How To Find A Desperate Condo Seller?

[gguy]

I have been thinking about buying a condo in a couple of years if the prices go down.

How do you find a desperate seller? There must be some people who need cash now.

I read the Pattaya Mail, look at bulletin boards, and look for signs in condos.

I have found the real estate people to be completely worthless.

Am I missing other sources of information???

[cclub75]

I have been thinking about buying a condo in a couple of years if the prices go down.

How do you find a desperate seller? There must be some people who need cash now.

I have found the real estate people to be completely worthless.

For sure. Can you imagine the dialog :

-"i'm looking to buy a price crunched condo. Can you help me to find one ?"

-"But... if I do... my commission will be very low"

My advice : wait a little bit more.

The big show will start soon... 6 month max. And then you will have a lot of opportunities.

We will have a flat growth for GDP at Q4. Then Q1 08 will be negative. Then bingo.

[bangkapiboy]

gotta just be patient and know a deal when you see it.

[chownah]

I agree that you must know a good deal when you see it......you might try advertising:

"Condo buyer with cash wanting condo at discount price for quick sale."

You might put a price range either on a square metre basis or on a per condo basis. You might specify the area too....or whatever else you would like to restrict yourself to....above 3rd floor.....furniture included...or not...etc.

[ignis]

Cheapest way.........

Take a thai speaker/reader with you and visit the Banks, they have many Repo ones, can also visit online.. just visit the www address of each

eg: in my Village all 63 houses are the same, we all paid 2.3 million, there has been 2 Bank repos here, one for sale at moment has over 300,000 added [so would be 2.6 million] Bank Sale 1.8 million

[think_too_mut]

Cheapest way.........

Take a thai speaker/reader with you and visit the Banks, they have many Repo ones, can also visit online.. just visit the www address of each

eg: in my Village all 63 houses are the same, we all paid 2.3 million, there has been 2 Bank repos here, one for sale at moment has over 300,000 added [so would be 2.6 million] Bank Sale 1.8 million

Or wait for building completion when the full amount has to be paid.

Then those who put 50K baht deposit and paid another 500K in monthly payments have to cough up a few remaining millions that they don't have.

That's how condos that were "sold out" 3 years ago before construction had started go almost all for sale again.

Just depends how desperate the speculators are but that situation brings them all (could be hundreds of them) into 1 place easy to monitor.

Many buildings in BKK are due to completion in the same 6 months interval - there will be thousands of "owners" crying to sell their problem to someone.

The thing is - it won't be possible to sell an unpaid condo below the price (unless the building itself does the cut), some may just be happy to recover what they already paid, try to make a small profit but it may not be essential.

[Gary A]

I think in the near future there will me MANY desperate sellers but they will remain desperate because the asking prices are insane. As mentioned before, people who have speculated on pre-construction will be trying to bail out of their sorry situation and just hoping to be able to recover their payments.

[chownah]

It might be that trying to get a bargain from owners of unfinished condos is not so easy because their their initial payment might be less than the discount you are thinking is appropriate. For instance...say I "bought" an unfinished condo and I have paid 20% as my initial payment...I begin to see that I can not afford to pay the rest at completion or simply don't want to pay the rest as I see that property values are going down and think that my condo value will be less than the 80% still owed...so...I want to sell.....but...if I forfeit the 20% and agree to just let you take over the contract then I am gaining nothing financially since I can get the same deal by just giving it back to the developers. If someone is looking for a 25% discount then I would have to fork over 5% cash to them so forget it...its better for me to just give it back to the developer. So you can see that really I won't be offering you a discount over 20% since I've already got that size deal guaranteed through repossession.

I think because of this you can expect maximum discounts to be slightly less than the amount of the initial payment unless the developer re-prices the entire project....something that will be delayed and delayed and delayed again especially if a large percentage of the units are already sold because if a large percentage of the units are already sold then a cut in prices will not really benefit the developer so much since most units are sold already......I think that many developers have very deep pockets and are willing to ride this out especially if a large majority of the units are sold already.

