he getting free town services? Is he even paying taxes on the property?

It's not a racial thing I don't think. Yes the guy happens to be black, but it could have been a poor southern, hick texas white boy who found this loophole. Those neighbors wouldn't want that in their neighborhood either. It's more a class thing, not race. In my mind atleast.

i see your point but regardless dude got the house legit so all that other stuff doesn't matter... it's done already... and i bet if he didn't buy that house someone else would do the same exact thing... he just did it first...

 

[you go boy]

Originally Posted by PoloLax

He must stay there for a minimum amount of years before he could even consider getting the Title..and no offense, you don't own a thing until you have proper documentation in your hand. As someone else mentioned, I don't think the bank closed, just local branches. I don't think he will be there long....

...also for you people saying some are haters/salty etc. you need to look at it from a homeowners perspective. First and foremost, I don't know the area, but from what they were talking about, that seems to be a pretty upscale neighborhood. Imagine you pay top dollar for a home and someone moves in and pays less, let alone nothing, that decreases the value of your property you know that right? Hell Foreclosure really brings down neighborhood prices, no matter where it is. Say he didn't have the money to buy this house without the loophole he uncovered, but now he has it. Say in a few years the house needs renovations, new landscaping, etc. basically something goes wrong with the exterior of the house. Now if you don't have the right financial setting to live in that neighborhood you may not have the money to keep your house up to date. That will also reflect on your neighborhoods property values.

Think about it from a tax standpoint too. He lives in this house, does that give him residency? I don't know but if it does, is he getting free town services? Is he even paying taxes on the property?

It's not a racial thing I don't think. Yes the guy happens to be black, but it could have been a poor southern, hick texas white boy who found this loophole. Those neighbors wouldn't want that in their neighborhood either. It's more a class thing, not race. In my mind atleast.

i see your point but regardless dude got the house legit so all that other stuff doesn't matter... it's done already... and i bet if he didn't buy that house someone else would do the same exact thing... he just did it first...

 

[dathbgboy]

,

In other news, F Pennsylvania w/ there 20yr time frame on adverse possession

 

[space jam xi]

Originally Posted by cguy610

^ that would be terrible if the he doesn't cut the grass or anything and the place looks a mess 2-3 years from now.

Maybe if he took care of the place, then it wouldn't be so bad.   I ain't mad at dude though.   Lol at his furniture.

 

[doublejs07]

Originally Posted by cguy610

^ that would be terrible if the he doesn't cut the grass or anything and the place looks a mess 2-3 years from now.

I'm going to guess that there's a HOA in that neighborhood and he's going to have to maintain his property. 

Got a feeling this dude won't be in this house for much longer. 

 

[doublejs07]

Originally Posted by cguy610

^ that would be terrible if the he doesn't cut the grass or anything and the place looks a mess 2-3 years from now.

I'm going to guess that there's a HOA in that neighborhood and he's going to have to maintain his property. 

Got a feeling this dude won't be in this house for much longer. 

 

[tony montana]

Smart dude..

 

[tony montana]

Smart dude..

 

[jd214]

Originally Posted by Adidas Freak

San Antonio isn't too bad but Dallas has some of the most racist people in the state.

Hate to say it, But this is true

Specially in Irving, Cops arresting Mexicans and Blacks like crazy

 

[jd214]

Originally Posted by Adidas Freak

San Antonio isn't too bad but Dallas has some of the most racist people in the state.

Hate to say it, But this is true

Specially in Irving, Cops arresting Mexicans and Blacks like crazy

 

[jthagreat]

Originally Posted by Josednk1068

You pay $300k + for the house next door and tell me you wouldn't be salty. Did this dude really have a lawn chair posted up in the living room

see this is my problem with folks. 
and a scenario like this happened at my job. We all came in as GS 7's, but one guy has prior government service so he's was making $20k more than everyone else at the same paygrade. now i also have prior service, so i went and ask. well my service was at a lower level and didnt get a raise. Well dude has found some "doctrine " where hes now making what he was making (70k$ ) while still remaining the same paygrade (so in all hes almost making double what we were)

but why the hell should i be mad at another PERSON making money cause he found a loophole? i congratulated his A!!! and said when's the next BBQ

yall need to be happy for folks for a change...or listen to "cant knock the hustle" and learn something.

