I have been looking at houses for auction on the LED website but I'm a little confused. Most houses are auctioned without an attached mortgage but some state that a mortgage is attached, for example:
'To be sold by mortgage, mortgaged by the Government Housing Bank, mortgage debt of 2,308,757.59 baht.
Appraisal price by appraisal experts
The assessed price of the enforcement officer
Amount 1,941,600.00 baht'
What does this mean exactly? Does the buyer have to pay off the mortgage debt of 2,308,757.59 baht? But that wouldn't make sense as the appraised price is 1,941,600.00 with a possible reduction of 30% to 1.359.120.00. Can anyone clarify what is meant by to be sold by mortgage?