Disclaimer: this is all my half a55ed opinion and I have no direct experience in these matters.

Chownah

[Jingthing]

The market seems bad, but you are really looking for desperate individuals, not a bad market, which you already have. Most owners will act in their self interest and choose to hold on to property rather than sell at a bad price, hoping for an eventual turnaround. So you need to find the people who are at the breaking point. How to do that, the 64 baht question. Some may say you are a human vulture, others a market maker and provider of liquidity, in any case, its capitalism in action for sure.

[think_too_mut]

Last 2-3 posts kind of confirm what I posted.

Just don't forget - when all those condos are ready, there will be many people in one place (or multiplication of 1 place at identifiable locations) who would want to resell their unit reservations, at a profit or not.

Many not. Possibly, just the interest on the money they had engaged to keep it "all sold out" and they would try to recover at least that bit. May try. Or get the developer to handle the situation.

[djinn]

Why buying new?

Look at second hand market

In my condo,near Pattaya seaside (real one nobody could build anything in front of it except in the sea )

-some people have refurbished condos and ask 48 000/sqm.As usualfor this price,bad to average finish and crap furniture

-rich thais who doesn't need money ask 42000/sqm for empty shell

-Last year had opportunity to buy at 33 000/sqm for empty shell from desperate thai owner.Location was not good (too low in building) so nono for me

I wait the next desperate with better location for some refurbishment and profit

A 33 000 /sqm can give a huge profit when refurbished (by experience with luxury finish;jacuzzi;plasma....... it could cost 42000/sqm.And all around asked prices for REAL LUXURY is between 63000 and 100000+/sqm .Not a bad potential margin if you are not in a hurry

Sorry I don't say where opportunities should be

Advice:Go to the reception of the condos you like.Explain staff they will have commission only for desperate owner's names...

You will be surprised with the number of phone calls you will receive....

Good luck in your hunt

[Irene]

Why buying new?

Look at second hand market

In my condo,near Pattaya seaside (real one nobody could build anything in front of it except in the sea )

-some people have refurbished condos and ask 48 000/sqm.As usualfor this price,bad to average finish and crap furniture

-rich thais who doesn't need money ask 42000/sqm for empty shell

-Last year had opportunity to buy at 33 000/sqm for empty shell from desperate thai owner.Location was not good (too low in building) so nono for me

I wait the next desperate with better location for some refurbishment and profit

A 33 000 /sqm can give a huge profit when refurbished (by experience with luxury finish;jacuzzi;plasma....... it could cost 42000/sqm.And all around asked prices for REAL LUXURY is between 63000 and 100000+/sqm .Not a bad potential margin if you are not in a hurry

Sorry I don't say where opportunities should be

Advice:Go to the reception of the condos you like.Explain staff they will have commission only for desperate owner's names...

You will be surprised with the number of phone calls you will receive....

Good luck in your hunt

Your advice is the only one that makes sense. As an owner of a few condos and having no intention of selling any of the units, I have been receiving phone calls frequently from estate agents asking whether we would sell our units in Pataya and one near to the BTS station in Bangkok. The persons who know a lot of the potential desperate sellers are those receptionists at each condo building. They are the centres of going ons in each building and ever eager to sell because of commission income, commonly taken as 3% of the proceeds. (This is one of the common conflicts in each building causing quite a few quarrels).

[mikethevigoman]

I have been thinking about buying a condo in a couple of years if the prices go down.

How do you find a desperate seller? There must be some people who need cash now.

I read the Pattaya Mail, look at bulletin boards, and look for signs in condos.

I have found the real estate people to be completely worthless.

Am I missing other sources of information???

Nearly all are overpriced now and as a guide if dealing with a real estate agent and his lips are moving he WILL be lying,. what i would do is go and look at some ,dont listen to anything he says, bid real hard on a couple ,you never know ,you might get a bite,.

[think_too_mut]

Your advice is the only one that makes sense.

Is that so?

