Adverse Possession of Real Property

[Valuehunter7]

Love this story (link) about the guy taking possession-leading-to-ownership of an abandoned home. On the surface looks like a sharp guy working the system for a great deal. Thinking his critical, self-righteous neighbors ought to be slapped for not buying the home themselves to keep him out, if they are so keen. But real estate is outside my area of expertise. Interested to hear agents/investors/lawyers with real experience in this sound off. Anyone heard of opportunistic 'adverse possession' cases like this? Do people really score property in this way?

 

http://www.youtube.com/watch?v=c-EbIdVpGGg

 

 

[JSArbitrage]

I am a Texas lawyer but I work in finance and don't practice.  But I will say I've never heard of this happening in a modern home in a normal neighborhood.  Most adverse possession cases tend to be mere accidents (for example, someone gets confused by property lines and builds something over it) or secluded country land.  

 

This is a funny case though.  Someone will step forward to get him out. If I were clever, I'd buy the property's unpaid tax lien (assuming no one is paying the property taxes.)  In Texas, that means someone has 6 months to cough up taxes plus 25% interest to me or I can sue to take the property. I could take it out from under him!  Loophole versus loophole!