CHANGOVER Posted June 15, 2013 Share Posted June 15, 2013 We had a buyer for our house in Nakhon Sawan but she has informed us that as our house was in one of the areas of 2011 floods she has been refused a mortgage by the banks. Is this possible or maybe she's using it as an excuse for not having enough deposit etc? Link to comment Share on other sites More sharing options...
robblok Posted June 15, 2013 Share Posted June 15, 2013 I think this is not a likely story as here in Bangyai there was flooding too and many housing projects are still selling. I doubt they all buy those houses without a mortgage. Link to comment Share on other sites More sharing options...
CHANGOVER Posted June 15, 2013 Author Share Posted June 15, 2013 I tend to agree. Probably a 'face saving' excuse. Link to comment Share on other sites More sharing options...
Pib Posted June 15, 2013 Share Posted June 15, 2013 Well, the bank may have said it was in a flooded area and they would require her to put up more money (i.e., like maybe the bank would only provide 50% of the purchase amount and she had to come up with the rest, etc), but I seriously doubt the bank would say they would not provide "any mortgage" on a house which was in one of the 2011 flooded areas. Heck, probably 20% of Thailand was impacted by the 2011 flood...I know my house/moobaan in western Bangkok was as we had around 1.5 meters of water in our moobaan for around a week and probably 1.0M for two weeks, and 0.5 meters for one week. They are still building, buying and selling houses in my moobaan and I expect most of them are bought with mortgages versus cash since I expect most of the houses are in the 8-15M baht ballpark. 1 Link to comment Share on other sites More sharing options...
trogers Posted June 16, 2013 Share Posted June 16, 2013 She probably did not even know that the house was flooded in 2011 until the bank told her. And she decided not to purchase based on this info and used the bank as an excuse. 1 Link to comment Share on other sites More sharing options...
CHANGOVER Posted June 16, 2013 Author Share Posted June 16, 2013 She probably did not even know that the house was flooded in 2011 until the bank told her. And she decided not to purchase based on this info and used the bank as an excuse. As she lived in the soi 500 m away I'm sure she knew! Her house was completely underwater. Which is why she wanted ours as it's on higher ground and not prone to flooding...normally. Link to comment Share on other sites More sharing options...
swissie Posted June 16, 2013 Share Posted June 16, 2013 Imagine, if banks wanted to increase the collateral to 50 % or more for all existing homes starting tomorrow in "flood-aereas". Cheers. Link to comment Share on other sites More sharing options...
PattayaPhom Posted June 16, 2013 Share Posted June 16, 2013 Banks as insurers will refuse business on flooded areas, so either a point blank refusal or as stated a larger deposit required. Link to comment Share on other sites More sharing options...
CHANGOVER Posted June 16, 2013 Author Share Posted June 16, 2013 Banks 'as banks' will never refuse business. Just depends if you can afford the 'intro fee' as I was alluding to. I think it was a face-saving issue, not the banks refusal of a mortgage because of a 'possible' flood risk which would apply to at least 50% of Thailand! Link to comment Share on other sites More sharing options...
gtm2k Posted June 21, 2013 Share Posted June 21, 2013 Well, the bank may have said it was in a flooded area and they would require her to put up more money (i.e., like maybe the bank would only provide 50% of the purchase amount and she had to come up with the rest, etc), but I seriously doubt the bank would say they would not provide "any mortgage" on a house which was in one of the 2011 flooded areas. Heck, probably 20% of Thailand was impacted by the 2011 flood...I know my house/moobaan in western Bangkok was as we had around 1.5 meters of water in our moobaan for around a week and probably 1.0M for two weeks, and 0.5 meters for one week. They are still building, buying and selling houses in my moobaan and I expect most of them are bought with mortgages versus cash since I expect most of the houses are in the 8-15M baht ballpark. Which part of west bangkok are you in please ? Link to comment Share on other sites More sharing options...
Pib Posted June 21, 2013 Share Posted June 21, 2013 Well, the bank may have said it was in a flooded area and they would require her to put up more money (i.e., like maybe the bank would only provide 50% of the purchase amount and she had to come up with the rest, etc), but I seriously doubt the bank would say they would not provide "any mortgage" on a house which was in one of the 2011 flooded areas. Heck, probably 20% of Thailand was impacted by the 2011 flood...I know my house/moobaan in western Bangkok was as we had around 1.5 meters of water in our moobaan for around a week and probably 1.0M for two weeks, and 0.5 meters for one week. They are still building, buying and selling houses in my moobaan and I expect most of them are bought with mortgages versus cash since I expect most of the houses are in the 8-15M baht ballpark. Which part of west bangkok are you in please ? Khet TalingChan Link to comment Share on other sites More sharing options...
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