Buying Poperty From The Bank

[GuestHouse]

Has anyone here bought land or property from a bank in Thailand?

If so do you have any advice

We've seen a couple of properties being sold by banks that we might be interested in and we are considering making an offer on one right now, but how much to offer?

The bank have quoted a price but when we received the paperwork it quite clearly states the property, the asking price and below that 'How Much do you want to offer?"

Clearly they are expecting an offer that might be below the asking price.

We are inclined to offer about 70% and see what happens, but does anyone know what the score is here?

The particular bank has over Bht370 Million worth of property and land up for offer, we figure they must be under pressure to get rid of it.

[OldAsiaHand]

The particular bank has over Bht370 Million worth of property and land up for offer, we figure they must be under pressure to get rid of it.

No bank in Thailand ever feels like it is under enough pressure to give any outsider a bargain. Bargains are reserved exclusively for relatives of the officers and directors. If the bank is willing to sell it to you, it's only because everyone's relatives and friends have already passed. You might want to ask yourself why....

[GuestHouse]

Yep figured so, but that doesn't answer my questions.

[OldAsiaHand]

I thought it did.

What I was trying to tell you is that my own experience is that banks generally intend to get their asking prices, or more, if they sell to an outsider. I've acutally encountered instances when they simply never responded at all to an offer from an outsider, even one near their asking price.

But by all means, offer anything you want and try your luck.

And check the title very carefully indeed.

[Thetyim]

I have bought a house from a bank, Krung Thai to be precise.

I visited all the banks in my town and looked at many, many houses.

Some bank managers are realistic and some are just stupid.

After several months of bargaining I got a very, very good deal.

PM me if you need more details, but basically you have to find the right house and the right bank manager.

[dr_Pat_Pong]

And don't listen to old asia hand. There's one bitter and sad old man.

[OldAsiaHand]

That's seems rather uncalled for. Why the personal attack? Although your own posts are consistently both witless and remarkably free of intelligence, I've never had any conflict with you that I'm aware of. How dare you casually label me 'a bitter old man.' You haven't a clue who I am or what I know.

I've done business with Thai banks for more than twenty years now and have accumulated a considerable amount of experience with them. If your experience is different and you have a different point of view, well, fine. Offer it for whatever it may be worth. But drop the personal attacks on me just because I have a differnt view. Particularly coming from a moderator, they are entirely inappropriate.

[GuestHouse]

Thetyim,

Thanks for your kind offer of advice, I have sent you PM with an outline of what we have done and a few questions.

Again thanks in anticipation.

[Dutchy]

Anti Thai sentiment removed.

Edited June 18, 2004 by dr_Pat_Pong

[Davidcharles]

And don't listen to old asia hand. There's one bitter and sad old man.

He has a point, but he is also a bit too sensative, in my sad and bitter opinion!

[dr_Pat_Pong]

And don't listen to old asia hand. There's one bitter and sad old man.

He has a point, but he is also a bit too sensative, in my sad and bitter opinion!

It would be S E N S I T I V E to be exact.

[dr_Pat_Pong]

That's seems rather uncalled for. Why the personal attack? Although your own posts are consistently both witless and remarkably free of intelligence, I've never had any conflict with you that I'm aware of. How dare you casually label me 'a bitter old man.' You haven't a clue who I am or what I know.

I've done business with Thai banks for more than twenty years now and have accumulated a considerable amount of experience with them. If your experience is different and you have a different point of view, well, fine. Offer it for whatever it may be worth. But drop the personal attacks on me just because I have a differnt view. Particularly coming from a moderator, they are entirely inappropriate.

Read your own past 10 posts.

[Davidcharles]

He has a point, but he is also a bit too sensative, in my sad and bitter opinion!

It would be S E N S I T I V E to be exact.

Ooops! Meant old Asia. The guy who was complaining about you dr.

HE is the 'TOO SENSITIVE' one I feel.

I shall always read back my posts in future, to made sure they say what I mean.

I will check my spelling too.......Hope I'm forgiven.

[dr_Pat_Pong]

Total forgiveness David.

[GuestHouse]

The news so far is the Bank have accepted our offer - Probably offered too much

They have also offered a very favourable payment plan, despite our original intention to pay cash, so it looks like we are going to look into this deal they are offering.

Thetyim, thanks for some great advice it really did come in handy.

I'll be in touch via email to let you know exactly how we are getting along.

Next stop the lawyers.

[Thetyim]

One thing I forgot to mention to you is the tax that will have to be paid for title transfer.

As you are only buying land the tax should be low but the seller normally pays it. Has the bank agreed to this ?

[GuestHouse]

Thetyim,

Yes the bank agreed to pay the tax, as you say it was not a huge amount of money but, better in my pocket than theirs.

[GuestHouse]

Update

Well that could not have been easier.

Although I am sure it could have been a lot worse had I not had the advice of Thetyim, a gentleman to whoe I owe my thanks.

It was very simple. We bid a price, our price was accepted, we sent the necessary documents to register the bid. Had a meeting witht he bank and our lawyer. Paid the deposit of 10% and agreed to pay the remaining amount within 60 days.

The contract stipulates that we have the absolute option to buy, and that we have the absolute option to drop out of the purchase (with no loss of deposit) if the bank fail to meet a number of criteria: Including, providing land registry survey and ensuring the land is given over vacant of squaters and etc.