Will I Get My Money Back ?

[frenchFARANGbkk]

Hi,

Just wondering why people stil risk their money in Thailand buying a project when you know how many of them have never been finished? How much would you have to pay more if you wait for the building to be built?

And what about condos on top of NEW pratunam center, does anybody know if they will finish construction someday?

Thanks.

[thaigene2]

Hi,

Just wondering why people stil risk their money in Thailand buying a project when you know how many of them have never been finished? How much would you have to pay more if you wait for the building to be built?

And what about condos on top of NEW pratunam center, does anybody know if they will finish construction someday?

Thanks.

Good question about new versus already built. I think before off-plan was cheaper - but now (last year or so) it would seem to be about the same or actually less to buy already built - even from a speculator. To me at least, that suggests the speculators want to bail out even at a break-even price.

[bkkandrew]

Hi,

Just wondering why people stil risk their money in Thailand buying a project when you know how many of them have never been finished? How much would you have to pay more if you wait for the building to be built?

And what about condos on top of NEW pratunam center, does anybody know if they will finish construction someday?

Thanks.

Oh thats what they are going to be! I stare at them every day and thought they were just an abstract feature of random concrete designed to filter the optimum amount of rainwater inbto the completed building below...

[p_brownstone]

They have contacted me by e-mail and said they are raising 4 post dated cheques with the frst one due 1st August.

so at least I have an addmission of liability.

But no cheques yet !

As you are no doubt aware - cheques are a pretty serious business in Thailand. The issuers of bounced cheques can be locked up in double quick time, so when you get hold of them, hang on to them.

Hope it all works out.

I am pretty sure this is no longer true.

I believe that several years ago issuing "Dud" cheques was made a Civil offense, not a Criminal one.

Patrick

[bkkandrew]

They have contacted me by e-mail and said they are raising 4 post dated cheques with the frst one due 1st August.

so at least I have an addmission of liability.

But no cheques yet !

As you are no doubt aware - cheques are a pretty serious business in Thailand. The issuers of bounced cheques can be locked up in double quick time, so when you get hold of them, hang on to them.

Hope it all works out.

I am pretty sure this is no longer true.

I believe that several years ago issuing "Dud" cheques was made a Civil offense, not a Criminal one.

Patrick

Nope, you will still be escorted to the nick, until they clear!

[quiksilva]

Hi,

Just wondering why people stil risk their money in Thailand buying a project when you know how many of them have never been finished? How much would you have to pay more if you wait for the building to be built?

And what about condos on top of NEW pratunam center, does anybody know if they will finish construction someday?

Thanks.

Oh thats what they are going to be! I stare at them every day and thought they were just an abstract feature of random concrete designed to filter the optimum amount of rainwater inbto the completed building below...

They are not only condos but it also has room for a hotel as well. First its not that new, it stopped construction after the crisis. They have since tried to breathe some life into it but its not selling well partly because it is long leasehold and frankly that retail center has killed any chance of it becoming a proper hotel, its just far too down market. At least that's the feedback I have had from my investors.

But this is just one long leasehold project in a poor location where nothing is happening. Have you got any more examples of recently incomplete condos? I bet I can show you more that have been completed than you can show me that have not.

In fact most of those projects that have previously stopped construction have since been restarted or are about too. Yes that includes even those that do not have workers on them, there is a lot of investment activity going on behind the scenes right now. Lots of new players both foreign and local.

[ThaiPauly]

Update on the current situation.

I e-mailed them again because no docmentation has yet arrived to sign.

They appologised (they are good at that) and said they were expecting the paperwork Thursday (Today).

I am still sceptical about getting the actual cheques though!

I Hope to be proved wrong, but I don't trust them as far as I can throw them

[p_brownstone]

They have contacted me by e-mail and said they are raising 4 post dated cheques with the frst one due 1st August.

so at least I have an addmission of liability.

But no cheques yet !

As you are no doubt aware - cheques are a pretty serious business in Thailand. The issuers of bounced cheques can be locked up in double quick time, so when you get hold of them, hang on to them.

Hope it all works out.

I am pretty sure this is no longer true.

I believe that several years ago issuing "Dud" cheques was made a Civil offense, not a Criminal one.

Patrick

Nope, you will still be escorted to the nick, until they clear!

http://www.thaivisa.com/forum/index.php?showtopic=13054

Not sure if this actually became Law of course but I believe it did.

Patrick

[ThaiPauly]

I wish they would make it illegal to THREATEN to issue cheques !!

Ayway my last communincation from them actually specified the cheque amounts! Maybee I will get lucky????

[bkkandrew]

They have contacted me by e-mail and said they are raising 4 post dated cheques with the frst one due 1st August.

so at least I have an addmission of liability.

But no cheques yet !

