Kenneth Robinson recently moved into his newly acquired $330,000 valued home for a grand total of $16.00. That’s right, sixteen dollars. So how did he do this?
Here are the details:
The home was foreclosed on, the homeowner had abandoned it, and the mortgage company went out of business, so nobody really owned the home. The home was then eligible for “adverse possession.” All that was required of Robinson, who spent months researching the obscure Texas law, was to print out an online form, and pay a $16 filing fee.
Watch the video below to find out how he pulled this off…
Adverse possession is a common law concept developed in the 1800s. Adverse possession was enacted to ensure that property wasn’t abandoned and was “maintained and monitored.” It requires the posting of a clear, public notice that someone is at the property — hence the court filing — and that someone would remain there for a specific period of time.
After the time requirement is satisfied, the person filing the AP would have the opportunity to claim clear title to the property. However, the original property owner could fight the action, but it would be costly. And since the house has already been abandoned, it’s not likely the original owner would wage an expensive legal battle to get it back. The mortgage holder would have to fight a court action, too.