Adverse Possession: Something for Nothing?
Living next door to a foreclosure is hard enough. But what happens to your home’s value when a squatter move in and claims the home as his own?
“Squatters” are using Adverse Possession laws to move into vacant homes and live for free – often impacting your home’s value. To “squat,” all these folks need to do is:
- Move in openly and without the owner’s permission
- Act like an owner by including paying real estate taxes and maintaining the home
- Stay there continually for the number of years required in their state which generally ranges from five to twenty years.
Even the Sheriff can’t do much about it until the bank or a new owner steps up.
Sign up to receive alerts on more issues like Adverse Possession from the National Association of REALTORS®.