No. of Recommendations: 0
Someone in Boca Raton, FL, a 26 year old, paid delinquent taxes and such on an abandoned, bank held Waterfront MANSION! Moved in and is squatting. No payments or rent. Legal.

Again, a once-in-a-lifetime story. Do you know how competitive tax liens sales are?

It doesn't say he bought it in a tax lien sale. It says he paid the delinquent taxes. Since he did that, there subsequently *would not be* a tax lien sale, and *would not be* a new owner showing up to take possession of the property subsequent to such a sale.

The bank that owned the property wasn't paying the taxes and presumably wasn't maintaining it, so no reason to expect anyone from there to show up.

The foreclosed former owners were gone, they wouldn't be showing up.

The neighbors? They notice of course, but if the guy paid the delinquent taxes, moved in, and started doing basic exterior maintenance, they were probably glad to have him and never questioned the obvious assumption that he had bought the place. (Plus, the new "owner" has a good incentive to not attract official attention and investigation, so probably is law-abiding other than the little matter of living on someone else's property without their permission.)

I doubt that the utility companies check ownership records and verify rentals with the owners - if they get paid for the services they provide, they are happy.

And in some states, if for a sufficiently long time the actual owner neglects and abandons a property but someone else takes up the responsibilities of ownership, that someone-else BECOMES the owner.

The risk, of course, is that a week after he moves in the bank MIGHT send someone around to inspect the property, or MIGHT sell it to someone else who wants to move in, in which case the guy has to move a second time and probably loses the money that he paid on the back taxes.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.