As an owner of a few condos and having no intention of selling any of the units, I have been receiving phone calls frequently from estate agents asking whether we would sell our units in Pataya and one near to the BTS station in Bangkok.

Of course, the units are up and running. Low confidence is in those still under construction or on the drawing board.

The persons who know a lot of the potential desperate sellers are those receptionists at each condo building. They are the centres of going ons in each building and ever eager to sell because of commission income, commonly taken as 3% of the proceeds. (This is one of the common conflicts in each building causing quite a few quarrels).

Now, seems you have just confirmed how big the trouble is - it has trickled down to the air-head receptionists to handle the sales.

[Maigo6]

The persons who know a lot of the potential desperate sellers are those receptionists at each condo building. They are the centres of going ons in each building and ever eager to sell because of commission income, commonly taken as 3% of the proceeds. (This is one of the common conflicts in each building causing quite a few quarrels).

Now, seems you have just confirmed how big the trouble is - it has trickled down to the air-head receptionists to handle the sales.

.

[almags]

I have been thinking about buying a condo in a couple of years if the prices go down.

How do you find a desperate seller? There must be some people who need cash now.

I read the Pattaya Mail, look at bulletin boards, and look for signs in condos.

I have found the real estate people to be completely worthless.

Am I missing other sources of information???

Hello GGUY!

Are you still interested to buy a condo. I am selling mine, it is in Bankapi area. if you are intersted please email me [email protected]

Cheers

[think_too_mut]

I have been thinking about buying a condo in a couple of years if the prices go down.

How do you find a desperate seller? There must be some people who need cash now.

I read the Pattaya Mail, look at bulletin boards, and look for signs in condos.

I have found the real estate people to be completely worthless.

Am I missing other sources of information???

Hello GGUY!

Are you still interested to buy a condo. I am selling mine, it is in Bankapi area. if you are intersted please email me [email protected]

Cheers

Could you give us the account number somewhere in the ".ru" area to send the money?

[djinn]

The persons who know a lot of the potential desperate sellers are those receptionists at each condo building. They are the centres of going ons in each building and ever eager to sell because of commission income, commonly taken as 3% of the proceeds. (This is one of the common conflicts in each building causing quite a few quarrels).

Now, seems you have just confirmed how big the trouble is - it has trickled down to the air-head receptionists to handle the sales.

.

Tsss tsss tsss

Don't spoil the market guys. Staff try to bite the 2 sides (seller and buyer)

I know desperate thais (seller) will give up to 3 % to the staff involved (a lot of them will share)

When I can contact them,I prefer speaking with engineers,gardeners.... discreetly.They can have from 15000 to 30000 only for a name a phone number and a rough idea of asking price.I will never pay 3 % only for that .And these amounts only for huge condos...around 200 sqm

[think_too_mut]

The persons who know a lot of the potential desperate sellers are those receptionists at each condo building. They are the centres of going ons in each building and ever eager to sell because of commission income, commonly taken as 3% of the proceeds. (This is one of the common conflicts in each building causing quite a few quarrels).

Now, seems you have just confirmed how big the trouble is - it has trickled down to the air-head receptionists to handle the sales.

.

Tsss tsss tsss

Don't spoil the market guys. Staff try to bite the 2 sides (seller and buyer)

I know desperate thais (seller) will give up to 3 % to the staff involved (a lot of them will share)

When I can contact them,I prefer speaking with engineers,gardeners.... discreetly.They can have from 15000 to 30000 only for a name a phone number and a rough idea of asking price.I will never pay 3 % only for that .And these amounts only for huge condos...around 200 sqm

Is it how Thai "real estate market" works? Hush-hush, cleaners and bulb changing attendants selling properties?

I can't imagine that in Oz or in Japan.

[Irene]

When I can contact them,I prefer speaking with engineers,gardeners.... discreetly.They can have from 15000 to 30000 only for a name a phone number and a rough idea of asking price.I will never pay 3 % only for that .And these amounts only for huge condos...around 200 sqm

Is it how Thai "real estate market" works? Hush-hush, cleaners and bulb changing attendants selling properties?