As you are no doubt aware - cheques are a pretty serious business in Thailand. The issuers of bounced cheques can be locked up in double quick time, so when you get hold of them, hang on to them.

Hope it all works out.

I am pretty sure this is no longer true.

I believe that several years ago issuing "Dud" cheques was made a Civil offense, not a Criminal one.

Patrick

Nope, you will still be escorted to the nick, until they clear!

http://www.thaivisa.com/forum/index.php?showtopic=13054

Not sure if this actually became Law of course but I believe it did.

Patrick

Pretty certain it didn't, as the article is dated 2004 and I discussed such a matter with the police in 2006, who said that a remedy to a problem I had encountered would be to get a debtor to issue post-dated cheques due to the criminal implications of them not being honoured. Many laws are proposed here that come to nought...

[jackr]

I wish they would make it illegal to THREATEN to issue cheques !!

Ayway my last communincation from them actually specified the cheque amounts! Maybee I will get lucky????

Just came across this mate. Any luck yet?

[nick2k]

They have contacted me by e-mail and said they are raising 4 post dated cheques with the frst one due 1st August.

so at least I have an addmission of liability.

But no cheques yet !

As you are no doubt aware - cheques are a pretty serious business in Thailand. The issuers of bounced cheques can be locked up in double quick time, so when you get hold of them, hang on to them.

Hope it all works out.

I am pretty sure this is no longer true.

I believe that several years ago issuing "Dud" cheques was made a Civil offense, not a Criminal one.

Patrick

Nope, you will still be escorted to the nick, until they clear!

http://www.thaivisa.com/forum/index.php?showtopic=13054

Not sure if this actually became Law of course but I believe it did.

Patrick

Pretty certain it didn't, as the article is dated 2004 and I discussed such a matter with the police in 2006, who said that a remedy to a problem I had encountered would be to get a debtor to issue post-dated cheques due to the criminal implications of them not being honoured. Many laws are proposed here that come to nought...

in a world where prime ministers change hands via coups, don't you know that the laws made by the previous administration (if you could call it that) are not necessarily the laws in place with the new "rulers". do you understand that?

if you understand that, then, why are you even referring to policies back in 2004?

to make it even more clear, do you understand what is happening with these new guys redoing the constitution?

if you don't, you are totally clueless.

[nick2k]

I don't want to be mean to you. so, I will try to explain.

in a world where coups occur, ownerships change according to the whims of the new rulership. this is the way it is ANYWHERE in the world where coups occur.

if the rulers in place now wanted to, they could deny all foreigners the right to own anything here in thailand at any time that they see fit. and you couldn't do a thing about it. you could get a thousand lawyers working for you, and you wouldn't get anywhere. the rulers make the laws.

do you understand?

[solo siam]

I don't want to be mean to you. so, I will try to explain.

in a world where coups occur, ownerships change according to the whims of the new rulership. this is the way it is ANYWHERE in the world where coups occur.

if the rulers in place now wanted to, they could deny all foreigners the right to own anything here in thailand at any time that they see fit. and you couldn't do a thing about it. you could get a thousand lawyers working for you, and you wouldn't get anywhere. the rulers make the laws.

do you understand?

lol,

Couldn't any government in the world do exactly this, regardless of coups?

[nick2k]

I don't want to be mean to you. so, I will try to explain.

in a world where coups occur, ownerships change according to the whims of the new rulership. this is the way it is ANYWHERE in the world where coups occur.

if the rulers in place now wanted to, they could deny all foreigners the right to own anything here in thailand at any time that they see fit. and you couldn't do a thing about it. you could get a thousand lawyers working for you, and you wouldn't get anywhere. the rulers make the laws.

do you understand?

lol,

Couldn't any government in the world do exactly this, regardless of coups?

yes, that is true. but where would you feel safer with your money. in a place where coups happen on average every 4 years, or one where it hasn't happened in a over a 100?

like I said in another thread. it is your money to do with as you please. but don't say nobody warned you.

[ThaiPauly]

I wish they would make it illegal to THREATEN to issue cheques !!

Ayway my last communincation from them actually specified the cheque amounts! Maybee I will get lucky????

Just came across this mate. Any luck yet?

Thanks for asking Mate

Well we flew down to BK to collect the cheques and have now banked the first one.

We will now have to wait to see if it clears.

I will let you know

[jackr]

I wish they would make it illegal to THREATEN to issue cheques !!

Ayway my last communincation from them actually specified the cheque amounts! Maybee I will get lucky????

Just came across this mate. Any luck yet?

Thanks for asking Mate

Well we flew down to BK to collect the cheques and have now banked the first one.

We will now have to wait to see if it clears.

I will let you know

Nice one. Hope it all works out.

See you at the barbie

[mikethevigoman]

You may find this interesting reading.

I brought a Condo off-plan 18 months ago in the Sukhumvit region. The unit was supposed to be ready for occupation in January this year.

