Kenneth Robinson beat the system. We should all be Kenneth Robinson. Kenneth Robinson for President! Kenneth! Kenneth! Why the fuss? Because Robinson found a loophole in the law that let him pay 16 dollars to own a $330,000 house.
It's a little known law called "adverse possession" where you can avoid the inconvenience and expense of applying for a traditional mortgage. He supposedly spent months and months researching the law and combing through listings to find the perfect house that would fit within the requirements of the law. The $330,000 house in Flower Mound, Texas did just that.
The perfect storm of events that happened to make the house available was that the house foreclosed, the original owner abandoned his mortgage and the mortgage company closed shop. All Robinson had to do was file paperwork at the courthouse saying he claimed ownership of the property. That cost all of 16 bucks.
Under the law that Robinson exposed, if someone were to move into the abandoned home, they would have exclusive negotiating rights with the original owner. If the original owner wanted the 'squatter' to leave, the owner would have to pay off his mortgage and the bank would have to file a lawsuit against the squatter to get him evicted. If that doesn't happen, under Texas occupancy laws, Robinson believes the house will be his as long as he stays there for three years.
The neighbors who live in the neighborhood are jealous and pissed. Some want him to pay up like they did. But if I learned one thing in life so far, it's that you can't knock the hustle. Good job Kenneth. [Digitriad, Daily Mail]
You can keep up with Casey Chan, the author of this post, on Twitter.