A woman shared a story about sneaky Home-Buying Scam. She bought a house with cash and lost money for her dream home in a cruel scam.
On December 6th 2017, The Facebook page named “Mam Phodam’’ posted a story about a person who has fallen a victim to property fraud. This is a reminder for people who want to buy a house with cash to see what you can do to protect yourself.
The victim bought a house with cash and signed a contract with someone who claimed to be an owner of the home project. The owner stated that if the victim paid cash for a house, the builders could start the works immediately and the transfer of property would take place after the building works finished. However, the victim was required to pay 50 percent deposit, which was one million baht for building works, and about seven hundred thousand baht for built-in furniture along with a land contract that specified clearly when the property will be transferred to the victim.
On the settlement day, the owner of the project claimed that the house was built close to the boundary line without a permission and asked for time to clear up the problem. The new settlement date is then specified in the contract, but the victim found out later that the house cannot be transferred because of the mortgage.
Finally the truth was revealed that the Mortgagee and the owner of the project do business together. When the problems arise, they accused each other for the failure over the past two years. The victim gave a chance to clear up the problem but it didn’t work out. The owner of the project didn’t solve any problems, and the victim was sucked into a real estate scam.