selling my house..but.. need urgent answer please

[Celsius]

1 hour ago, problemfarang said:

So this is the story: i will take 600k cash for myself. And the rest 2.3 mil buyer must pay to the bank. But we will not mention to the bank about that 600k cash. We will tell them we are selling it for the same amount as bank loan. 

 

These are some hilarious red flags.

 

Who made this Mickey Mouse deal? 

 

Actually everyone here is incorrect. Neither you or your ex wife owns a house yet. The bank owns it.

 

The buyer waits for the mortgage to be approved then pays you 600k? He absolutely doesn't have to do that as the bank who now owns the house paid it in full for the price agreed on the contract. How exactly go you get 600k in cash.

 

Again, you don't seem to get it. The buyer doesn't simply take over the mortgage. The buyer needs to qualify for a brand new mortgage with higher interest rates as this is now a second hand house.

 

Additionally the fees of 83k baht seem impossible based on the following facts stated by yourself.

 

The house is less than 5 years old.

 

The transfer tax will have to be paid.

 

The wife already owns another property. As a salaried woman who works for the government she will have to pay a withholding tax on this "profit" even if there was none.

 

The mortgage will most likely have a penalty.

 

You are looking  200k++ on a 2.3 mil house

 

Edited February 23, 2023 by Celsius

[BritManToo]

2 hours ago, problemfarang said:

So what should be steps for me to do:

1) tell the mortgage bank that ex wife wants to sell the house.

2) go to land office and pay the tax and name change thing: 2.3 mil %5 ? = 115k ?? ( this includes tax too or thats another expense?)

3) get 2.3 mil and close the mortgage.

 

Anything else?

 

Thanks a lot

Well,

1. the buyer will need to provide documents showing he can pay the mortgage.

2. he will need to buy a 20 year life insurance from the bank, 100% paid up front (usually around 100kbht).

3. your wife will need to complete all the paperwork at the land office (her house, not yours).

 

Can't see it happening myself.

 

[soi3eddie]

This is one of those stories that I'd like to hear the final outcome. Can the house be successfully sold, at what price and at what cost (fees and tax etc.)? 

Some here (me included), think it unlikely as too many possible roadblocks:

1) has the op been given honest facts by ex wife? 

2) has the mortgage/loan been paid, or even increased? 

3) will the interested buyer follow through or even be able to raise the new loan? 

4) will the buyer pay the extra 600k in cash on transfer? 

5) will the ex wife stay onside and follow through with the OP's plan? 

A lot of potential issues. Please keep the thread updated. 

Edited February 23, 2023 by soi3eddie

[problemfarang]

5 hours ago, Bangkokhatter said:

I don't understand the confusion.

 

Mortgage is in ex-wife's name so she informs bank she is selling, the Bank advise how much is left on the mortgage.

 

Buyer agrees selling price and up to them how they raise the funds, cash or apply for mortgage of their own.

 

Negotiate transfer costs between both parties and then go to Land office who facilitate the transfer.

 

Actually you can agree that any profit be paid directly to you, no need to go to ex wife first, but she will definately have to be involved at Land office.

 

Wife's Bank get paid their money, Land office get paid their money and wife gets the remaining amount (profit from sale) and then she pays that to you.

hi

great explanation

i just had a talk with the bank this morning and this is exactly what he told me. 

 

so first thing i need to go to the bank and tell them shes selling the house to this person. then as you said he will chose his payment method then go to land office 

ban money transfer is also as you said.

 

thanks

[BritManToo]

15 minutes ago, problemfarang said:

so first thing i need to go to the bank and tell them shes selling the house to this person.

First thing you need to go is get your wife (the homeowner) to go to the bank and say she's selling the house.

The bank won't care what you say as you don't own the house, and you don't owe them money.

The bank also won't care who is buying the house, they just want their money.

Edited February 23, 2023 by BritManToo

[soi3eddie]

1 hour ago, problemfarang said:

so first thing i need to go to the bank and tell them shes selling the house to this person.

Why would the bank talk to you? You are not their customer.

 

 

[Bangkokhatter]

27 minutes ago, soi3eddie said:

Why would the bank talk to you? You are not their customer.

 

 

Actually i am in similar situation as OP, apart from selling.

Originally i was transferring the mortgage amount to the wife until i found out she had missed two payments.

I went to the mortgage issuing bank with all details and although reluctant at first we ended up having a dialogue once they realised i was their only option of getting their loan paid.

The outcome of which ended up with me paying direct to the mortgage account and its been this way for around 18 months, with me and my daughter happily living in the family home.

 

However should the house go on the market then it is the wife as owner who will be involved in the selling process.

[Liverpool Lou]

22 hours ago, couchpotato said:

You actually have quite a complicated scenario, so you need to get excellent advice beforehand.

That why he's here! 

Edited February 23, 2023 by Liverpool Lou

[Liverpool Lou]

21 hours ago, problemfarang said:

She has phd and very high position in government

They all do!

