20% Florida Vacancy Rate Brings Out Scammers

[Purseval]

http://finance.yahoo.com/news/Nearly-20-of-Florida-homes-cnnm-2507768369.html

The vacancy problem is more dire in Florida than in any other bubble market: In California, only 8% of units were vacant, while Nevada, the state with the nation's highest foreclosure rate, had about 14% sitting empty. Arizona had a vacancy rate of about 16%.

Which leads to part 2 of my subject line. Florida has an old 1800's-era law on the books called "adverse possession". Scammers are taking advantage of this law to find abandoned homes, change the locks and rent them out to unsuspecting families.

http://www2.tbo.com/content/2011/fe...homes-without-owner-permission/news-breaking/

So if you are thinking of a long term rental check the records very carefully before you hand over a deposit.

 

[maggiew]

I just read the article about the 20% vacancy rate in Florida! Wow! On top of that, there are several people who are still in their home (not vacant yet), but the home is in foreclosure and they will eventually have to leave.

One thing I don't understand about the "adverse possession" law is that it says the people have to live in the house/property for 7 years. I don't think these squatters have been in the houses for 7 years, so how are they not being kicked out?

Maggie

 

[punkin]

"adverse possession" works pretty much anywhere, not just Florida. However, it is really hard to gain possession through this means. The owner of record has to make attempts to get you out, this includes posted notices, letters, lawsuits. Any adequate attempt to remove the squatters restarts the adverse possession period. Furthermore, there can be no adverse possession against a governmental entity.

Finally, I think overall this is good. No matter how a person gains legal title to a property, active property ownership (which includes maintenance and payment of taxes) is much better than a 20% vacancy rate and houses decaying from neglect.

 

[GinnyEmma]

"adverse possession" works pretty much anywhere, not just Florida. However, it is really hard to gain possession through this means. The owner of record has to make attempts to get you out, this includes posted notices, letters, lawsuits. Any adequate attempt to remove the squatters restarts the adverse possession period. Furthermore, there can be no adverse possession against a governmental entity.

Finally, I think overall this is good. No matter how a person gains legal title to a property, active property ownership (which includes maintenance and payment of taxes) is much better than a 20% vacancy rate and houses decaying from neglect.

Because scamming people and theft is so honorable.

 

[Purseval]

Finally, I think overall this is good. No matter how a person gains legal title to a property, active property ownership (which includes maintenance and payment of taxes) is much better than a 20% vacancy rate and houses decaying from neglect.

If you read the article it was about a family who was trying to sell their home and found out from the realtor that it was rented illegally. In spite of their doing all of the things you mentioned in your first paragraph not only did they have a hard time getting their house back the "tennants" left with all of their appliances. If that was your place would you think that overall it was a good thing?

 

[punkin]

If you read the article it was about a family who was trying to sell their home and found out from the realtor that it was rented illegally. In spite of their doing all of the things you mentioned in your first paragraph not only did they have a hard time getting their house back the "tennants" left with all of their appliances. If that was your place would you think that overall it was a good thing?

That's exactly my point. This is not adverse possession. This is outright fraud (against the poor people renting the house), trespassing (against the owners) and the appliance is outright theft. The problem isn't the adverse possession law. It's the fact that the police aren't doing anything to stop these criminals.

Adverse possession only works and is designed to work in cases of abandoned property.

 

[LIFERBABE]

Wow!! That is ridiculous!! I am so glad I dont own a vacation home in Florida Someone could just come in change the locks and squat!!

I live in Texas and I saw an ad on craigslist where they were looking for "scouts" for abandoned homes. They did not want listed homes, they wanted neighborhood vacant homes. They paid you based on how many homes you found and referred to them.

This sounds like these scammers at work!

 

[Purseval]

The problem isn't the adverse possession law. It's the fact that the police aren't doing anything to stop these criminals.

Adverse possession only works and is designed to work in cases of abandoned property.

There really hasn't been any "abandoned" property in a very long time. Even in ravaged cities like Detroit where they can't give property away for a symbolic dollar they know who owns the places and they seize them for nonpayment of property taxes. These are people trying to take advantage of an overwhelmed market and steal property hoping nobody notices. If they were legit they would go to the town and work out an agreement where they can make money off rentals if they agree to maintain the property but they aren't even trying that route. They are just stealing.