How to recover money from an estate developer in Thailand ?

[elgordo38]

10 hours ago, Borzandy said:

The developer didn't pay the land and the land owner never been asked to sell it...

One poster stated this also happens in other countries. Possibly true to some extent but the developer would never get a way with this HS in the USA

[swissie]

I have met a few 100% atheists, freshly arriving in Thailand. After a condo-deal going sour, they have turned back to religion. Knowing that legally, there is nothing that will bring back all that good money. Only a merciful "act of god" may, under the best of circumstances. Amen and Cheers.

[steven100]

how much did you give him  ?

[KittenKong]

9 hours ago, Fulwell53 said:

Surprise surprise a condo development fails before completion and people lose deposits.

Again the usual suspects would have us believe unscrupulous developers and dodgy developments happen only in thailand.

They are commonplace in the us, uk, oz in fact all over the west.

You are always taking a risk with such investments.

 

I dont think many people have lost money on off-plan property scams/failures in the UK over the last 20 years, maybe even much longer. Even Spain has cleaned up its act significantly since the 90s and apparently people who lost out back then will even be getting reimbursed by the banks who guaranteed the developments at the time.

 

Here loss is a regular occurrence and many of the losses arent even reported anywhere as many of the victims, just like the OP, dont know how to complain or where to complain to. As the sums involved are usually fairly small many probably just bite the bullet and accept the loss, and learn from their experience never to trust Thais.

And even if some of them do complain there is a good chance that the situation will be down-played to protect Thailand's image. Glasnost has no Thai translation that I am aware of.
There is very little consumer protection in Thailand and law enforcement here is feeble at best, and there are a hell of a lot of smarmy scam artists of all skin colours in the property business (and other businesses) here. People should be aware of this before signing the contract.

[funandsuninbangkok]

On 5/21/2017 at 0:22 PM, steven100 said:

sorry to hear of your loss .....     TIT ...    caveat emptor  .....

 

Happened recently in Bangkok ....  expats lost their money ... developer shut shop

Where?

[funandsuninbangkok]

Good luck

 

http://m.phuketgazette.net/phuket-news/Emerald-group-accused-illegal-activities-Phuket/66330

 

i love this propaganda just a few months before

 

http://krabi-magazine.com/2015/11/28/emerald-development/

 

thing is, you can rent villas now in Phuket for the price of a holiday inn. 

 

Rent in Thailand. Invest elsewhere 

[davidst01]

YOur not the first to go through all this. The most famous case is this guy:

 

http://www.bbc.com/news/magazine-34346620

 

Even resorting to the press didnt work very well but the bitch ended up in prison. 

 

I will always remember this guy saying its impossible to find an honest lawyer in thailand. No ethics...

[elgordo38]

23 hours ago, swissie said:

I have met a few 100% atheists, freshly arriving in Thailand. After a condo-deal going sour, they have turned back to religion. Knowing that legally, there is nothing that will bring back all that good money. Only a merciful "act of god" may, under the best of circumstances. Amen and Cheers.

Ah yes religion the insurance of last resort. 

[GPThai]

The office of Consumer Protection (apparently...) told me they can be used to monitor the case up to the court.

Does anybody know if they are efficient for that kind of claim ?

Most lawyers told me indeed that, if we are lucky, the case may be settled in 3 months. If not, it will take years :-)

[KittenKong]

6 hours ago, GPThai said:

The office of Consumer Protection (apparently...) told me they can be used to monitor the case up to the court.

Does anybody know if they are efficient for that kind of claim ?

 

Yes, which was why I mentioned them in the first reply to your initial question last week.

 

Though as with everything in Thailand, it will depend on which way the wind is blowing on the day.

[GPThai]

OK Thanks

Will try

[steven100]

23 minutes ago, GPThai said:

OK Thanks

Will try

GPThai ... hope you get some positive from that.

how much is invested  ?

[GPThai]

50 000 Euros

Not enough to be bankrupt

Big enough to try to get it back...

[gooeylove]

Reality of these shoddy developers is they prey on individuals investing all they have in their developments.  They know the buyers wont risk or cant afford to loose more money to fight to recover the money owed to them.  

 

Similar stories in Pattaya with Gordon Gillen and TAG Group Thailand.  The only investors that got any of their cash back from condos anf houses that were never built or partially complete were those that were excessively persuasive early...  waiting for the law (6yrs later) to take care of matters allowed this scum bag to hide millions, sell off enough land to build a further planned 500+condos and then disappear without paying anyone the money they were owed...

 

Anyone know where Gordon Gillen is???  

He had plans to develop town 2up 2down style town houses in Phuket... be warned he ( or his wife Pla) could still be around scamming people 

[Khun Jean]

If you want to spend the time and money go after them quickly before the rest of the people who made down payments do the same.

Maybe offer them to pay back 75% without going to court. You never know, can always try.

 

[Destiny1990]

What with that failed skyscraper at Bali Hai pier has it been demolished yet or refunded?

[funandsuninbangkok]

Money is gone. Tuition of School of Hard Knocks. 

 

For those who prefer a cheaper lesson just read about buying real estate here in TV. Good place to start

 

 

 

 

[tomwct]

Thailand is a Third World Nation with Third World Laws. Never buy anything site unseen! You've learned a hard lesson.

[bulldog 444]

what is the likely scenario if a condo development is more than half way complete and less than a year to completion and then runs out of cash or has too much debt?, does the bank finish it? does it lie as a empty building, does a white knight come in?

is this just as bad as say waterfont? or is there hope as probably 70% of constrution completed? I don't really see many almost finished condos lying deserted and unfinshed forever so maybe there's hope?

[Chasstar325]

Actually all of Emeralds projects are frozen.

Ao Nang project is over, white sands the land owners are paying people back.

Central project frozen

city life project never started 

Jade, Luxe , Nirvana frozen

Terrace 2 not started