[problemfarang]

4 hours ago, BritManToo said:

First thing you need to go is get your wife (the homeowner) to go to the bank and say she's selling the house.

The bank won't care what you say as you don't own the house, and you don't owe them money.

The bank also won't care who is buying the house, they just want their money.

yes thats what i mean. thanks

[problemfarang]

2 hours ago, Bangkokhatter said:

Actually i am in similar situation as OP, apart from selling.

Originally i was transferring the mortgage amount to the wife until i found out she had missed two payments.

I went to the mortgage issuing bank with all details and although reluctant at first we ended up having a dialogue once they realised i was their only option of getting their loan paid.

The outcome of which ended up with me paying direct to the mortgage account and its been this way for around 18 months, with me and my daughter happily living in the family home.

 

However should the house go on the market then it is the wife as owner who will be involved in the selling process.

 

i dont know about this situation but i dont think you can pay them directly. the mortgage is related to your wife and her ID and so on. most likely she has some app in her mobile and telling the payments and so on.

at this point i would not trust you are paying them. in the future all can come to a point actually you didnt do any payment. i would check this

 

UNLESS: your wife gave you the password to the bank app and you have the full ownership of the app. banks use app for the payment

Edited February 23, 2023 by problemfarang

[problemfarang]

wrong post

Edited February 23, 2023 by problemfarang

[Bangkokhatter]

5 minutes ago, problemfarang said:

 

i dont know about this situation but i dont think you can pay them directly. the mortgage is related to your wife and her ID and so on. most likely she has some app in her mobile and telling the payments and so on.

at this point i would not trust you are paying them. in the future all can come to a point actually you didnt do any payment. i would check this

 

UNLESS: your wife gave you the password to the bank app and you have the full ownership of the app. banks use app for the payment

i pay directly to the mortgage account number and the monthly statement is sent to the house.

I found out about the non payment as i opened a statement one day.

Previously i would pay to her account and she would transfer to mortgage account, was only 2 missed payments so wasn't burnt too much.

[problemfarang]

1 hour ago, Bangkokhatter said:

i pay directly to the mortgage account number and the monthly statement is sent to the house.

I found out about the non payment as i opened a statement one day.

Previously i would pay to her account and she would transfer to mortgage account, was only 2 missed payments so wasn't burnt too much.

ok.. thanks

[BritManToo]

8 hours ago, problemfarang said:

i dont know about this situation but i dont think you can pay them directly. the mortgage is related to your wife and her ID and so on. most likely she has some app in her mobile and telling the payments and so on.

I've paid 2 different womens mortgage.

The bank didn't care who handed them the money.

I have a card with the mortgage details on it, I just hand it to them when I make a payment and get a pink receipt showing interest rate, payment, and outstanding amount on the loan.

[problemfarang]

3 hours ago, BritManToo said:

I've paid 2 different womens mortgage.

The bank didn't care who handed them the money.

I have a card with the mortgage details on it, I just hand it to them when I make a payment and get a pink receipt showing interest rate, payment, and outstanding amount on the loan.

thnx

[DrJack54]

This is strange thread imo.

It's the wife's house and wife's mortgage.

Nothing to do with the OP.

SHE sells it to the "interested buyer" .

That buyer will be drawing up cheque to bank and to the x wife and pay his share of the transfer costs. 

The owner (wife) will pay her share of transfers. 

I have purchased a townhouse where the owner paid all transfers.

Have purchased a condo where transfers were 50/50.

Simple.

 

What then follows between the X wife and OP is irrelevant.

If she then hands over to him a wad of cash then good and well.

That's between them. 

 

The existing mortgage must be discharged. The buyer arranges his own finances.

 

Seems to me the PLAN is to try and save some money on the transfer costs. 

 

Obviously the buyer must be Thai. 

 

As pointed out by others. 

The OP has nothing to do with this transfer of the real estate. 

Edited March 5, 2023 by DrJack54

[problemfarang]

UPDATE 07/03/23 :

 

i sold the house yesterday. My ex wife, me and the buyer will meet at the bank next week. She will tell the bank she wants to sell the house for 2.8 and then the buyer will pay me cash 500K and transfer the the rest of the money to my ex wife. Ex wife will close the mortgage. 

then again we all will go to land office and do the name transfer. I agree with the buyer that we will pay it 50-50

 

for some people keep saying there is nothing about me in this case. Well there is. and thats the point some of guys cannot understand. yes, house is on my ex-wife name. yes it is her mortgage. so these are true. BUT she gave me the full right of the house. So it is ME who decides about the house. yes, it sounds like a dangerous game but as i mentioned in my previous post there are some really good thai women there not always after your money. she is one of them. all she wants is me to hurry get rid of the mortgage. so as she gave me the full rights about the house IT's ME in this. 

 

thanks for all comments and help. 

