# Condo Advice (Ratanakorn Asset)



## cpr0duct

Hello all,

I have been trolling on this message board for quite some time now and finally had a reason to make an account. I apologize if this question has been asked before, I have done countless searches on google and this forum with no luck.

I am looking at purchasing my first condo abroad. I am in the US military and have visited Thailand several times in the past few years. I could see myself retiring here and would like to get a head start while I am single (and getting free housing from the military), to purchase a condo abroad so when I do retire everything will be paid off.

Right now I am looking at this condo (T.W. Jomtien Beach Resort - Platinum Suites - located off Thepprasit Road in Jomtien)

I will be taking another trip to Thailand in May and would like to view this property. 

1. Does anyone here have any experience with Ratanakorn Assets? 
2. How is the location of this property? 
3. Is financing available to foreigners if a large down payment is used?
4. Once the decision is made to purchase the condo, how long does it take to complete the transaction and do I need to be in country to do this?

If any additional information is needed please let me know, I figure it would be best to ask the experts actually living in the country first rather than just jumping into something without guidance. Thank you!



Respectfully,
Conan


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## KhwaamLap

Don't know about that particular place, but it can be a real minefield here. mortgages and even HP from the builders is sometimes possible, but they would,need some proof of your ability to pay and ur residence in Thailand (they will not want to chase you to the States!), so is probably not realistic.

Condos IMO are not great investments here - they rarely appraise in value and building often dilapidate (my father in law bought a new one just 7 years ago and already there are cracks in the walls!) - in general Thais build and walk away, they often do little to maintain them and that affects both the resale price and the life experience if you live there.

I think you really want to consider this move first - it may be better to find a safer long term investment until you are ready to move - who knows by then they may have relaxed land ownership and you might be able to get a house instead


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## teds_2520

*Avoid it at all costs.*

I purchased into the T Wong Amat (Ratanakorn) condos in pattaya. I paid for two years before realizing that they will likely never be built. DO NOT give thai's money for property that has yet to be built. You will never get the money back and the property will be worthless. They will collect your money for as long as you are willing to give it.

Do not get lured in by sales pitches. Do not get lured in by greed, thinking of how much it will be worth in the future.

As an american, you can buy a condo in a property that is 51% owned by thai owners. You can buy property with a thai corporation with 4 ghost partners that just "signed paperwork" and disappeared. There are a lot of options. First, get a reputable lawyer. Go to the college and hire the law professor. Get somebody who is in the rotary club or does charity work.

I was in the army for a while, Now I work as a contractor. Do your homework and never buy pre-built or in construction. 

For 50K USD, you can buy a fairly nice condo in bangkok, built and paid for.

Good luck.


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## cpr0duct

teds_2520 said:


> I purchased into the T Wong Amat (Ratanakorn) condos in pattaya. I paid for two years before realizing that they will likely never be built. DO NOT give thai's money for property that has yet to be built. You will never get the money back and the property will be worthless. They will collect your money for as long as you are willing to give it.
> 
> Do not get lured in by sales pitches. Do not get lured in by greed, thinking of how much it will be worth in the future.
> 
> As an american, you can buy a condo in a property that is 51% owned by thai owners. You can buy property with a thai corporation with 4 ghost partners that just "signed paperwork" and disappeared. There are a lot of options. First, get a reputable lawyer. Go to the college and hire the law professor. Get somebody who is in the rotary club or does charity work.
> 
> I was in the army for a while, Now I work as a contractor. Do your homework and never buy pre-built or in construction.
> 
> For 50K USD, you can buy a fairly nice condo in bangkok, built and paid for.
> 
> Good luck.


Thank you for the advice. I will hold off on buying the condo, save up and get something built already...condo or house in the near future. I was hoping that company would be respectable but I guess not.


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## teds_2520

cpr0duct said:


> Thank you for the advice. I will hold off on buying the condo, save up and get something built already...condo or house in the near future. I was hoping that company would be respectable but I guess not.


If you have messenger, add me as teds_2520 ya ho o


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## Abroadprop1

*Help on getting money back from Wong Amat*

I wonder if you can help. I am new to this site.

Over the last two years I have already paid tens of thousand of pounts to Ratanakorn for a condo in Wong Amat (25% of total cost). Things were different then, my husband is ill and have been out of work for over 18 months. I do not think he will ever work again and I am losing my job at the end of May. So I will not be able to pay my own mortgage, never mind put the final 75% payment to Ratanakorn.

I really do not want to lose the money that I put in Wong Amat as it did come from my mortgage (remortgage several times to meet the payments) and now I need the money back to pay my own mortgage back and live.

I have sent an Email to Ratanakorn and he said the would like 50% of the money up front and the rest in installments but I cannot do this. I have tried to call him, but it appears that he does not want to speak to me. He also said that he cannot sell the condo for me.

I wonder if the condo is really completed and habitable so that it can be rentable Do you think that a solicitor would be able to double check this and get me more time if the flat is not ready to let. Is there any habitation certificate that needs to be obtained in order for the condo to be habitable, e.g. it has gas, electicity, snagging is completed, grounds are landscape etc. 

