developers financing properties

[jingjoe]

I came across a development called eden gardens/marble homes they offer a 15year full finance at 6% interest.
I quite like the idea of paying a mortgage.I think this would give the developer incentive to upkeep the development.It would also be good for my son and wife(ex) to see that us farangs aren't multi millionaires and we don't run to the bank and buy everything for cash when ever we like.
Anyone live on this development,like?dislike, what about the idea of vendor finance?
any other builders offer these terms?.

[advocate]

Be sure they are not keeping the Chanote title while you pay them the "mortgage". You want the Chanote in your name/company, with the mortgage registered at the land office.

If they keep the Chanote until you pay in full, there is nothing to stop them from mortgaging the property to any other bank or person. You could end up making payments but have no legal ownership.

[JW]

Speak to Chavalit Finch, they will make sure you are not compromised.

[jingjoe]

thanks for the legal advice,a lawyer is definitely a must have in these situations.
Anybody have any feedback on this development,any other developments with similar finance terms worth having a look at.
I had a look at the samroi yot area/pranburi,its another little gem worth investigating.

[advocate]

Some of these places offering financing are way overpriced and take advantage of people who cannot pay up front. They have a right to make interest on the financing, just be sure you are not paying too much for the initial purchase.

IMHO, Pranburi ect, are too far south, and most people I know who bought that far south feel isolated. The highway south is crap and can be dangerous. No tuk tuks, too far to come to Hua Hin for socializing, and then driving home.