 

PS: it took 1 month to sell the house. its 3 year full high quality furniture house. so probably it helped a lot. 

[soi3eddie]

14 minutes ago, problemfarang said:

UPDATE 07/03/23 :

 

i sold the house yesterday.

No you didn't. The house in only "sold" once all the parties have received or paid the funds, and the title has been transferred. 

Please report back then.

 

[Celsius]

15 hours ago, problemfarang said:

i sold the house yesterday. My ex wife, me and the buyer will meet at the bank next week. She will tell the bank she wants to sell the house for 2.8 and then the buyer will pay me cash 500K and transfer the the rest of the money to my ex wife. Ex wife will close the mortgage. 

So the buyer is paying cash after all?

Because otherwise this makes no sense.

 

[Delight]

Clearly the house is in her name.

Unless you have some separate  legal agreement -then you own nothing and have no rights.

The best solution is to transfer the land/house to a Thai company that you control.

This can only happen if

A) Your local land  office accepts this arrangement.

B) Your Ex agrees and is willing to sign the transfer.

 

The cost will be the cost of setting up the company and transfer fees.

 

The land /house will be easier to sell if it is owned by a company.

This assumes that the future sale is to a foreigner .

Very low transaction costs when selling a property which is owned by  a company

[problemfarang]

10 hours ago, Celsius said:

So the buyer is paying cash after all?

Because otherwise this makes no sense.

 

500K cash to my bank account and 2.3mil to ex-wife account so she can close the mortgage. 

[GinBoy2]

I must have lost the plot somewhere;

 

Her House

Her Mortgage

 

Just walk away, lick your wounds and move on

[donx]

7 hours ago, problemfarang said:

500K cash to my bank account and 2.3mil to ex-wife account so she can close the mortgage. 

Initially, if I remember correctly, you planned on having a Thai friend purchase the house from your x-wife by "transferring" the mortgage from her to your friend. Since I'm sure you discovered this wasn't going to work and your friend would have to qualify for their own mortgage, I'm guessing that the person buying the house isn't the person you initially hoped would purchase it. I also assume that whoever is buying it now is paying in cash - 500K to you and 2.3mil baht to your x-wife.

 

If all of this is correct, are you planning on renting the house from the new owner or are you planning on moving out? I thought your initial plan was to keep living in the house. Is that still your intention?

[problemfarang]

11 hours ago, donx said:

Initially, if I remember correctly, you planned on having a Thai friend purchase the house from your x-wife by "transferring" the mortgage from her to your friend. Since I'm sure you discovered this wasn't going to work and your friend would have to qualify for their own mortgage, I'm guessing that the person buying the house isn't the person you initially hoped would purchase it. I also assume that whoever is buying it now is paying in cash - 500K to you and 2.3mil baht to your x-wife.

 

If all of this is correct, are you planning on renting the house from the new owner or are you planning on moving out? I thought your initial plan was to keep living in the house. Is that still your intention?

hi

yes, plan changed little bit. 

now the buyer is someone my friends friend. He accepted to pay 500K cash and the rest to my ex and again cash. Im not sure but i think his job is like buy houses redo them and sell again but again im not sure. i dont care about that part.

and again yes, the plan changed because of mortgage. The original planned buyer couldnt get that much.

 

your question is really good one. My plan is first i will move to a rent. and not sure what to do in the future. im seeing a new girl for a while... if things goes well i may think again about buying a new house with her.

 

you may ask why buy again. Well because i want to live in a house i can do whatever i want. plus a good rent house starts from 20K to 35K the house i want to rent is 25K.. if i buy a house in a muuban with swimming pool and gym i will pay half of 20-30K so why not. and dont forget that rental houses raise the rent every year. And i already talked with the lady im seeing and she accepted to pay half of it. so if i buy a house which is around 4mil. i will pay very little every month.

 

again some people will say its not your house. This is not about whose name the house is but the FEELING. its not easy to explain. but thats how it is. 

 

[DrJack54]

On 3/9/2023 at 11:28 AM, problemfarang said:

hi

yes, plan changed little bit

Silly thread from start to finish.

I would be embarrassed. Such naive posts. 

[still kicking]

On 2/23/2023 at 12:11 AM, problemfarang said:

Well... for 3 years i paid to her yes she paid. Some thai women are not like the wonen you met bro...

Is that why you got divorced?

[still kicking]

So, what I don't understand is why do Farangs keep buying or building houses in Thailand if they can't buy the land? (Apart from a few exceptions) So, if the wife or G/F owns the land can the farang still can sell the house? I still own a house and some other places in Thailand, but the land is in the in-law's name. But I live in the west now where you can't sell a house without the land it's stands on. Even foreigners on a student visa can buy a house or land. Am I missing something?

[asf6]

4 minutes ago, still kicking said:

I still own a house and some other places in Thailand, but the land is in the in-law's name.

Whose name is the house in? 

[DrCosmix]

Consult a decent lawer to get an overview.