Reprocessed house

[stupidfarang]

Went today to the Bank and asked about a house that they have reprocessed, Bank happy to sell it to us but they have a problem with the previous owner who has not removed his belongings out of the house and is arguing with the bank. This guy has defaulted on his loan and has no money to pay the bank and has moved out but left his belongings in the house, Bank told us we can buy but if we have a problem with the previous owner they will not help us. Sounds like the previous owner can dispute the ownership because he has personal belongings in the house which the bank has asked him to remove.

 

Has anyone come across this before?

 

[Bangel72]

Given another story today on someone arguing it was his house ended up shooting the people there, I'd be a bit wary.

 

Been a few stories over these repossessions where people are left with nothing and nothing to lose, mentally they still feel its there house and home and can end in violence, think there was another one last year, old guy would not move out after repossession, new owner came to inspect and got shot.

 

Usually bank would clear house and sell belongings if still a debt, but even their staff likely to avoid if chance of getting shot.

 

Neighbors may also be an issue.

[CharlesHolzhauer]

20 minutes ago, stupidfarang said:

Has anyone come across this before?

I haven't. Here’s some advice: Don’t even think about buying this repossessed property. The previous owner may have defaulted on payments to the bank, but he still considers himself the rightful proprietor in his own twisted mind. If he’s giving the bank a hard time, imagine what he could do to you and your family. Steer clear of this 'opportunity' and don’t be foolish!

[john donson]

did you (not) read the story about the woman that bought a house like that and got killed by previous owner ?

[digbeth]

If you buy direct from the bank - you have to go through the court to evict the previous owner etc. 

 

Whereas if you buy through the Legal Execution Department auction, it'll come with the papers you can take to the police to start eviction

 

the bank will save lots of time selling to you direct rather than wait it out to get it to auctioned by the court, if you think you'll get a better deal but have to do your own legwork to get evictions etc. go ahead.

[Gottfrid]

13 minutes ago, digbeth said:

If you buy direct from the bank - you have to go through the court to evict the previous owner etc. 

 

Whereas if you buy through the Legal Execution Department auction, it'll come with the papers you can take to the police to start eviction

 

the bank will save lots of time selling to you direct rather than wait it out to get it to auctioned by the court, if you think you'll get a better deal but have to do your own legwork to get evictions etc. go ahead.

Do not take this advice, as it comes with a huge risk.

[rocketboy2]

Op, Forget about it.

thousands of other place for sale in Thailand.

[KannikaP]

3 hours ago, stupidfarang said:

Went today to the Bank and asked about a house that they have reprocessed, Bank happy to sell it to us but they have a problem with the previous owner who has not removed his belongings out of the house and is arguing with the bank. This guy has defaulted on his loan and has no money to pay the bank and has moved out but left his belongings in the house, Bank told us we can buy but if we have a problem with the previous owner they will not help us. Sounds like the previous owner can dispute the ownership because he has personal belongings in the house which the bank has asked him to remove.

 

Has anyone come across this before?

 

Repossessed!

Reprocessed is when you have a 5hit  after eating sausages etc.

Edited July 23 by KannikaP

[ronster]

Would be a case of what's his is his and what's yours is his in his eyes if you bought it ! 😳🙈

[Liverpool Lou]

3 hours ago, stupidfarang said:

Sounds like the previous owner can dispute the ownership because he has personal belongings in the house which the bank has asked him to remove.

He can't dispute the ownership of the house if it is transferred to your name, he could have a row with you about getting his stuff back, though.  What are you going to do with them if you move in?  

[alanrchase]

My wife recently evicted a nephew out of a house on her property. Got the village head and a policeman round to explain everything to him. She put a sign on the door giving the nephew and his wife a week to take their belongings out of the house. When the week was up she had the roofing sheets, doors and windows removed so the rain could get into anything left in the house. A week later she started giving away anything the neighbours might want and bagging the rest for the trash collection. She is now having the house renovated.

[stupidfarang]

2 hours ago, Bangel72 said:

Given another story today on someone arguing it was his house ended up shooting the people there, I'd be a bit wary.

 

Been a few stories over these repossessions where people are left with nothing and nothing to lose, mentally they still feel its there house and home and can end in violence, think there was another one last year, old guy would not move out after repossession, new owner came to inspect and got shot.

 

Usually bank would clear house and sell belongings if still a debt, but even their staff likely to avoid if chance of getting shot.

 

Neighbors may also be an issue.

You are right, last year a women had purchased a reprocessed house and went to move in and the ex-owner shot her dead. Had forgotten all about that.

[stupidfarang]

6 minutes ago, Liverpool Lou said:

He can't dispute the ownership of the house if it is transferred to your name, he could have a row with you about getting his stuff back, though.  What are you going to do with them if you move in?  

would of thrown the rubbish out, property was going to be made a rental, I was not going to move in.

[retarius]

I wouldn't want it reprocessed or repossessed. An angry ex-owner is not something I would like to deal with in Thailand especially when he knows where you live. 

[stupidfarang]

20 minutes ago, KannikaP said:

Repossessed!

