Hua Hin Home

[Silverton]

Looking to make an offer on a  Villa in Hua Hin. We have seen many Villas so far  and decided on 3 to make offers on  The asking prices range from 7million to 10million Baht on these 3 Villas  Am I crazy to offer 30% less than the asking price a cash sale 

[Pmbkk]

 

No - that's exactly what I'd do - negotiate from there!

 

Exactly what Thai's would do.

[Outbackoz]

I don't think the fact that you offering a 'cash sale' would really mean a lot unless there was vendor finance being offered. Certainly from personal experience  everything I have ever been involved with here has been settled up in full  at the land office on Phetchkasem Rd. As for the 30%? you may get lucky but don't count on it.  I have had my Villa in Hua Hin on the market now for two months and have received 3 offers within 6% of my asking price, my 'wiggle room' is only 200,000B.. At the end of the day I would imagine it very much depends on how well the properties in question are priced to the prevailing market conditions along with the situational circumstance of the vendor. Interestingly, the property adjoining mine was recently sold after a short dance between buyer and seller for the market price being asked.  The only additional comment I would make is to do your due diligence thoroughly before making any commitment. I wish you luck!   

[Silverton]

The villas are all second hand so no owner financing is offered 

[bojo]

No, you're not crazy, you gotta start somewhere, and you can't offer less after first bid so start low................Cleared funds paid on completion as explained by Outbackoz and take heed of his words regarding due dilligence.................................. Cash makes no difference whatsoever in negotiations. Taxes paid are on land office valuation. Important to negotiate and agree in advance who pays what fees etc at the land office................if you have an agent (seek referalls locally) they can get all the info in advance from their contacts in the land office so you have a smooth transaction on the day.......................exciting times................................

[1FinickyOne]

maybe start w/telling owners, 'I am looking at 3 homes, will you negotiate the price?' 

[jojothai]

I agree with the others who say you have to start somewhere.
By all means see what reaction you get.
Some sellers may be desperate, but the current problem has been going on for nearly two years and most of those will have already reduced in line with the market. I think that getting 30% is most unlikely, if somebody does go that low be careful the house has no significant problems.

I suggest do not set your own sights on the 30% level you are suggesting.
Its not just a matter of thinking i want a discount. 
You need to consider the value of the house compared to others on the market
in your checks where you judge price, consider recent reductions made to sell, On some websites you can see the date of listing with the asking price. That could be important. See below.

IMHO If you think you are getting a good buy anyway compared to elsewhere then you are unlikely to get a large discount. The amount of homework checking prices can hdelp.
Yes, Try 30%,  but If i was the seller i would simply tell you go buy elsewhere unless you are prepared to offer close to market value.
Houses are selling. Agents should know the approximate market value very well.

FYI I just recently bought a villa in Hua hin. I managed to find that it was originally listed about 2 years ago at 6.5 million.
When i was looking just over six months ago it was at 5.5 million. I was looking at a budget of 5 million and took a lot of time looking and checking what was on the market. The house is fantastic compared to everything else I saw.
One of the agents said the buyer did not want to reduce any more and they considered it one of the best buys available at the price.  I doubted i would be able to get it.
When the house was reduced to 5 million late last year i straight away offered to buy at the price and have been able to complete.

[RocketDog]

3 hours ago, jojothai said:

I agree with the others who say you have to start somewhere.
By all means see what reaction you get.
Some sellers may be desperate, but the current problem has been going on for nearly two years and most of those will have already reduced in line with the market. I think that getting 30% is most unlikely, if somebody does go that low be careful the house has no significant problems.

I suggest do not set your own sights on the 30% level you are suggesting.
Its not just a matter of thinking i want a discount. 
You need to consider the value of the house compared to others on the market
in your checks where you judge price, consider recent reductions made to sell, On some websites you can see the date of listing with the asking price. That could be important. See below.

IMHO If you think you are getting a good buy anyway compared to elsewhere then you are unlikely to get a large discount. The amount of homework checking prices can hdelp.
Yes, Try 30%,  but If i was the seller i would simply tell you go buy elsewhere unless you are prepared to offer close to market value.
Houses are selling. Agents should know the approximate market value very well.

FYI I just recently bought a villa in Hua hin. I managed to find that it was originally listed about 2 years ago at 6.5 million.
When i was looking just over six months ago it was at 5.5 million. I was looking at a budget of 5 million and took a lot of time looking and checking what was on the market. The house is fantastic compared to everything else I saw.
One of the agents said the buyer did not want to reduce any more and they considered it one of the best buys available at the price.  I doubted i would be able to get it.
When the house was reduced to 5 million late last year i straight away offered to buy at the price and have been able to complete.

I agree with all your thoughts and advice. I bought a pool villa outside Huahin two years ago and found that discounts over asking price were rare. Still, never hurts to try as long as you're willing to accept reality as it unfolds. Don't let your dream house get away because of stubbornness.

[sammieuk1]

To me looking at 7-10m is the crazy part bought a stunner in my opinion for 4m new was 4.4m I doubt 30% will cut it from my very recent experience in the aera  ????

[onekoolguy]

Hua Hin is not seeing many sales at this time. In my Subdivision I was able to purchase far below the asking prices of other houses nearby. If you can talk to the owner I always ask: " what is the least you would take for this?"  What ever they say: Thats your starting point to negotiate. When people tell you that no one takes owner finance, don't believe it. Many won't but some will. I don't call it "owner finance". I just ask them if I can give them so much now and pay the rest so much a month or year until I have paid them their price? A lot of the owners here are non-residents and own the properties free and clear. They can make deals if they want? The hard part is getting past the broker and talking to the owner which may be an estate heir living in another country? The last house I purchashed was at a terrific price and was in escrow numerous times but kept falling through due to a reletive of the owner who really didn't care and was killing the sales. I finally solved the problem by having an Attorney contact the owner and convey the terms I wanted which they agreed to. Normally I would never use an Attorney as they tend to be deal killers, but in this case it solved the problem. 

Look at a lot of houses and make a lot of offers that you would be happy to pay if accepted. Just figure that you will have to make 20 offers before one is accepted and don't get discouraged when they say no. Just keep making good "for you" offers and when one is accepted it will be a great deal for you!

I do use my Attorney to do the contract and check title. Also be sure to do your physical inspections.

[stat]

I am looking to rent in the southern partof Hua Hin. Is the 30% rule also a valid guide to get the rent price down? I am talking about pool villas with asking prices 30-95K baht 95K Baht is in falcon community one of the larger houses .

[onekoolguy]

19 hours ago, stat said:

I am looking to rent in the southern partof Hua Hin. Is the 30% rule also a valid guide to get the rent price down? I am talking about pool villas with asking prices 30-95K baht 95K Baht is in falcon community one of the larger houses .

Thats a pretty high end neighborhood but you can make offers and see what they say?  The biggest problem is not being able to talk to owners and having to deal with agents who can't or won't convey low offers to the owners. I had a new condo in Siratcha and thought I would get 30k a month rent as per the agent. It stayed empty for over 2 years. I told the agent to just rent it at whatever the market rent was? They refused to do so as it would lower the rent on the other units in the same building. I sold it. But the idea is that you really have to talk to the owner to make a deal! If someone had contacted me and offered half I would have accepted it.

[Yellowtail]

If you don't ask the answers no.