Not being able to complete payment on a condo by the due date?

[Johnny Mac]

8 minutes ago, newnative said:

   I think there's a chance they might give longer to pay with the covid situation.  Again, I would check with them.

Yes, I hear you. Cheers.

[YT3k72Em]

Selling the downpayment is very common here. It's how many people flip condos.  Buy off plan and if it's a popular building sell the "down" and make a profit before you ever have to arrange a mortgage and pay the balance.

It also happens that a lot of people get their mortgage denied, in which case they have no option but to sell the downpayment or lose it. So they will have a process in place to deal with it.

[Johnny Mac]

On 7/7/2021 at 1:01 PM, YT3k72Em said:

Selling the downpayment is very common here. It's how many people flip condos.  Buy off plan and if it's a popular building sell the "down" and make a profit before you ever have to arrange a mortgage and pay the balance.

It also happens that a lot of people get their mortgage denied, in which case they have no option but to sell the downpayment or lose it. So they will have a process in place to deal with it.

Only just seen this. Yes, as I have said a few times I know flipping it is an option. Thing is if I go down that path I'm not experienced in doing this and don't have a process in place, I don't even have any photos of the condo, etc. I know it will sound like an excuse but it seems like a headache to me. Then there are these restrictions in place around bkk, in and out, etc. I'm currently up Norf.

[Johnny Mac]

Looks like I've had a reprieve. Received a letter from the developer stating that the complex will not be finished by the due date the 15th October, due to Covid, etc. According to the wife the contract states that if the entire complex isn't ready by the due date the client is entitled to be fully refunded on monies paid already.

 

Does anyone know that if we were to ask Supalai to be refunded should it be fine or may they point to some small print or blame unforseen circumstances, ie Covid as a way of wriggling out of it? After all TiT. I know we can ask them ourselves but just wondering if anyone here has any wisdom?

 

[driver52]

Sounds like everyone is struggling at the moment

How short are you on the total amount? You could try for a discount.......say due to convid and their building delay you will only proceed with a 20% discount?

[Johnny Mac]

On 8/5/2021 at 12:55 PM, driver52 said:

Sounds like everyone is struggling at the moment

How short are you on the total amount? You could try for a discount.......say due to convid and their building delay you will only proceed with a 20% discount?

I've only paid 10% so far, as per the contract.

[digbeth]

If the whole building is not finished, like advertised common area feature still missing, that's grounds for delay, 

 

you could employ inspection service to find faults with your unit and ask them to correct it, and refuses to hand over the money until they do that could buy some time too 

[driver52]

38 minutes ago, Johnny Mac said:

I've only paid 10% so far, as per the contract.

yeah I read that ???? what I'm saying is that with the economy tanking you're in a stronger position to renegotiate the contract

the oppressive gits in power (worldwide) are gonna keep playing this convid BS for a long time to come methinks, things ain't gonna change in a hurry, obvs my POV but keep watching and learning lol

it would be useful if you could lookup selling prices in the same area, dunno if such a thing exists in Thailand?

[Johnny Mac]

4 minutes ago, driver52 said:

yeah I read that ???? what I'm saying is that with the economy tanking you're in a stronger position to renegotiate the contract

the oppressive gits in power (worldwide) are gonna keep playing this convid BS for a long time to come methinks, things ain't gonna change in a hurry, obvs my POV but keep watching and learning lol

it would be useful if you could lookup selling prices in the same area, dunno if such a thing exists in Thailand?

Tbh things are not looking good for me right now so I'm thinking I'm gonna ask for the 10% back based on the place won't be ready on time, as per the contract, which is why I bumped this asking for any opinions if i may encounter any problems doing so..

[Johnny Mac]

35 minutes ago, digbeth said:

If the whole building is not finished, like advertised common area feature still missing, that's grounds for delay, 

 

you could employ inspection service to find faults with your unit and ask them to correct it, and refuses to hand over the money until they do that could buy some time too 

It's been delayed anyway, and no-one is asking me for any money. besides, in the letter it says cannot go into the building right now.

[driver52]

7 minutes ago, Johnny Mac said:

I'm thinking I'm gonna ask for the 10% back based on the place won't be ready on time

I agree, I think it's a good idea....prices are only going one way at the moment and there will be increasingly other people in the same position who suddenly can't complete their contracts. Be prepared for push backs from the builders, but hopefully others will chip in with advice

Good luck!

Edited August 6, 2021 by driver52

[Johnny Mac]

41 minutes ago, driver52 said:

I agree, I think it's a good idea....prices are only going one way at the moment and there will be increasingly other people in the same position who suddenly can't complete their contracts. Be prepared for push backs from the builders, but hopefully others will chip in with advice

Good luck!

Thanks. Yea I have a bad feeling they are going to make it difficult reimbursing despite what the contract says..