Buying condo negotiations?

[utalkin2me]

I am preparing to buy a second condo in my wife’s name. The first one we bought off plan and all has gone well.

 

The one we like now we’d be buying a unit secondhand most probably. The units seem to be listed by the condo’s property management as far as I can tell. 

 

Of course we we just need to head over there and inquire about things, but before we even get started I was wondering what the process of buying through a property management company is like.

 

Do they just sort of connect you with the owner and you take it from there? Here in the states we have asking prices and an offer and counteroffer process, and I’m just wondering how that negotiating process will proceed. Any input appreciated. Thanks! 

[petermik]

Same here offer what you think its worth........not what they are asking....do some homework first of course regarding prices......too many units here....not enough buyers

[utalkin2me]

1 minute ago, petermik said:

Same here offer what you think its worth........not what they are asking....do some homework first of course regarding prices......too many units here....not enough buyers

Thanks. Last time I made a low offer and we walked out after they didn’t accept it, but that was the construction company not an owner. I suppose I will do as you say this time and make sure the owner has my contact info if he changes his mind. I was probably overthinking this I was just so stumped when they let us walk out last time and didn’t contact us back but that was a more coveted property right on the bts line. We did end up coming back and buying at the slightly reduced price they initially quoted, which I always thought was a bit of a mistake. 

[Peterw42]

Possibly not what they should be doing, selling real estate instead of managing the condo block, but they all do it. They are more or less like a real estate agent, in it for the commission, they will do the price negotiation, arrange paperwork, and most of the time accompany to the land office etc. Although, technically they work for the seller paying them commission, they will work for both to get the place sold and get commission.

The only thing to be aware of is they can fabricate some of the documents that the sellers needs to provide, mainly, a debt free letter from the condo management.

Edited November 9, 2017 by Peterw42

[scubascuba3]

Thanks. Last time I made a low offer and we walked out after they didn’t accept it, but that was the construction company not an owner. I suppose I will do as you say this time and make sure the owner has my contact info if he changes his mind. I was probably overthinking this I was just so stumped when they let us walk out last time and didn’t contact us back but that was a more coveted property right on the bts line. We did end up coming back and buying at the slightly reduced price they initially quoted, which I always thought was a bit of a mistake. 

Yes sometimes Thais just don't care, that's the risk you take making a lower offer.

 

It's worth checking online too, I've seen the same property listed by different agents at different prices.

Check neothai, that has the archive of original prices, Hipflat is good for seeing all the properties for sale at the same condo / current market price

 

[trogers]

Same process here with offer and counter offers. The seller pays comission to the agent. Transfer fees shared equally between buyer and seller, and all other taxes paid by the seller.

[natway09]

Do not get disheartened. If you first 3 offers are accepted, you have paid too much

[pipeflaw]

Before you get to the negotiations you need to find out how strong condo management is (not the management company, the Committee/BOD) and who controls the voting at annual meetings.  If a developer has retained units or not been able to sell them it's interests are quite often different than long-term owners and, if they control voting, and, hence, the manager, then you might find money spent on things that only benefit the developer.

[mike324]

Agents can assist you with the transfer if you don't want to do that yourself.  You can also offer a net price, instead of 50/50 on fees. But agents should be able to calculate the transfer fees and taxes for you as well.

 

Check hipflat for historical prices, as well as online on websites such as thinkofliving.com which normally lists the prices/sqm when the development first launch. It will give you a good indication of how much prices have gone up. If its a small development, it won't appear on thinkofliving.com

[MyFriend You]

I bought mine three months ago, the seller, a friend of mine, did all the paperwork, the Property management asked her in Thai why didn't she let them do it for her for 150,000 baht - they were embarrassed when they found out I understand/speak a good amount of Thai and heard their offer.  Almost all the condo's in our compound are bought/sold by the Condo Management (Rental Agent) company, they just make it easier - my friend just sold two other houses and some land, so knew how to do it.  I also split the transfer fees 50/50 with the seller.

[KittenKong]

11 hours ago, trogers said:

Transfer fees shared equally between buyer and seller, and all other taxes paid by the seller.

 

There is no hard and fast rule about this. It is entirely negotiable between the two parties, as is the price.

[trogers]

5 hours ago, KittenKong said:

 

There is no hard and fast rule about this. It is entirely negotiable between the two parties, as is the price.

That's the norm. But I highlighted these additional costs for a novice buyer/seller.

[nasanews]

Come buy my condo I will give you 10% discount plus I will handle transfer fees.

I'm sick of new built condos as walls are so thin you could punch your fist into.

[trogers]

6 hours ago, nasanews said:

Come buy my condo I will give you 10% discount plus I will handle transfer fees.

I'm sick of new built condos as walls are so thin you could punch your fist into.

Perform the all important acoustic test before committing on the deal:

 

 

2125835464108744.mp4

[BernieOnTour]

On 11/9/2017 at 6:14 AM, scubascuba3 said:

Yes sometimes Thais just don't care, that's the risk you take making a lower offer.

 

It's worth checking online too, I've seen the same property listed by different agents at different prices.

Check neothai, that has the archive of original prices, Hipflat is good for seeing all the properties for sale at the same condo / current market price

 

Both good sources to get an overview.

 

However, IMHO not necessarily a mirror of the real prices, as they are based on "asking price" and rely on agent input.

[utalkin2me]

13 hours ago, BernieOnTour said:

Both good sources to get an overview.

 

However, IMHO not necessarily a mirror of the real prices, as they are based on "asking price" and rely on agent input.

Where would you get more accurate pricing, or comp pricing in Bangkok? 

[trogers]

2 hours ago, utalkin2me said:

Where would you get more accurate pricing, or comp pricing in Bangkok? 

At auctions conducted by the Legal Execution Dept.

[KittenKong]

6 hours ago, utalkin2me said:

Where would you get more accurate pricing, or comp pricing in Bangkok? 

 

There is no accurate source of broad spectrum real sale prices here. Even if you asked the Land Office the prices they know may not be the real prices, and they wouldn't tell you anything anyway. Everything is shrouded in mystery.

 

Auctions, as mentioned, may provide a transparent figure but they may not be representative of average properties or average sale prices.

[trogers]

4 hours ago, KittenKong said:

 

There is no accurate source of broad spectrum real sale prices here. Even if you asked the Land Office the prices they know may not be the real prices, and they wouldn't tell you anything anyway. Everything is shrouded in mystery.

 

Auctions, as mentioned, may provide a transparent figure but they may not be representative of average properties or average sale prices.

From experience, early in an upswing,

 

Average sales prices = auction prices + 10%

 

 

Edited November 12, 2017 by trogers

[david555]

On ‎11‎/‎9‎/‎2017 at 11:14 AM, utalkin2me said:

Thanks. Last time I made a low offer and we walked out after they didn’t accept it, but that was the construction company not an owner. I suppose I will do as you say this time and make sure the owner has my contact info if he changes his mind. I was probably overthinking this I was just so stumped when they let us walk out la....you can st time and didn’t contact us back but that was a more coveted property right on the bts line. We did end up coming back and buying at the slightly reduced price they initially quoted, which I always thought was a bit of a mistake. 

If you really like the condo ...and you are afraid the agent does NOT contact the owner with your lower offer ....(?) you can decide to agent to pay him the % commission on the difference from the adverted price ... so he does not loose a baht ...and avoid so of not contacting the owner with YOUR lower offer as he does not like to loose commision money ......yes those "B....ts"... doing that sometimes ....

Edited November 14, 2017 by david555