Would anybody like to buy my condo ? –an unusual deal.

[inThailand]

5 minutes ago, scubascuba3 said:

The only reason to do this is someone needs the money towards the end of their life. Must be 100s of people in the same position. A smart lawyer businessman could offer this service, set up a standard contract, but probably too sleepy to do it

 

 

Yup. He is making this offer because he can't cash out, ie  can't sell, with the carrot of rental income which is Not guaranteed.

[lkn]

1 hour ago, inThailand said:

Yup. He is making this offer because he can't cash out, ie  can't sell, with the carrot of rental income which is Not guaranteed.

He is making the offer because he wants to liquidate his condo but stay living in it.

 

This is a common problem in the Western world as well, old people will have a minor pension but a house or condo worth a small fortune, though they still need a place to live, and would prefer not having to go through the trouble of moving to a smaller place.

 

Some are able to get a loan with the condo as security, which is what I suggested the OP do, although him being a foreigner in Thailand, he would need to transfer the condo to his wife and then have her get the loan, as a bank is unlikely to issue a loan to a retired foreigner.

 

Transferring condo to his wife would however make it in Thai name, so when she wants to sell, it might not be possible to sell to a foreigner, which could make it harder to sell, which is why it makes more sense to sell it now, so it can remain in foreign name, but with the clause that he can keep renting it.

 

I don’t know the OP but his motive seems clear and I doubt this is a ruse.

 

But the OP may overestimate the future value of his condo and how easy it will be to sell, thus the risk that the investor takes.

[simoh1490]

That may be the OP's best way forward if he can't find a buyer, mortgage two thirds of its value at the lowest possible rate and make the repayments out of monthly income.

[Coconut007]

On 3/3/2018 at 10:19 AM, lkn said:

But the OP may overestimate the future value of his condo and how easy it will be to sell, thus the risk that the investor takes.

Yes, with the way they take care of maintenance here 15 years later it may be worth close to nothing.

 

Ton of houses in Europe are 50+ years old but look like little palaces. Here most houses look like ready to tear it down after 10 years.

[Delight]

2 hours ago, Coconut007 said:

Yes, with the way they take care of maintenance here 15 years later it may be worth close to nothing.

 

 

  Investors have savvy and have eyes .

I am not offering a 'Pig in a Poke'

The building involved is well managed and maintained.

In 50 years time it could well seem dated as a design -however assuming that current management attitudes remain - the fabric of the building will be just as intact as it is today

The key to this is to keep up with the external painting

 

I  have noticed apartment blocks and indeed condos where management has failed  and they look a  mess. The integrity of the fabric of the building is suspect

I also have to say that these structures are managed by Thais.

The strong desire to maintain buildings and indeed cars is a  characteristic that the majority of Thai people do not have.

 My condo is Farang managed !

[inThailand]

Any takers on buying this bridge?

[Delight]

10 hours ago, inThailand said:

Any takers on buying this bridge?

 I have a property in the UK.

 

Out of the blue I  was approached by a buyer

That deal is now going thru

This changed the whole dynamics .

Therefore my condo is now not up for sale.

 

Thanks to all who contributed