Trying to get educated on real estate in Thailand. 

1. Is there a source that shows "comparable" home sales in an area.  I am familiar with a process where you can research what other homes that are similar and in a similar neighborhood have recently sold for giving you an idea what the true market price should be. 

2. In the USA it is typical to make an offer contingent upon a home inspection.  An inspector comes in and examines the home for any defects so you know what you are getting.  Is there any sort of similar service in Pattaya. 

3. Given that I have not gone through the process before, I would want a good "real estate" attorney to provide counsel.  Does anyone know of a competent real estate attorney not a jack of all trades attorney the way most of them are. 

4. I realize this is a difficult question but is there any sort of rule of thumb in Thailand on the price homes sell for versus what the asking price is.  Again in my experience in the USA Real Estate Agents normally price the properties anywheres between 5% and 10% above market knowing that they have to have some bargaining room.  Is that true it Thailand and what have those who have purchased home seen their discount be.  I have seen some homes on the market that clearly are listed for up to 25% more than they are worth. 

Any other advise that you believe would be helpful would be appreciated.  
 

Forget what is normal in U S A , this is Thailand , not easy to value

a property , good chance the person that is selling the property

,if not desperate for money is going to ask a lot more than the

property is worth ,it's really up to you to value the property by

yourself , if you are willing to pay and can get the price down

that's what it's worth , if not a condo ,how are you planning to

buy a property ?

 

regards Worgeordie

Perhaps start with land size, price per square meter or talang wa in the surrounding area. Then, use an average price per square meter to build new, something like, 15k per square meter for basic finish, 25k for medium finish, 40k for more upmarket finish. You may also be able to find some info from the Land Office, they will have a record of the last selling price of the property, not that it is too meaningful because people do cheat to lower taxes, but it may help.

How are you buying it?

 

Bid them 30% less.

 

 

 

Have a look at this. Not perfect, but you see what's on offer at what prices in the area which you want.

https://www.fazwaz.com/

 

And if you want to buy something and renovate it then better check before about that process. IMHO it is difficult in many ways and often more expensive than imagined. 

If buying a house, it might actually be cheaper to buy some land and build the house you want. Depending if you know a Thai person you can trust to buy the land etc?

It is a guessing game.

No multiple listing service.

No detailed sales information. 

No information on terms.

No information on upgrades from priors.

Home inspection up to you if they will allow it.

They do seem to ask way above what the value probably is.

 

I would never buy here.  Just me, many seem to be ok with it.

3 hours ago, OneMoreFarang said:

And if you want to buy something and renovate it then better check before about that process. IMHO it is difficult in many ways and often more expensive than imagined. 

I have done that before and know that first hand.  Tearing out the old is costly, retrofitting never as good as brand new and more expensive.  Will never do it again.  Particularly here in Thailand where you have no idea who will do a good job. 

Here's my 2cents based on my last 2yrs of looking at houses:  If you see a house at an expo etc, then subtract 38% to 40% to see a fair price.  If you see it outside BKK region, in my experience, knock off at least 22%.