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Abandoning a condo what is the penalty?


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17 hours ago, RJRS1301 said:

The ongoing problem could also involve you personal credit rating, possibly never get a loan again. 

Seems like poor management to me.

 

There are no credit bureaus in Thailand for foreigners, and it is ridiculously difficult for a foreigner to get a loan anyway, so that does not seem like an issue. 

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1 hour ago, Fairynuff said:

The story is that they committed a criminal act. That makes them undesirable in almost any country. 

Not sure if walking away from a loan is considered a criminal act. More of a civil action. He is not committing bank fraud or murder! 

 

The condo market is likely to tank in Thailand. Alot of this will be happening over the next few years, as no economic recovery is in sight. The goons sabotaged their own economy, with utter recklessness and timidity. 

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1 hour ago, spidermike007 said:

There are no credit bureaus in Thailand for foreigners, and it is ridiculously difficult for a foreigner to get a loan anyway, so that does not seem like an issue. 

There are credit ratings for foreigners in Thailand.

I work here with WP, business visa, etc.. I have several Thai credit cards.

A few years ago I wanted to lease a new motorcycle. The dealer had a table with options about down payment and monthly payment. I don't remember the details but I told them I like the version with about 20% down payment and 36 month to pay the rest. An agent for the leasing company visited me. And he told me the 20% option might not be available for me, he suggested the 30% down payment option (or something similar). I told him to try, because I knew I paid all my bills in time and there shouldn't be any problems.

I think after about a week I got the confirmation that I could buy the bike with 20% down payment.

For me this looks very much like there is a credit rating for foreigners in Thailand.

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3 hours ago, VIPinLanna said:

Thanks for all'  advice. Money is not the problem. I am returning to Thailand soon for the first time in a few years due pandemic.

Guess I will deal with it when the time comes but it needs some cosmetic and built in furniture repairs or replacements

Recently I looked at a couple of apartments for sale. I was surprised in what condition many people try to sell their property.

Some units are dirty with a big layer of dust, little sunlight coming in, etc.. Will such conditions help to sell it? Sure not. Even if people want to buy it to renovate it it's still nicer to see a cleaned apartment instead of a dirty place.

Online it is often not much better. Dark pictures with closed curtains and/or bad pictures only from the interior. Does nobody in Thailand every look out of the windows? Open the curtains and make some bright pictures.

Obviously with some units it will still be difficult to sell them. But cleaning them would definitely improve the situation.

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3 hours ago, spidermike007 said:

Not sure if walking away from a loan is considered a criminal act. More of a civil action. He is not committing bank fraud or murder! 

 

The condo market is likely to tank in Thailand. Alot of this will be happening over the next few years, as no economic recovery is in sight. The goons sabotaged their own economy, with utter recklessness and timidity. 

My comment was in relation to the story about the guys who left a restaurant without paying.

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1 hour ago, OneMoreFarang said:

Recently I looked at a couple of apartments for sale. I was surprised in what condition many people try to sell their property.

Some units are dirty with a big layer of dust, little sunlight coming in, etc.. Will such conditions help to sell it? Sure not. Even if people want to buy it to renovate it it's still nicer to see a cleaned apartment instead of a dirty place.

Online it is often not much better. Dark pictures with closed curtains and/or bad pictures only from the interior. Does nobody in Thailand every look out of the windows? Open the curtains and make some bright pictures.

Obviously with some units it will still be difficult to sell them. But cleaning them would definitely improve the situation.

at a low price people can overlook a dirty condo with little light and full of junk. If price isn't low why would anyone bother with the mess

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On 12/4/2021 at 7:01 AM, JayClay said:

If you can't afford the condo fees, how would you be able to afford to pay to rent/buy anywhere else?

If the OP thought that he is getting done in any way with the condo fees, then he is doing the right thing. Otherwise he should pay the fees he agreed to when he bought the condo.

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17 hours ago, mvdf said:

If it's worth 2 mil and the residual amount owed is in the region of 100k or 50k baht, let me know and i will give ya a symbolic 1k for the transfer of ownership. 😉

I can beat that i will bid 50k for the condo.

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16 hours ago, tomazbodner said:

Maybe you didn't know that the immigration and police computer systems are now linked. Every immigration officer has access to entire history and any alerts for any individual entering or leaving the country. On one of my last entries the immigration officer stamped my PR booklet but not passport (or maybe the other way around, can't remember), so when realising that during work permit extension, I went back to Suvarnabhumi with the copy of flight itinerary and all my documents. The officer told me to wait and went inside... returned 20-25 minutes later with dot matrix printed out my entire history since 1995... and a phone snap of me standing in front of officer on that entry confirming my story. The days of disconnected records are over a while back.

 

At my previous place, a British guy borrowed actually quite a lot from me, with story that his ATM card was damaged and his wife had birthday, etc. etc. anyway, a month or so later I asked about him at reception, and they wondered how I know him... told them the story and they responded he stole stuff out of the room, little by little, and disappeared without paying his rent.

 

I took it as a lesson and didn't want to file police report against him, but the owner of that property took copies of his travel documents to police and reported incident. I saw him at Asoke a good month later, conning some foreigners in front of Robinson but didn't do anything, however told reception about it. I know he was arrested by Thonglor police a couple of days later and spent significant amount of time in Suan Phlu immigration jail, eventually deported and blacklisted.

 

I don't want to write his name here, given Thailand's defamation laws.