They are now saying January next year!

I had a clause in my contract saying that if it was not complete by the end of April I would get my deposit back plus 15% interest.

Having now invoked the clause the developers are saying that they realise I have this clause ,but do not have the money to repay the deposit all at once and asked if it could it be paid over a period of time?...to quote their Lawyer he said "The Company is in trouble"

I suggested that if they returned the full amount of deposit paid I would drop the claim for interest, to which he replied that the owners were not to worried about paying the interest.... I suspect this is because they can pay NOTHING! They are broke IMO. Would you think the same or not?

Half of the development...and its a big 320 unit condo (it's two towers) is completed and occupied, my half is not and all work seems to have halted, judging by what I see on skyscrapercity.com, nothing seems to have ben done on my tower this year...I suspect they have been busy getting Towe One completed for occupation. I know someone that knows someone who has paid 15m Baht for the Penthouse in the first tower and has moved in, so its not as if nobody is living in it.

I have an appointment to see their Lawyer in a couple of weeks to sort it out, but have told him that I need to know his proposal before I go all the way to BK.

I am considering taking a Lawyer as well. Is it worth the cost, or is it a case of "Good money after bad"

My worry is that as they seemingly have no money, they will go into liquidation and the bank selll the rest of he project to another developer...if that happens then all deposits would be null and void I think.....I am very glad I only put down a deposit on a small one......oh yes ..and he also said that because we were "Good Customers and paid all our deposits at the corret time they wanted to keep us happy"...I smell bullshit here and loads of it....we don't WANT to be customers.

Those of you who are in the know in these matters may be able to give me a clue as to what I can realistically expect?

Call me a <deleted> for buying off-plan by all means , that goes with the territory of asking this question, but the property market was quite healthy 18 months ago...and they had already complleted one of the towers, so it seemed a "Good Idea at the time"

I have intetionally left out the name of this Condo for now, but some of you already know which one it is, but I won't confirm it at this stage.

TP

The more i hear stories like this the more sense it makes to me to keep renting, i have found that with most "deals " in thailand money is on a one way ticket if given to thais ,. Edited August 5, 2007 by mikethevigoman

[UnknownPoster]

A guarantee means almost nothing when dealing with the shameless.

You need to deal with people of high morals, integrity and ethics. Rare in Thailand.

You probably have heard this a thousand times. 'Don't bring money to Thailand unless you are prepared to walk away.'

There is a good reason for this overused comment.

People are willing to screw you over and not much can be done.

[JimsKnight]

I Agree on the lack of trust thing, although hopefully Pauly's cheques will be the exception to the rule, right Pauly?

Good luck

[ThaiPauly]

I Agree on the lack of trust thing, although hopefully Pauly's cheques will be the exception to the rule, right Pauly?

Good luck

That may well be the case.

The first cheque appears to have cleared

[Mobi]

I Agree on the lack of trust thing, although hopefully Pauly's cheques will be the exception to the rule, right Pauly?

Good luck

That may well be the case.

The first cheque appears to have cleared

Well done TP.

keep up the pressure on them.

My past experience in debt collecting in Thailand is to never stop the pressure. Keep calling the company, the secretaries - anyone. They hate it and the loss of face, especially when farangs are after them for money, and they will do anything, including paying up, to get rid of you.

Sometimes 'face' can work in our favour.

Good luck.

[midas]

I don't want to be mean to you. so, I will try to explain.

in a world where coups occur, ownerships change according to the whims of the new rulership. this is the way it is ANYWHERE in the world where coups occur.

if the rulers in place now wanted to, they could deny all foreigners the right to own anything here in thailand at any time that they see fit. and you couldn't do a thing about it. you could get a thousand lawyers working for you, and you wouldn't get anywhere. the rulers make the laws.

do you understand?

nick2k spot on ! People who have this deep desire to own real estate here

don't seem worried about the inherent risks and why take those risks

when you could just as easily park your money in a real estate investment

where at least the law is sensible ? Apart from what you have said the other thing is

the vast majority of farang condominium owners here will only ever be entitled

to some sort of visa - if you lost that for one reason or another

you wouldn't have time hang around to liquidate.

It seems tricky business in real estate is now on the rise. A farang friend of mine

contracted to buy a townhouse through his Thai company but the house

wasn't built to a proper standard. While they debated the defects list

the developer decided my friend was in breach of contract because he didn't

organise for the property to be transferred by a certain date - so the developer then

went off and resold the property to another person it is now being

purused in court so it will be interesting to see what sort of justice

will be handed down?

[quiksilva]

I Agree on the lack of trust thing, although hopefully Pauly's cheques will be the exception to the rule, right Pauly?

Good luck

That may well be the case.

The first cheque appears to have cleared

Good to hear it, glad to see that its working out and that they are honouring their end of the agreement. Good for you!