 

[jthagreat]

Originally Posted by Josednk1068

You pay $300k + for the house next door and tell me you wouldn't be salty. Did this dude really have a lawn chair posted up in the living room

see this is my problem with folks. 
and a scenario like this happened at my job. We all came in as GS 7's, but one guy has prior government service so he's was making $20k more than everyone else at the same paygrade. now i also have prior service, so i went and ask. well my service was at a lower level and didnt get a raise. Well dude has found some "doctrine " where hes now making what he was making (70k$ ) while still remaining the same paygrade (so in all hes almost making double what we were)

but why the hell should i be mad at another PERSON making money cause he found a loophole? i congratulated his A!!! and said when's the next BBQ

yall need to be happy for folks for a change...or listen to "cant knock the hustle" and learn something.

 

[jimmybeanz]

Originally Posted by CJ863

Just watched this. I don't understand why the neighbors are mad and I hate to play the race card but... that's the only reason I can come up with why the neighbors are mad. Honestly if this happened to me in my neighbor hood I wouldn't give a damb, it has nothing to do with me, he won so what.

if he was white they'd be patting him on the back telling him how smart he is. 

 

[jimmybeanz]

Originally Posted by CJ863

Just watched this. I don't understand why the neighbors are mad and I hate to play the race card but... that's the only reason I can come up with why the neighbors are mad. Honestly if this happened to me in my neighbor hood I wouldn't give a damb, it has nothing to do with me, he won so what.

if he was white they'd be patting him on the back telling him how smart he is. 

 

[wr]

In Texas, that's an average neighborhood. Dallas especially is saturated with suburbs. You can really see how subprime lending really affected the nation if you look at dallas. There was a boom of new construction. Even the home builders had tv shows for their new subdivisions weekly. It's a ton of house that look way bigger than that sitting vacant in dallas. It's the person's fault that had the house before him before him for the property value dropping to forclosure price because they couldn't make it.

Hell, if anything this guy is actually saving the value in the neighborhood. When he sells the house he's gonna ask and get a lot more than a bank. Banks that have foreclosures have short sales where they sell the house way below market value to remove the asset from their books and liability and to quickly get it off their hands.
If the bank sole the property under value, when the neighbors sell their house, potentially buyers are gonna say comparable houses in your neighborhood were sold for much less no matter if it was sold by a bank and because it was a foreclosure. They will have no choice but to lower the price of their home if they wanna compete in the market.

This guy is actually saving the neighborhood.

He didn't buy the house for 16 dollars. He just assumed liability of the house since the owner and mortgage company abbaited their fiduciary duties.

 

[wr]

In Texas, that's an average neighborhood. Dallas especially is saturated with suburbs. You can really see how subprime lending really affected the nation if you look at dallas. There was a boom of new construction. Even the home builders had tv shows for their new subdivisions weekly. It's a ton of house that look way bigger than that sitting vacant in dallas. It's the person's fault that had the house before him before him for the property value dropping to forclosure price because they couldn't make it.

Hell, if anything this guy is actually saving the value in the neighborhood. When he sells the house he's gonna ask and get a lot more than a bank. Banks that have foreclosures have short sales where they sell the house way below market value to remove the asset from their books and liability and to quickly get it off their hands.
If the bank sole the property under value, when the neighbors sell their house, potentially buyers are gonna say comparable houses in your neighborhood were sold for much less no matter if it was sold by a bank and because it was a foreclosure. They will have no choice but to lower the price of their home if they wanna compete in the market.

This guy is actually saving the neighborhood.

He didn't buy the house for 16 dollars. He just assumed liability of the house since the owner and mortgage company abbaited their fiduciary duties.

 

[jimilebowski]

HAHAHA, at people turning this into a racial matter. . .I don't think a lot of you know one thing about owning property or a house for that matter. . And I'm coming from a neighbors perspective.