I don't think in this case the defamation laws would matter as no one has been defamated, though I presume that a farang could use the defamation law against another farang.

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8 hours ago, spidermike007 said:

There are no credit bureaus in Thailand for foreigners, and it is ridiculously difficult for a foreigner to get a loan anyway, so that does not seem like an issue. 

 

I get a credit report every year for my Thai credit card, a real card which was not issued against a deposit, and when I had a bank loan to purchase a car, that was also included in the annual report.

 

I'm retired and have never had a Work Permit in Thailand.

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14 hours ago, Chris.B said:

Correct, maybe the food was shlte, I have been to a restaurant like that before where I wanted to walk out.

It has never happened yet, but if any food I ordered to eat in a restaurant was shlte, or if they gave me anything I asked them not to ie, salad where it could not be taken off without leaving a taste on the rest of the food, or was given to me as a takeaway, when I specifically said no salad, then I would walk out, but not without telling the server the reason why.

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10 hours ago, HashBrownHarry said:

It's finance you were offered by a dealer, not a loan per se, as in bank.

Please explain per se, is it French, Italian or what?

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Just now, Old Croc said:

English.

English?? I have graduated from an English teachers training academy and these 

words never ever came up. Can you explain what they mean?

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39 minutes ago, possum1931 said:

I don't think in this case the defamation laws would matter as no one has been defamated, though I presume that a farang could use the defamation law against another farang.

Which language is defamated.? 

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9 hours ago, OneMoreFarang said:

Recently I looked at a couple of apartments for sale. I was surprised in what condition many people try to sell their property.

Some units are dirty with a big layer of dust, little sunlight coming in, etc.. Will such conditions help to sell it? Sure not. Even if people want to buy it to renovate it it's still nicer to see a cleaned apartment instead of a dirty place.

Online it is often not much better. Dark pictures with closed curtains and/or bad pictures only from the interior. Does nobody in Thailand every look out of the windows? Open the curtains and make some bright pictures.

Obviously with some units it will still be difficult to sell them. But cleaning them would definitely improve the situation.

      Absolutely.  You only get one chance to make a first impression--maybe trite but true.  A buyer will often decide in the first few minutes.  If you have a normal property for sale (not an empty shell or renovation project), it should be ready to be shown with an hour's notice, or less.  That means beds made with good linens, kitchen and baths both clean and tidy, good towels in the bath.  Windows spotless.   Anything needing repair should be repaired--no leaky faucets, torn drapes or wallpaper, flaking paint, loose or broken floor tiles, etc.   Take a hard look at everything with the eye of a buyer.

     All clutter should be put away.  All personal photos, bowling trophies, etc., should be stored out of sight; you want the buyer to see himself in your property, not you; focus on the property and not your 300 game.  When in doubt, less is more.  Toilet seats down and all lights on when the buyer tours. 

    If you are there, greet the buyer, make yourself scarce, give the buyer plenty of time without you hovering, and, if you are on site and not away, be available at the end of the viewing to answer any questions.

    As for the OP, as many have said, anything will sell at the right price.  And, any price garnered, however low, will likely be higher than the fees owed.  I know of a case where the owner was in Europe and owed I think around  100,000 baht in late fees.  A lawyer was able to handle all the paperwork, including power of attorney, pay the fees as part of the condo price, do the transfer at the Land Office, and send the remaining money netted to the seller in Europe.  Although it was a bit complicated with various signatures and notarizations needed, she did not even need to be here.  I would start with the management office at the condo project.

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3 hours ago, DefaultName said:

"near impossible to sell"

Drop the price enough and anything sells.

You'd think so but if he's saying he can't sell it and it's currently not liveable without a complete refurbishment, clean up, maintenance, backpayment of fees, transfer fee and it's a badly maintained condo in an area you don't want to live in, why buy it and do all that just to hold it and pay fees for as long as you own it?

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On 12/4/2021 at 7:34 AM, scubascuba3 said:

99% of people don't get loans, we are in Thailand

Where did you get that bizarre "statistic" from?!

 

"Thailand Household Debt reached 445.2 USD bn in Jun 2021".

  https://www.ceicdata.com/en/indicator/thailand/household-debt--of-nominal-gdp#:~:text=Thailand household debt accounted for,86.6 % in the previous quarter.&text=The data reached an all,of 40.6 % in Mar 2003.

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20 hours ago, tomazbodner said:

he was arrested by Thonglor police a couple of days later and spent significant amount of time in Suan Phlu immigration jail, eventually deported and blacklisted.

 

I don't want to write his name here, given Thailand's defamation laws.

I'm not sure that anyone would be that interested in knowing his name but he's a foreigner, you said that he's not in Thailand, he's blacklisted, so how can Thailand's defamation laws have any relevance? 

Edited by Liverpool Lou
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On 12/4/2021 at 7:01 AM, JayClay said:

If you can't afford the condo fees, how would you be able to afford to pay to rent/buy anywhere else?

The person just seems to be living in a place a little too rich for his pocketbook...

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15 hours ago, HashBrownHarry said:
15 hours ago, Fairynuff said:

I was offered a car loan from a major Honda dealer based on pink card and visa status, though I didn’t take the offer so can’t say it would’ve come to fruition.

It's finance you were offered by a dealer, not a loan per se, as in bank.

Car finance is a loan...per se [sic].  The bank pays the loan amount to the dealer and the debtor repays his loan to the bank/finance company by monthly payments.  

Edited by Liverpool Lou
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