What do you think I can do? Apologies to ask you but I do not know anyone else. I really need and appreciate your help to get some money back or could suggest a deal I can do or someone I can contact.

thnak you


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## KhwaamLap

Oh dear. Sorry but you need a good solicitor and quick. My guess though, I'm afraid, is that you will forfeit under the terms of the contract. You took bad advice at the beginning - never, ever, ever, buy an uncompleted building here and never buy from overseas. Sorry to be pessimistic, but Thailand not a great place for real estate investment at the best of times, and with so much over building and charlatan building on illegal land, etc - one really has to watch themselves. Many people pay for condos that never get finished - there is little insentive if they already have the money or have a guaranteed payment structure in place.

Just out of interest how much have you paid? how much outstanding?

Is it possible to perhaps rent out your home in the UK, downsize (or come live in the condo if its finished) and let the UK rent cover the costs?

Good luck


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## Guest

Seconded, it sounds as if you need a good solicitor to check out your options. But don't spend too much on legal advice, I'm afraid KL might be correct. If you default on installment payments, you may forfeit your ownership rights. You need to go through the contract with a fine tooth combe - there must be something that specifically details your position in this event, it's hardly uncommon.

I'm really sorry to hear of your troubles, life delivers some hard blows at times, but you may have to think in terms of damage limitation rather than rely on the very possibly forlorn hope of recovering money from Thailand, I'm afraid.


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## Abroadprop1

*Any good solicitor in Pattaya specialised in property litigation?*

Anyone knows of a good solicitor who will be able to see a way forward and get me some money back. I have already paid 2M bahts and there is another 4M bahts outstanding.

I live in the UK with my family and never have been in Thailand and have no plans to go.

Many thanks

Margarita


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## Serendipity2

Abroadprop1 said:


> Anyone knows of a good solicitor who will be able to see a way forward and get me some money back. I have already paid 2M bahts and there is another 4M bahts outstanding.
> 
> I live in the UK with my family and never have been in Thailand and have no plans to go.
> 
> Many thanks
> 
> Margarita



Abroadprop1,

You've been given good advice, above. 

All I can add is to find out if the condo actually exists in a completed state and, if so, can you rent it. It may not even be started yet and the developer was selling condos hoping to get enough money to build. If you know someone in the area give them your unit information and project name and see if it's finished. I would then find an attorney/solicitor to see if the developer broke any laws and scammed others. 

Never buy anything you can't walk over to and touch and NEVER buy in a foreign county until you've actually moved there. Finally, never buy a condo until it is completed and ready to move in. Good luck and sorry for your travails.

Serendipity2


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## Serendipity2

cpr0duct said:


> Hello all,
> 
> I have been trolling on this message board for quite some time now and finally had a reason to make an account. I apologize if this question has been asked before, I have done countless searches on google and this forum with no luck.
> 
> I am looking at purchasing my first condo abroad. I am in the US military and have visited Thailand several times in the past few years. I could see myself retiring here and would like to get a head start while I am single (and getting free housing from the military), to purchase a condo abroad so when I do retire everything will be paid off.
> 
> Right now I am looking at this condo (T.W. Jomtien Beach Resort - Platinum Suites - located off Thepprasit Road in Jomtien)
> 
> I will be taking another trip to Thailand in May and would like to view this property.
> 
> 1. Does anyone here have any experience with Ratanakorn Assets?
> 2. How is the location of this property?
> 3. Is financing available to foreigners if a large down payment is used?
> 4. Once the decision is made to purchase the condo, how long does it take to complete the transaction and do I need to be in country to do this?
> 
> If any additional information is needed please let me know, I figure it would be best to ask the experts actually living in the country first rather than just jumping into something without guidance. Thank you!
> 
> 
> 
> Respectfully,
> Conan




Conan,

In a word, DON'T. 

You will be sorry if you do. Wait until you are actually living where you will own property. They can tell you the unit will pay for itself but most likely they tell everyone that. Read the horror story, below, and make up your own mind.

Were I in your shoes I would wisely invest my money and save until you can buy something but don't let these thieves into your back pocket or bank account or they will suck every dime they can and vanish. Or just not build your unit. Try and get your money back. These guys are experts and the game is being played on their home turf. You have NO chance of winning if something goes wrong.

Serendipity2


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## pinoy_expat

teds_2520 said:


> I purchased into the T Wong Amat (Ratanakorn) condos in pattaya. I paid for two years before realizing that they will likely never be built. DO NOT give thai's money for property that has yet to be built. You will never get the money back and the property will be worthless. They will collect your money for as long as you are willing to give it.
> 
> Do not get lured in by sales pitches. Do not get lured in by greed, thinking of how much it will be worth in the future.


I would agree 100 percent. Never trust the Thais. Only buy the property when it is (literally) visible and completed. I saved a friend for not spending 10 million baht to buy a Villa in Phuket that I found out a scam. The documents that they will present to you, including the building planning are really deceiving. Consult with a Property lawyer in Thailand. Go for a Law Firm with available Foreign and Thai lawyers so the language barrier will not be an issue. Good luck.


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