Squatters Rights/Adverse Possession? (Houston: foreclose, insurance, attorney)

[1957TabbyCat]

Originally Posted by ETex2

Or you can just look at the thread on this site where it's already been discussed. In depth. See post #5 of this thread for the link.

I picked up the Dallas Observer when it was the current issue. It does require active reading rather the passive reading of willing victims of the Public School System. As usual a D/O article is very good.
BUt it was not clear what the protaganists income, or other source of money was. I made likely inferences. What was really his core motivation? More clear but not completely so. He may have just needed a place to stay and this would cost him no more and likely less then many other arrangements. He was cagey about how he scoped places out, and never mentioned if he goes to the courthouse or looks at the economic health of the companies who have owned the mortgage. Records may really not be up to standards or lost. Many mortgages were packaged and then repackaged. When push come to shove the protaganist is betting maybe no one can really prove ownership sufficiently. The BOA is mentioned and some of thier records and situation is interesting to say the least. And when it comes to records they may well have among the better kept....There really wold be ways of scoping out and predicting what the outcome would be beyond random chance.

There is also the possibilty of how judge or jury might rule, and they don't always follow the law book in everyway, though betting on angles they won't is not a good idea.


Only a few of the posters really had much of had anything valid to say. I would certainly encourage a young person to have advenutures in real estate. It is really great fun to have an interesting private rez just out out of HS. I had a single family home then switched later to a loft in an old industrial building built in the 1870s. Who can blame someone for investigating possiblities?

The Tax Sale idea may be a better bet in some ways esp if the endgame is a clear title down the road. But there is a really need to try and ferret out the players and likely motivations for the best outcome. Even though many have success without going that deep.

There is also the Cash directly from the owner angle. There were inferences of kids living with parents without money. But many kids have more money then a large part of the adult poplulation. This can be from different ways including kids having a job or biz. Options could include just staying home and saving enough to just buy a property outright.

Another option closer to just moving in is buying a distressed property where the family that owns it just has to carry the note. Usually foolish to buy from a sign offering to carry the note. But can work well by looking for destressed properties and offering a non pro owner a way out.

It can be quite positive for a young person to want to think out of the box. Alot of people really are modern day serfs.

[pappy97]

If I'm the record owner of that house, I probably let him stay and fix it up (Read: spend the money to fix it up), and then after he's done that kick him off and sell the house or do whatever.

People say this guy is clever. Maybe he is. But if the bank/record owner is aware of him being there and are going to take advantage of him for free fixing up before they sell it off, maybe they are the really clever ones...

[pappy97]

The Flower Mound home is owned by William P. Ferguson. He bought in 2005. Denton County still shows him as record owner and shows this address for him:

1111 Blalock Rd Apt 175Houston, TX 77055-7457Denton Central Appraisal District - PropertyDetails

Anyone want to contact him to let him know about the squatter? lol

[1957TabbyCat]

It is the King Ranch. They got lots of land. They have been accused of many years since the founding of just building fences around others land, grabbing tax sale land and even making it difficult for smaller ranchers to get at thier land where a right of way is needed. It is not clear how much of the writing is sour grapes and how much is really true.

I wish Cyclone success in finding ways to live on and own property.

Lots of people make poor decisions when it comes to buying homes. There were alot of goofballs running up prices in the current banking fiasco, and the Savings and Loan Debacle of 1990.

I often told my children of prices people paid for rather nice homes with real examples after the 1990 Debacle because they siezed the opportunity.

It is handy to have book on Texas Real Estate law. Good to have a copy but can be had at the library.

There are some who just have envy for younger people starting out who have a wealth of years to work with. My advice is don't squander them and risk winding up bitter and cranky. Take risks but wiegh them carefully. The squatting could work well in Texas to get free rent for even a few years.
Look at all the alternatives. Think what your end game is. Winding up with a paid for house at an early age, or free rent, then other choices later.

[skids929]

Originally Posted by pappy97

If I'm the record owner of that house, I probably let him stay and fix it up (Read: spend the money to fix it up), and then after he's done that kick him off and sell the house or do whatever.

People say this guy is clever. Maybe he is. But if the bank/record owner is aware of him being there and are going to take advantage of him for free fixing up before they sell it off, maybe they are the really clever ones...

Great point!

[1957TabbyCat]

Originally Posted by pappy97

If I'm the record owner of that house, I probably let him stay and fix it up (Read: spend the money to fix it up), and then after he's done that kick him off and sell the house or do whatever.

