Buying A House

[ChiangMaiThai]

I've heard rumors that some companies in LOS make it possible to buy a house with no money down. Can this be possible? If so, what's the catch?

[tattoodrob]

I've heard rumors that some companies in LOS make it possible to buy a house with no money down. Can this be possible? If so, what's the catch?

the catch is they say no deposit down but they want monthly installments and then large payment before you can have the house.in thailand no money down means no initial deposit but sometimes thats bull as they want something called contract fee up front and often a few weeks after you say you want the house.i dont think you will find a house here where you can move in first with no fee and pay monthly,you certainly wouldnt get the chanote/house title.

[blizzard]

if u dont have down payment you cant afford it!

[WilliamJarvis]

you used to be able to buy condos with a "no money down" sales pitch. You could also move in straight away.

The catch was, you had two years to find funding to pay the purchase price of the condo. During that time, you paid a "rent" to the developer. If you arranged the financing in that time, the rent was deducted from the sale price of the condo. If you failed to arrange financing in that time, you lost the rent paid, plus you had to move out.

To be honest, given the nature of its business, it would not over surprise me if Land & House (being both a developer and a bank) made an offer like this.

But there's always a catch. So read the fine print!

And always remember, if you're not Thai, never invest more in Thailand than you would at the tables in Las Vegas. Because that, in truth, is what it is - dead money.

Edited January 22, 2008 by WilliamJarvis

[swain]

you used to be able to buy condos with a "no money down" sales pitch. You could also move in straight away.

The catch was, you had two years to find funding to pay the purchase price of the condo. During that time, you paid a "rent" to the developer. If you arranged the financing in that time, the rent was deducted from the sale price of the condo. If you failed to arrange financing in that time, you lost the rent paid, plus you had to move out.

To be honest, given the nature of its business, it would not over surprise me if Land & House (being both a developer and a bank) made an offer like this.

But there's always a catch. So read the fine print!

And always remember, if you're not Thai, never invest more in Thailand than you would at the tables in Las Vegas. Because that, in truth, is what it is - dead money.

You can buy a house with a very small down... 150k baht will get you into a 3 bedroom house... (if you have worked on your credit in Thailand)... we are doing this with two houses now. The monthly for both total is under 16k baht. Much better than renting and almost the same price. But we have been working on credit for sometime.. bought and paid off a new car over 5 years plus a few of the local credit cards. We have been doing this for years.. but you really only need to get your credit established over 6 months to a year to start looking pretty to the banks. My wife is Thai and the credit we worked on was hers and the houses are in her name as well.

[torrenova]

Agree with the credit thing and you don't have to wait 5 years, 6 months is fine.

Another way to get round this prolem is where you have a cash rich guy and a cash poor guy who does have a reasonable income and a non Thai. The first guy can buy the house for cash and offer terms to the 2nd guy which are effectively no deposit but with a hefty repaymeny schedule over a very limited number of years.

I have a friend doing this now on a near 2m baht house over 5 years offering a couple of percentage points above the rate the guy could have achieved locking his cash up for 5 years. When you think about it, it is quite appealing.