Quickly resolve 'mood' real estate

Khang Gia Apartment (Tan Phu) is one of 60 apartment buildings in the city that are mortgaged to banks, so many households who bought houses here have not been granted certificates - Photo: QUANG DINH

This is not an isolated case, in Ho Chi Minh City there are about 60 similar apartments. They are called "mood" real estate because it causes so much anxiety and insecurity for buyers.

Among those caught up in the "mood" real estate situation, there are those who receive the house but cannot get the certificate.

Some people received their house but were suddenly asked to leave it so the bank could foreclose on them because of the loan that the developer had taken out. Some people also bought a "mood" property but lost everything.

The reason is that the investor took the buyer's money but still mortgaged it, then could not pay the debt, the bank seized it and auctioned it off.

After many years of paying, the buyer was left empty-handed, and the buyer, through auction, naturally resold these apartments at a much higher price than the original buyer.

The original buyer only got his money back plus some interest, but not enough to buy another apartment.

And most recently, Dong Nai has also initiated a criminal case of fraud and property appropriation related to the Giang Dien low-density residential and eco -tourism project (Giang Dien Tourism Joint Stock Company).

This is also a "mood" real estate because thousands of people have contributed more than 1,000 billion VND but still have not seen legal land...

This "mood" real estate forest shows that there was a time when real estate laws were not strict or not strictly implemented, allowing real estate businesses to act recklessly, taking advantage of and even abusing buyers who were thirsty for a place to live.

How to deal with investors who cause real estate "moods"? Difficult. But can we just let it drag on forever, because the longer we wait, over time the investors will quietly disappear from the market, and then the buyers will suffer.

If things continue as they are now without intervention from the government and the law, there will be endless confrontations between home buyers and banks, while investors freely "disappear", then the home buyers will suffer.

Lessons from Giang Dien low-density residential area and eco-tourism are worth considering.

Because previous investors have disregarded or taken advantage of loopholes in the law to do whatever they want, now we can only use the law to determine right and wrong, when the rights of buyers are protected, and to what extent...

Even in the worst case, the court's judgment will be the basis for determining the rights of the buyers. Avoiding reality and delaying the resolution of these real estate projects, the rights of the buyers will never be protected.

We are preparing to implement the management of the real estate market according to the newly issued laws, expected to take effect from August 1. Loopholes will be closed, abuse will be reduced but it does not exclude some businesses that still act recklessly.

And regardless, the rights of previous buyers must still be protected by law.

The strict sentences are a warning to prevent investors from doing anything reckless, and at the same time, restore justice to thousands of home buyers who have accidentally bought "mood-filled" real estate, helping them quickly end their emotional times.

Source: https://tuoitre.vn/giai-quyet-nhanh-bat-dong-san-tam-trang-20240625112517899.htm