Deposit return.

[sui_lo]

Last year we made a bit of a balls up...

 

Bought a house off plan on the basis that we could get a 70% mortgage.

 

Govt changed and now expat Thais (ie the wife) can only get 50% mortgage - so now we can't afford the house.

 

Property company refuses any deposit return and only offer is if we buy another property at a price we can afford.

 

No inclination of buying something we don't want and putting more money after bad...

 

Anyway we can force the issue that we can get some of the deposit back (think its approx 300,000 baht)?

 

Suspect we're gonna have to cut our losses but any advice would be much appreciated.

 

A fool and their money...

 

Sui_lo

 

[elef]

Hmm, you are in big trouble in any country in that situation, your only chance is to fix an other buyer of the house and that way get your money back. Else you lose it.

[Khun_Kong]

Is their not a clause in the purchase agreement to the effect of "pending mortgage approval"?

[Nervous_Dog]

Why not contact a thai lawyer company? They may know more than us

[sui_lo]

Been in contact with two.

 

1st. Spent ages getting them all the info together when just wanted to know if thought worth a go or not.

When got the info said couldn't possibly comment whether worth a try or not w/o commiting to spending several thousand baht...

 

Looks like that laywer will cost more than the deposit and I suspect once paid will just tell us can't do anything...

 

2nd - wife's lawyer she's used for visa etc allegedly told her small people don't win against big companies. Not sure if that's just what she thinks though or whether he really said that (got the whole hi-so v lo-so thing going on I think).

 

Probably is nothing we can do but thought would see if anyone has any ideas.

[The_Munchmaster]

About 12 years ago a friend who had recently married a Thai lady bought a property off plan from a company called President Park. They only built the basement and then had financial difficulties so never finished it. They are still operating and he is still fighting to get some or all of his money back. They have made a few derisory offers which he has refused. In the meantime he and the wife bought land in Bangkok and have had a house built themselves.

[Julian2]

Why don't you look at what land they have in an area you like, 300K should get a block, then you can save for the house or hang onto it and sell it at a profit further down the track. They maybe prepared to sell you just a vacant block.

[bjon045]

I would make the company an offer like if they give you 50% of the deposit back they can keep the rest, if they don't do that you will take legal action against them. Sure you lose 150k but your lawyer fees would probably come to at least that.

 

You have to remember that they did actually do some work for you so it is probably unfair to expect a 100% return of the deposit.

[Sporty]

A problem, anywhere in the world. Unless you have the purchase contingent on financing.

 

One thought would be to sell the deposit, to another client that wants it. Even if it means selling it at a discount.

 

If you look in the NATION Newspaper, you will see one guy that sells deposits all the time, maybe he would be interested to give you 80% or something.

[junglesoup]

About 12 years ago a friend who had recently married a Thai lady bought a property off plan from a company called President Park. They only built the basement and then had financial difficulties so never finished it. They are still operating and he is still fighting to get some or all of his money back. They have made a few derisory offers which he has refused. In the meantime he and the wife bought land in Bangkok and have had a house built themselves.

 

Munchie, I take its not the same President Park at the end of SOi 24?

Its finished now, because I stayed in it...4 condo towers...must be a different one.