Korean Job Discussion Forums

[jonbowman88]

I'd like to find my own housing for next year, and secure the 400k/month pay raise. Here are my questions/concerns:

- Giving a Korean 40 million won in key deposit money in hopes of getting it back seems absurd to me.

- Is there insurance you can buy, to get the money back if the business/landlord goes bankrupt?

- If the landlord says, �Sorry, I went bankrupt�, is there nothing you can do? I mean there is no way I�m going to move out of an apartment without getting my money back.

- I feel like when I talk to Koreans about it you should just accept it as bad luck if the landlord goes bankrupt, and move on with life. This is lunacy.

- I understand through reading older posts that, you can take landlords to court and, after a lengthy process, you can win your money back. The money is obtained by auctioning the landlords assets off which can include the apartment itself. Where can I find these kinds of auctions/foreclosures to bid on?

- I wish this would be a sticky.

Thanks

[schwa]

An important first step is checking on the owner's financial status before handing over any money. Its on public record. Obviously liens on the property, unpaid bills, or overdue taxes are serious red flags. A real estate agent should customarily run this check for you, or you can do it yourself if you're Korean-capable or have a helpful friend.

The govt provides free deposit insurance but to qualify you have to register the agreement with the appropriate govt housing agency. Your agent should also assist you with this. Its not unlimited though & the cap varies depending on location. 20 mil max in my town & I've heard its up to 25 elsewhere.

[Yesterday]

[12bme]

...

[jonbowman88]

Thanks a lot for the advice, I really appreciate it.

Additionally, I was not requesting my 'own' sticky. I just said I wish it was 'a' sticky because it seems like this information might be relevant to many people. I did not see the apt/housing one. I am obviously an idiot noob who doesn't frequent forums everyday like you obviously must. My deepest apologies go out for such ignorance.

[Cohiba]