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Author: warrl Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 753931  
Subject: Re: Here We Go Again: CRA Back From the Dead Date: 1/25/2013 12:02 PM
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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.
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