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Post by Deleted on Mar 18, 2017 9:39:07 GMT 7
Just wondering about this situation.
You buy a condo from a Thai who can't keep up their mortgage repayment.
So the Thai never pays the loan off , or not fully anyway.
Where does this leave the new owner of the condo in regards to this when the bank comes knocking ?
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Post by Deleted on Mar 18, 2017 10:28:30 GMT 7
Be very, very careful. No matter what you buy here, whether it's a car, motor bike, block of land, house, condo, make sure there is no money owing on it.
Have heard a few stories of people buying things here and finding out later it is encumbered. One guy I knew years ago in CR bought a second hand scooter and it was repossessed by these guys who were carrying guns.
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Post by Deleted on Mar 18, 2017 10:44:11 GMT 7
I heard recently - this one is a cracker- banks have been known to sell "repossessions," with the owners still living in them.
Then it's your problem to get them out.
WTF? And good luck with that.
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Post by Deleted on Mar 18, 2017 10:53:24 GMT 7
I heard recently - this one is a cracker- banks have been known to sell "repossessions," with the owners still living in them. Then it's your problem to get them out. WTF? And good luck with that. Yes, as you say, good luck with that ! There was a classic case years ago of a Western guy married to Thai lady, they buy a house which was a bank repossession. Family of former owners would not accept the fact that the bank had repossessed the house and on-sold it. They were coming around all the time and telling these new owners to get out of Somchai's house. In the end they moved out and I think sold the problem to someone else. |
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Post by Deleted on Mar 18, 2017 11:01:50 GMT 7
I heard recently - this one is a cracker- banks have been known to sell "repossessions," with the owners still living in them. Then it's your problem to get them out. WTF? And good luck with that. Yes, as you say, good luck with that ! There was a classic case years ago of a Western guy married to Thai lady, they buy a house which was a bank repossession. Family of former owners would not accept the fact that the bank had repossessed the house and on-sold it. They were coming around all the time and telling these new owners to get out of Somchai's house. In the end they moved out and I think sold the problem to someone else. Yes, terrible. Jear offered me free land. Says "build a small house, 300,000 baht. When you die, I will keep the house." "So when will I die?" "The day after the house is finished,"  |
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Post by rgs2001uk on Mar 18, 2017 11:04:21 GMT 7
Just wondering about this situation. You buy a condo from a Thai who can't keep up their mortgage repayment. So the Thai never pays the loan off , or not fully anyway. Where does this leave the new owner of the condo in regards to this when the bank comes knocking ? The Thai never owned the condo in the first place and will never own it until the loan is paid off. Same as cars etc on finance, check the paperwork and see who actually owns it. If you are paying cash go to the land office with the actual owner and arrange the transfer of paperwork into whoevers name. |
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Post by me on Mar 18, 2017 11:14:57 GMT 7
Yes, as you say, good luck with that ! There was a classic case years ago of a Western guy married to Thai lady, they buy a house which was a bank repossession. Family of former owners would not accept the fact that the bank had repossessed the house and on-sold it. They were coming around all the time and telling these new owners to get out of Somchai's house. In the end they moved out and I think sold the problem to someone else. Yes, terrible. Jear offered me free land. Says "build a small house, 300,000 baht. When you die, I will keep the house." "So when will I die?" "The day after the house is finished," It may be the best investment you make. I would not worry too much about the death threat....even if you do get kicked out (unlikely it seems) you will have had a good base to keep things to make life more comfortable than a hotel room while you stay here. You can always tell her what you have told your Glasgow maffia to do if anything happens.  |
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Post by Deleted on Mar 18, 2017 11:21:06 GMT 7
Just wondering about this situation. You buy a condo from a Thai who can't keep up their mortgage repayment. So the Thai never pays the loan off , or not fully anyway. Where does this leave the new owner of the condo in regards to this when the bank comes knocking ? The Thai never owned the condo in the first place and will never own it until the loan is paid off. Same as cars etc on finance, check the paperwork and see who actually owns it. If you are paying cash go to the land office with the actual owner and arrange the transfer of paperwork into whoevers name. And even then , theres always the chance the house us a gambling debt owed to someone |
