Condo Buying Advice

[hernik]

Hi,

I'm a foreigner, considering to buy a small condo in a new project in Bangkok (price range 2 - 2.5 million baht). The project is still in pre-sale phase, but I'm wondering if it's normal by developers to have an "approval process" for potential buyers? Do they need to see proof of funds or financing, before I make down payment (10-20%)? When I visited the sales office, they seemed very eager to close a sale same day with free gifts, buy that wouldn't leave much time me to arrange things.

I'm especially wondering if the developer need to see proof of 100% funding before I "sign", and make the initial down payment of 10-20%. Or is it normal for developer to just "trust" the buyer to come up with the remaining 80-90% at transfer/closing date?

/Henriik

[think_too_mut]

They don't care.

That's how speculators work - none of them has paid more than deposit and whatever monthly installments are due until completion.

Upon completion - 90% of the building goes on resale by the speculators, that's when the funds have to be produced.

[hernik]

They don't care.

That's how speculators work - none of them has paid more than deposit and whatever monthly installments are due until completion.

Upon completion - 90% of the building goes on resale by the speculators, that's when the funds have to be produced.

Thanks for the feedback, much appreciated.