clubsiam Posted July 9, 2009 Report Share Posted July 9, 2009 Happened in my condo too. Manager didn't deposit the rent money and ran off with 800,000. Ouch. Link to comment Share on other sites More sharing options...
WorldFun Posted July 9, 2009 Report Share Posted July 9, 2009 flasherm, I find it hard to believe if the bank got away with their crazy demand (due to their own mistake/failure of contract)? How does a bank enforce charging for something the owners already paid assuming they have receipts/contracts/chanote? So what was the outcome (of your boss & others)? Bank arranged a condo demolition overnight? LOL. TIT Link to comment Share on other sites More sharing options...
Flashermac Posted July 9, 2009 Report Share Posted July 9, 2009 Far as I know, the "owners" lost. Seems they had signed a contract with the agent - not the bank. I'm sure it went to court, but I have no idea what happened. Court cases take years, and by then I'd quit the company and left Thailand for a while. Link to comment Share on other sites More sharing options...
pasathai1 Posted July 9, 2009 Report Share Posted July 9, 2009 " I find it hard to believe if the bank got away with their crazy demand (due to their own mistake/failure of contract)? How does a bank enforce charging for something the owners already paid assuming they have receipts/contracts/chanot e?" or on the more sinister side, maybe someone at the bank kept the money and the agent "dissapeared" Link to comment Share on other sites More sharing options...
pasathai1 Posted July 9, 2009 Report Share Posted July 9, 2009 on the same subject ( more or less) anyone have any insight into the IDEO condo projects? Link to comment Share on other sites More sharing options...
cheekyboy Posted July 9, 2009 Author Report Share Posted July 9, 2009 at the crash of 97 100s of farangs and thais lost huge sums on condos that were never finished .Best to buy from outfits that have been around a long time ,not cowboy get rich quick developers that dont last thru the good and bad times . Link to comment Share on other sites More sharing options...
ozpharlap Posted July 9, 2009 Report Share Posted July 9, 2009 I think you missed the point, the bank seized the property because it probably had not been paid. The assumption would be that the developer obtain funds from the buyers, showed the bank pre-sale receipts and on that basis the bank provided funds (cash on the provision of the return of the capital plus interest). It can work the same as a pyramid scheme, the builder may dribble funds back to the bank, get further money from unsuspecting buyers and then do a runner. It is not till some months, or years (depending on how long someone may wish to dribble funds back to the bank) until anyone knows that something is wrong, or went wrong. In Queensland the developers/builder never get to touch the money until the building is complete, signed off & a lawyer (if they have a brain) checks off all title & building particulars (for a very moderate fee - the fee, if it was, for say to insure something you owned would be %0.0015 (based on the median price of a condo in Brisbane)). I, like an earlier poster would be very careful to buy off-the-plan, even with an experience and well credentialed builder/developer. Link to comment Share on other sites More sharing options...
ThaiHome Posted July 10, 2009 Report Share Posted July 10, 2009 As with any investment, buying off plan has its risks and rewards. Making the blanket statement never buy off plan in Thailand is a very safe strategy, but you are foregoing the opportunity to save considerable amounts in some cases, but that reward does have risk that comes with it. As with so many things discussed here, people just don’t seem to be willing to take personal responsibility for their actions. If you buy off plan from a developer you have not done due diligence on and it later goes belly up, who is at fault you lost your money? TH Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.