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Post by rgs2001uk on Mar 18, 2017 11:24:46 GMT 7
The Thai never owned the condo in the first place and will never own it until the loan is paid off. Same as cars etc on finance, check the paperwork and see who actually owns it. If you are paying cash go to the land office with the actual owner and arrange the transfer of paperwork into whoevers name. And even then , theres always the chance the house us a gambling debt owed to someone Thats why its best to check the back of the paperwork to see whats written. You are correct of course, there may well be nothing written. |
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Post by Deleted on Mar 18, 2017 11:34:11 GMT 7
Yes, terrible. Jear offered me free land. Says "build a small house, 300,000 baht. When you die, I will keep the house." "So when will I die?" "The day after the house is finished," It may be the best investment you make. I would not worry too much about the death threat....even if you do get kicked out (unlikely it seems) you will have had a good base to keep things to make life more comfortable than a hotel room while you stay here. You can always tell her what you have told your Glasgow maffia to do if anything happens. At that low level of investment there's a case to be made. I've spent more on annual holidays. However, it's not on my radar at the moment |
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Post by Deleted on Mar 18, 2017 11:37:53 GMT 7
It may be the best investment you make. I would not worry too much about the death threat....even if you do get kicked out (unlikely it seems) you will have had a good base to keep things to make life more comfortable than a hotel room while you stay here. You can always tell her what you have told your Glasgow maffia to do if anything happens. At that low level of investment there's a case to be made. I've spent more on annual holidays. However, it's not on my radar at the moment Reminded me of some pics pgramm sent me of his 250k house he built. It was actually very nice. |
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Post by Soutpeel on Mar 18, 2017 14:14:30 GMT 7
Just wondering about this situation. You buy a condo from a Thai who can't keep up their mortgage repayment. So the Thai never pays the loan off , or not fully anyway. Where does this leave the new owner of the condo in regards to this when the bank comes knocking ? There is no new owner legally, the bank can repo the property, simple as that Thai buys Condo on a mortgage from a bank....bank owns the " deeds"till money paid off and once paid off deed put in owners name. If some one buys a property this way knowingly they are a very stupid person If Thai still had a mortgage and you wished to buy the property, you should be dealing with bank as well Simply put....dont do it...you run the risk of losing both your cash and the property |
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Post by Deleted on Mar 18, 2017 14:21:38 GMT 7
Just wondering about this situation. You buy a condo from a Thai who can't keep up their mortgage repayment. So the Thai never pays the loan off , or not fully anyway. Where does this leave the new owner of the condo in regards to this when the bank comes knocking ? There is no new owner legally, the bank can repo the property, simple as that Thai buys Condo on a mortgage from a bank....bank owns the " deeds"till money paid off and once paid off deed put in owners name. If some one buys a property this way knowingly they are a very stupid person If Thai still had a mortgage and you wished to buy the property, you should be dealing with bank as well Simply put....dont do it...you run the risk of losing both your cash and the property No , i wasn't gonna do it. I had an idea to set up a site for all those thais who cant pay the mortgage and want out. There's 1000s of them |
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Post by Soutpeel on Mar 18, 2017 18:29:03 GMT 7
There is no new owner legally, the bank can repo the property, simple as that Thai buys Condo on a mortgage from a bank....bank owns the " deeds"till money paid off and once paid off deed put in owners name. If some one buys a property this way knowingly they are a very stupid person If Thai still had a mortgage and you wished to buy the property, you should be dealing with bank as well Simply put....dont do it...you run the risk of losing both your cash and the property No , i wasn't gonna do it. I had an idea to set up a site for all those thais who cant pay the mortgage and want out. There's 1000s of them Sorry dont think this is a viable business as such, unless the new prospective owners are dealing with the bank directly |
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Post by Deleted on Mar 18, 2017 20:06:26 GMT 7
Would it not actually be against the law to "sell" something to someone that does not even belong to you ?
Surely there is something in the fine print on the contract that says that until the debt is paid to the bank the property cannot be sold without the bank's knowledge.
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