Can farang attend Thai foreclosure and bid?

[pbrock]

Can farang attend Thai foreclosure and bid?

[Esso49]

Yes of course if you understand Thai.   Been to one or two but always suspected that the outcome for some of the better places was rigged.

[Garry]

On 8/20/2018 at 5:49 PM, Esso49 said:

Yes of course if you understand Thai.   Been to one or two but always suspected that the outcome for some of the better places was rigged.

Same for the seized supercar/car auctions 

[TheFishman1]

Would you expect anything else TIT

[jippytum]

Yes you can bid in Thai auctions .First you have to adhere to the  all pre sale conditions imposed by the auction house

[MyFriend You]

14 hours ago, jippytum said:

Yes you can bid in Thai auctions .First you have to adhere to the  all pre sale conditions imposed by the auction house

I know, again with the 'I have a friend' story but he worked in the US Embassy Bangkok, six years ago, he & his American wife went to one and bought a six bedroom house on half a rai of land just past Bearing BTS in Bangkok for 14 Million baht - reckons its worth almost 50 Million today.  and of course thirty, thirty Chanote went with it.

[Lee4Life]

On ‎8‎/‎20‎/‎2018 at 3:49 AM, Esso49 said:

Yes of course if you understand Thai.   Been to one or two but always suspected that the outcome for some of the better places was rigged.

If you are talking about the government land and house auctions you can't bid, my wife is a US citizen and went along with her Thai niece. They allowed my wife in but only her niece could bid. 

[mike324]

Its pretty transparent nowadays and not rigged, I have thai friends who bid on cars and properties from banks and government and took possession without any problems. Some events are broadcast live as well. 

[ncc1701d]

Anyone have links to these auctions?

[RAZZELL]

1 hour ago, ncc1701d said:

Anyone have links to these auctions?

Some of these no longer work:

 

https://mister-kwai.com/foreclosure-thailand-bangkok.html

 

But if you google "Thai Bank house auctions" they all come up.

 

http://www.bangkokbank.com/BangkokBank/AboutBangkokBank/AboutUs/PropertiesForSale/Pages/default.aspx

 

https://www.cimbthai.com/en/property/properties-for-sale/property-list.html

 

https://www.kasikornbank.com/en/PropertyForSale

 

etc etc etc

 

I "believe" that Thai banks are very reluctant to cut their losses on property loans.

 

Hence, why you see repossessed houses on sale for years - the Banks don't want to take a "paper" loss.

 

RAZZ

 

 

[Senechal]

On 8/23/2018 at 1:52 PM, RAZZELL said:

 

 

I "believe" that Thai banks are very reluctant to cut their losses on property loans.

 

Hence, why you see repossessed houses on sale for years - the Banks don't want to take a "paper" loss.

 

RAZZ

 

 

 

Exactly. Behind these foreclosures are buyers who couldn't generate enough rental income to pay the mortgage.  (If they could have leased the properties out, they would have done so to avoid foreclosure. And if they could have sold the properties they would have done so to avoid foreclosure.).

 

In other words, these properties were overpriced to begin with, relative to market demand. 

 

Even at a foreclosure sale, most aren't worth the asking price -- as has already been proven by the market.  

 

...But the moment the banks admit that is the moment they realize their loss. 

 

 

 

 

 

Edited August 24, 2018 by Senechal