me
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Post by me on Mar 18, 2017 20:17:44 GMT 7
When a bank has a mortgage it can and does call in the debt. the law has a long protracted process for getting a person to leave property. It can take several years. In the meantime the bank can either hold the property or sell it wwith the problem of eviction going to the purchaser. the bank has websites and lists of property it has claimed and you can make an offer for these. Of course these are gennerally the bottom end properties as the good ones hadve already been sold at low prices to insiders. Generally repossesed property is not of very good standard when you do get possession of it. A condo is maybe only the shell and you need to clear all the stuff out and rebuild inside this. Of course sometimes you can pick up a surprise gem but it is not from what here an area to be entered into without inside knowledge. In the case of a house you amy have to jkust demolish the house and start fresh on the land.
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Post by Deleted on Mar 18, 2017 20:33:44 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. I thought people sell property under mortgage all the time? Slightly different story here , my neighbour in the village , Henry , is a long term Pattaya resident also and has been picking up properties from farang desperate to get out of Thailand. He's been doing it for years. Joe blow wants 5mil , Henry says I'll pay you 1 mill right now. Joe says no , but after a few days he comes back and Henry gets another house. Joe had no real choice and somethings better than nothing. |
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Post by Deleted on Mar 18, 2017 20:40:05 GMT 7
When a bank has a mortgage it can and does call in the debt. the law has a long protracted process for getting a person to leave property. It can take several years. In the meantime the bank can either hold the property or sell it wwith the problem of eviction going to the purchaser. the bank has websites and lists of property it has claimed and you can make an offer for these. Of course these are gennerally the bottom end properties as the good ones hadve already been sold at low prices to insiders. Generally repossesed property is not of very good standard when you do get possession of it. A condo is maybe only the shell and you need to clear all the stuff out and rebuild inside this. Of course sometimes you can pick up a surprise gem but it is not from what here an area to be entered into without inside knowledge. In the case of a house you amy have to jkust demolish the house and start fresh on the land. I remember walking into the BKK Bank in CR years ago, they had these big noticeboards up with homes listed. Wife said they were repos, some real bargains. But you had to be very careful buying them because of the possible problems with former owners. Not worth the trouble she said. |
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me
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Post by me on Mar 18, 2017 21:23:20 GMT 7
The bank does not mind keeping them on the books...prices are generally higher than they lent so they are listed as assets on the balance sheets even though that price is higher than the realisable price.
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Post by Deleted on Mar 19, 2017 2:44:46 GMT 7
Nevermind all that, wheres this promised house build post hippity?
I was looking forward to that and you didn't deliver
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Post by Deleted on Mar 19, 2017 5:29:47 GMT 7
Nevermind all that, wheres this promised house build post hippity? I was looking forward to that and you didn't deliver The bit that isnt so great is the pics are all on my wife's ipad , so that means I'd be taking pics of those pics. Quality might not be so fantastic. Yes I have been saying for months I'll get the thread going , so if you don't mind average looking photos of photos , I'll start. |
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Post by Deleted on Mar 19, 2017 6:05:38 GMT 7
Nevermind all that, wheres this promised house build post hippity? I was looking forward to that and you didn't deliver The bit that isnt so great is the pics are all on my wife's ipad , so that means I'd be taking pics of those pics. Quality might not be so fantastic. Yes I have been saying for months I'll get the thread going , so if you don't mind average looking photos of photos , I'll start. The best thing to do is upload the pics straight from the ipad to a photo sharing site like Photobucket then just post the link to that page to the BM. Can be public or private, depending on how raunchy the pics are.  |
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Post by Soutpeel on Mar 19, 2017 7:44:56 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. yes, but in most countries its against civil law as opposed to criminal law |
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Post by Deleted on Mar 19, 2017 7:52:54 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. yes, but in most countries its against civil law as opposed to criminal law But people buy and sell houses under mortgage all the time. Im buying 1 at the moment as an investment in Australia that the owner has a mortgage on. The guy who's doing the legal documents would have said its illegal if it was. The seller has to pay off the mortgage once its sold. I know selling a car that has finance owing is illegal. |
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Post by Deleted on Mar 19, 2017 8:00:29 GMT 7
So my idea I think would work as long as the purchase price was payed into the bank the mortgage was under to clear the debt.
Still leaves the question of what if the property was sold for less than the amount owed to the bank?
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Post by Deleted on Mar 19, 2017 8:02:24 GMT 7
yes, but in most countries its against civil law as opposed to criminal law But people buy and sell houses under mortgage all the time. Im buying 1 at the moment as an investment in Australia that the owner has a mortgage on. The guy who's doing the legal documents would have said its illegal if it was. The seller has to pay off the mortgage once its sold. I know selling a car that has finance owing is illegal. You can arrange the sale of the property, your lawyer has to contact the lender for the clearance total required to pay the debt, and on the day of sale, your lawyer transfers the money to the lender, who then releases the lien. |
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Post by Soutpeel on Mar 19, 2017 8:05:08 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. I thought people sell property under mortgage all the time? Slightly different story here , my neighbour in the village , Henry , is a long term Pattaya resident also and has been picking up properties from farang desperate to get out of Thailand. He's been doing it for years. Joe blow wants 5mil , Henry says I'll pay you 1 mill right now. Joe says no , but after a few days he comes back and Henry gets another house. Joe had no real choice and somethings better than nothing. Yes they do but it depends on how its done, if one intends selling a bonded property the "seller" had to get the bank involved who "owns" the note on the place and its the buyers responsilibilty to do their due dilligence Buyer wants to buy a bonded property from the "owner", the buyer will be paying the bank what is owed on the property to the bank and the difference is paid to the "owner" by the bank, but what happens sometimes is the buyer pays the "owner" directly who doesnt pay the bank and buggers off with the cash, his money gone, and when the bank repos the house for non payment, they lose the property as well, not that it was ever owned by them in the first place Slightly different version, some years back, My Mrs "lost" USD 10k on a dodgy property deal, she bought 2 plots of land not far from where we live for thb 150k each, my words at the time were, darling go an see a lawyer and make sure there are chanotes for this land....yes darling....Uncle Soutie goes back to work thinks nothing more of it, fast forward 1 month, my Mrs proud "owner" of these plots...darling where are the chanotes ? "They are doing them coming soon"....fast forward 2 years still no chanotes, whole group of people get together to retain lawyer as they were sold plots of land in the same area and not received their Chanotes.....you know where this is going....!!!! Turns out, the "owner" of the land which was subdivded wasnt the real owner, this owner mearly held a 30 year lease, who went on to sell 30 year leases onto my wife and others..the real owner was the Royal Thai Navy |
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Post by Deleted on Mar 19, 2017 8:05:29 GMT 7
Hippity - two things.
1 - you don't need to get involved in the sale process, just use the rightmove.com business model of being a shop window.
2. Stick to business in Australia.
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Post by Soutpeel on Mar 19, 2017 8:07:13 GMT 7
So my idea I think would work as long as the purchase price was payed into the bank the mortgage was under to clear the debt. Still leaves the question of what if the property was sold for less than the amount owed to the bank? If there are monies still owed to the bank, the bank still owns the property ie ie if sold for less than the bonded value |
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Post by Deleted on Mar 19, 2017 8:10:54 GMT 7
Hippity - two things. 1 - you don't need to get involved in the sale process, just use the rightmove.com business model of being a shop window. 2. Stick to business in Australia. I enjoy trying to work out a good business in Thailand mate. I doubt I'd ever open 1 there. I'll leave that to the Cheesemen of this world. |
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