People say this guy is clever. Maybe he is. But if the bank/record owner is aware of him being there and are going to take advantage of him for free fixing up before they sell it off, maybe they are the really clever ones...

I think he is just cleaning the pool, mowing the lawn and doing little if any more then very basic things a tennant would do.

Even getting the money out of repairs for a Tax Sale Property can be a Risk if someone wants it back.

He is protecting the place from falling apart do to neglect and vandalism and may be doing the bank or owner a favor. It could be just living large for little and hoping to get a key few to leave latter for not tearing the place up on the way out the door. This does appear to be on his mind.

Selling his own quitclaim also looks possible, as in don't just buy any short sale, buy this house you really want in good condition and give me some folding money for leaving.

I don't think he expects ever to gain a clear title to the place, but would be happy if there are serious gaps in the chain of title, that could work out in his favor.

I am curious to how it works out. It would be interesting to hear a group of working lawyers, law profs and students discuss such a case, both as the case in and of itself and larger implications.

[cyclones11]

If we are specifically talking about the squatter here then let me ask

If the bank went out of business then who is going to kick this guy out?

The original owner gave up his right to the home when he foreclosed on it so he has no say in what is done now.

And to the suggestion of buying a home at county auction....Aren't you just paying back taxes when you do that? And there is no guarantee after you pay the back taxes and pay the taxes for years after that, that the owner or bank can still come in and buy the home back? I know in PA there was a two year waiting period.

Every venture is a risk.

[cyclones11]

Originally Posted by 1957TabbyCat

I think he is just cleaning the pool, mowing the lawn and doing little if any more then very basic things a tennant would do.

Even getting the money out of repairs for a Tax Sale Property can be a Risk if someone wants it back.

He is protecting the place from falling apart do to neglect and vandalism and may be doing the bank or owner a favor. It could be just living large for little and hoping to get a key few to leave latter for not tearing the place up on the way out the door. This does appear to be on his mind.

Selling his own quitclaim also looks possible, as in don't just buy any short sale, buy this house you really want in good condition and give me some folding money for leaving.

I don't think he expects ever to gain a clear title to the place, but would be happy if there are serious gaps in the chain of title, that could work out in his favor.

I am curious to how it works out. It would be interesting to hear a group of working lawyers, law profs and students discuss such a case, both as the case in and of itself and larger implications.

That is me also. Considering the amount of foreclosed homes, bringing the value of neighborhoods down. Homes falling in disrepair. The guy might be getting free rent, but he could be helping the bank too.

Our home is for sale in PA. They have had a lot of rain and there is a state emergency. My basement flooded, which ruined all flooring and now there is mold everywhere. The mold is there because no one was there to stop it. There was no air movement.
I'm not saying this is every house but if the guy does get kicked out...who really loses?
No one..the guy will hopefully keep the property up and the bank might be able to sell the home for what is owed on it.

Time will tell

[ETex2]

Originally Posted by cyclones11

If we are specifically talking about the squatter here then let me ask

If the bank went out of business then who is going to kick this guy out?

The original owner gave up his right to the home when he foreclosed on it so he has no say in what is done now.

And to the suggestion of buying a home at county auction....Aren't you just paying back taxes when you do that? And there is no guarantee after you pay the back taxes and pay the taxes for years after that, that the owner or bank can still come in and buy the home back? I know in PA there was a two year waiting period.

Every venture is a risk.

All banks are insured and managed/overseen by a quasi-governmental agency such as the FDIC or OCC. Typically the FDIC acts as receiver and sometimes they will appoint another bank as receiver. These laws can be even more complex than adverse possession laws. I fully expect you to start screaming and calling me names, so I am responding purely in the interest of entertainment.

PS: I have worked as a real estate consultant for banks and the FDIC since 1983.

[SVTRay]

Originally Posted by ETex2

All banks are insured and managed/overseen by a quasi-governmental agency such as the FDIC or OCC. Typically the FDIC acts as receiver and sometimes they will appoint another bank as receiver. These laws can be even more complex than adverse possession laws. I fully expect you to start screaming and calling me names, so I am responding purely in the interest of entertainment.

PS: I have worked as a real estate consultant for banks and the FDIC since 1983.

Exactly.

Just because a business goes under doesn't mean someone doesn't own their assists. Remember Enron? Their old pipe line system has been running every day since but under new ownership.