Man Buys $300,000 Home for Just $16
What if you could get a $300,000 home for just $16? INSIDE EDITION talks to one man who found a way to do just that, and it's perfectly legal.
Imagine getting a great house for the price of a few Big Macs!
Real Estate investor Kenneth Robinson did just that. After discovering a foreclosed home that had been abandoned by its owner, Robinson took possession of a beautiful $300,000 property for just $16!
Robinson took advantage of a little known law dating back to the Wild West called "adverse possession." In most states, you can claim abandoned property simply by filing an affidavit of adverse possession. You can then move in and occupy the property–and it's all perfectly legal.
Robinson filed an affidavit of adverse possession form at the local courthouse. After a $16 fee, he became the legal occupant of the home.
And Robinson can't believe his luck. The home boasts granite countertops, top-of-the-line appliances, a grand foyer, and a pool table left behind by its previous owner.
"As soon as you step across that threshold, it's like, 'wow,' " Robinson said of his new digs.
The house, which is located in an upscale suburb outside Dallas, is surrounded by mini-mansions commonly called McMansions. And Robinson is not receiving a warm welcome from all of his neighbors. Some claim he broke into the house like a common criminal. Robinson denies the charges, and said he had a locksmith to change the locks.
"I think this law is wrong, and I think the way he gained access is wrong," neighbor Leigh Lowrie said.
Lowrie lives down the street, and says that she and her husband bought their house the old fashioned way: for full price.
"We have worked our entire lives, I was handed nothing. If someone was taking possession of a house that was not theirs they should leave that house," she said.
Another neighbor even called the police and tried to have Robinson evicted.
The house is still sparsely furnished, and the Robinson family hasn't moved in yet. Ironically, Robinson has put up No Trespassing signs and says he's here to stay.
"I hope the neighbors come around, and if not, it will still be home for me," Robinson said.
The Bank of America, which holds the mortgage on the property, sent INSIDE EDITION a statement calling Robinson an "apparent squatter." The bank is proceeding with foreclosure, which will likely mean Robinson will have to move out. Nevertheless, the proceedings could take months.
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