Reprocessed is when you have a 5hit  after eating sausages etc.

Spelling police on here, thanks for the correction.

[KannikaP]

10 minutes ago, stupidfarang said:

You are right, last year a women had purchased a reprocessed house and went to move in and the ex-owner shot her dead. Had forgotten all about that.

Spelling police are still here! 555

[digbeth]

1 hour ago, Gottfrid said:

Do not take this advice, as it comes with a huge risk.

 

never worded it as advice or recommendation

 

Getting it after the court auction is obviously safer than buying from the bank, you also get limitation on the co-owner / common fees in case of condo and gated villages are capped at five years I think and you don't require letter of debt-free status to transfer into new owner's name at the land office. Most Thai house flipper get their 'stock' this way, but most of these you'd have to buy sight unseen, most of the time you can't enter to see the state of the property inside

 

safest bet is not to buy repossessed house at all, at least Thai people don't put oils or concrete down the drains when they got evicted, but making the previous owner homeless could get very ugly, so unless you have stomach for that it's more trouble than it's worth 

 

[itsari]

3 hours ago, alanrchase said:

My wife recently evicted a nephew out of a house on her property. Got the village head and a policeman round to explain everything to him. She put a sign on the door giving the nephew and his wife a week to take their belongings out of the house. When the week was up she had the roofing sheets, doors and windows removed so the rain could get into anything left in the house. A week later she started giving away anything the neighbours might want and bagging the rest for the trash collection. She is now having the house renovated.

 Very nice wife you have.

Hope all is ok with your roof.

[Yellowtail]

If I liked the house and it was a good price and location, I'd buy it. 

[alanrchase]

13 minutes ago, itsari said:

 Very nice wife you have.

Hope all is ok with your roof.

She got tired of them not working and her having to pay their bills. She gave them a week to take their stuff so their fault if anything they wanted was damaged. She planned to renovate the house so the roof doors and windows were coming off anyway. My roof has not been touched.

[Thingamabob]

Leave well alone, and find somewhere else that comes without possibly dangerous complications.

[GmailJen]

Nothing wrong with buying a repossessed property as long as you do your homework.   Properties get repossessed by the lender when the owner can't make the repayments .  Most lenders ( banks ) simply want their money back or as much as possible without hassle and although some banks have their own repossessed listings ,  some give them to Asset companies to sell .   The Asset companies will try to sell the property but if it drags on then it may go to auction.   

We bought a house from the Asset company that had been empty for 6 years !!  so the last owner was long gone  .   We made sure we did a thorough inspection ,  obtained a letter to state that no outstanding liens / loans and also insisted on a copy of the building permit and checked the Chanote .   

The water and electric meters had all been removed so there was some work to do before the house was habitable but all in all we got a good deal !

" Cash is King "   !!! 

[Lacessit]

If the bank won't take responsibility for clearing the previous owner's possessions, I fail to see why the OP should.

 

Perhaps there is information the bank is withholding from potential buyers.

 

Rule #1 in business, never trust anyone.

[newnative]

19 hours ago, digbeth said:

If you buy direct from the bank - you have to go through the court to evict the previous owner etc. 

 

Whereas if you buy through the Legal Execution Department auction, it'll come with the papers you can take to the police to start eviction

 

the bank will save lots of time selling to you direct rather than wait it out to get it to auctioned by the court, if you think you'll get a better deal but have to do your own legwork to get evictions etc. go ahead.

      My spouse and I looked at a house being sold through the Legal Execution Department auction process.  Like the OP, the house was not vacant and in this case, the owners were still living in it.  We decided we didn't want to go through whatever process it would take to evict them, as it might get nasty and we didn't want the hassle.  I would give the same advice to the OP and would suggest looking for a vacant property.

[Grumpy one]

22 hours ago, stupidfarang said:

Went today to the Bank and asked about a house that they have reprocessed, Bank happy to sell it to us but they have a problem with the previous owner who has not removed his belongings out of the house and is arguing with the bank. This guy has defaulted on his loan and has no money to pay the bank and has moved out but left his belongings in the house, Bank told us we can buy but if we have a problem with the previous owner they will not help us. Sounds like the previous owner can dispute the ownership because he has personal belongings in the house which the bank has asked him to remove.

 

Has anyone come across this before?

 

My wife and I wanted to buy a bank  house back in 2009

The bank official refused to enter the soi, he said he wanted no trouble, and this was an empty house with nothing inside

Good luck to you if you buy

As for us we ran like arses were on fire

[Yellowtail]

53 minutes ago, Grumpy one said:

My wife and I wanted to buy a bank  house back in 2009

The bank official refused to enter the soi, he said he wanted no trouble, and this was an empty house with nothing inside

Good luck to you if you buy

As for us we ran like arses were on fire

If your arse is on fire, you should roll around on the ground, not run. 

[natway09]

The smart money is on walking away from this deal.

Only one of you but many more houses for sale

[Sydebolle]

There will be many more foreclosures coming our way in the near future.

If people only would understand, that they cannot spend money they do not have .........