More on Man Who Bought $300,000 Home For $16
INSIDE EDITION follows up on a story of a man who took possession of a $300,000 home for just $16, to find out what the bank has to say about it.
INSIDE EDITION viewers are speaking out about the guy who took possession of a $300,000 home for just $16!
Our Facebook page is flooded with comments like:
WOW, maybe I should try it.
How can I do that?
As long as its legal, why not?
INSIDE EDITION's Paul Boyd spoke with real estate lawyer Janell Weinstein about Kenneth Robinson, the real estate investor who plunked down a $16 fee at the local courthouse to become the legal occupant of a mini-mansion in an upscale Dallas suburb.
"Right now it's not illegal for him to be in the home. There are civil complaints that can be filed against him, but he has squatting rights," Weinstein said.
"Just to be clear, he does not own the home?" asked Boyd.
"Absolutely not. He does not own the home," Weinstein replied.
The house was in foreclosure after being abandoned by its previous owner when Robinson moved in and claimed it under the law of "adverse possession." One viewer wrote, "What's the catch? If there were no catch, people would have done this already."
"The catch is there's a bank involved," Weinstein said.
Before Robinson can own the house outright, Texas law requires him to remain there undisputed for three years. Other states require 10, 20 or even 30 years.
And Robinson faces yet another headache. Bank of America, the mortgage holder, told INSIDE EDITION it considers Robinson a "squatter" and is proceeding with foreclosure.
So to our viewer who writes, "He found a way to beat the system, good for him!" it may not be quite that simple.
"Did he find a way to beat the system?" Boyd asked.
"Not yet. We'll have to wait and see," said Weinstein.
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