I can't imagine that in Oz or in Japan.

You are spot one and learning fast. So be nice to all at any condos. Allow me to share the experience with all the potential buyers.

The unit I bought in Pataya was during 1998, buyers market. We must be one of the few persons that year to show an interest in buying. The receptionist was very secretive on the identity of the seller. But through the long conversation, she slipped out some information, like a Thai rarely used the unit because of her jewelry shop at a certain mall. With that information, my assistant succeeded in locating the seller and our family succeeded in buying the unit at a bargain price.

Thereafter, the receptionist was really nasty to us when we refused to give her any commissions. She complained that the seller promised to give her but now declined because the seller maintained that the sale was not made through her. Since we first contacted her and she showed us the unit, we should pay her the commission. Up to today, I still wonder whether I was in the wrong for not giving her something.

Through this experience and because of the nice location of this condo, I started my contact with the maintenance people, cleaners and security men who loved to talk anyway. We were able to locate a few desperate sellers and eventually bought a few more without creating any ill-feeling. Every no and then, I give these friendly people one thousand baht as a surprise.

[backflip]

"How do you find a desperate seller?"

Go to broker and ask if he has any listings for an absentee landlord, or foreign owner. I bought a condo owned by a guy living in Tibet. Although he wasn't in a strong bargaining position, it took several months for him to accept my lowball offer. I wasn't in a hurry, and I got a great deal.

[wcr]

gguy

If you are serious I know someone who has brought 3 condos in View Talay 6 (I think) on Pattaya Beach Road. He has made down payments and is on a monthly payment plan. He has become sick and can no longer work,and now struggling to make the payments. The all have sea views and on higher floors. He is looking for a quick sale.

If you, or anyone else, are interested PM me.

[djinn]

gguy

If you are serious I know someone who has brought 3 condos in View Talay 6 (I think) on Pattaya Beach Road. He has made down payments and is on a monthly payment plan. He has become sick and can no longer work,and now struggling to make the payments. The all have sea views and on higher floors. He is looking for a quick sale.

If you, or anyone else, are interested PM me.

Thanks for the hint wcr but I stay in high end market...and View Talay is much more shoe boxes then high end.....

Oups type too quick in engliss so too mutt mistakes solly solly

Edited September 9, 2007 by djinn

[Forkinhades]

Thanks for the hint wcr but I stay in high end market...and View Talay is much more shoe boxes then high end.....

Oups type too quick in engliss so too mutt mistakes solly solly

[wcr]

Sorry but I think I made a mistake, it is actually VT5 that is where he is selling, not VT6 and its floor 8!

[billaaa777]

Thereafter, the receptionist was really nasty to us when we refused to give her any commissions. She complained that the seller promised to give her but now declined because the seller maintained that the sale was not made through her. Since we first contacted her and she showed us the unit, we should pay her the commission. Up to today, I still wonder whether I was in the wrong for not giving her something.

Why would you even post this? I have no idea how peoples brains work. I guess you are proud of your little scam and wanted to let the world know how smart you are! So many scumbags here!

What you forgot to mention is that a week after you bought the condo another person in the building got very sick and had to sell their condo quickly to pay for their medical bills and the receptionist at the building did not tell you, since you ripped her off before, but somebody else that bought it and sold it a week later and made 500,000. But since you saved 30,000 by being a low life, you really did not want everybody to know if you had been an honest upstanding person you would have been 470,000 ahead instead of 30,000.

As somebody who buys, renovates and sells quite a few condos in Pattaya, if I were a newcomer looking for a good deal this is what I would do.

First, it is very unlikely you will find it in the papers; I have never been able to buy a condo from an advertisement. But reading them will give you a good idea of the market value.

Next, going to the receptionist could be a good idea, but it’s not where you are going to get your best deals. Why? Because the receptionist will have already called guys like me that know the market value of every condo, who unlike our friend above pays big bonuses for good deals and can buy them in one day. So, the ones your going to get from the receptionist are the ones investors have already been made aware of and past on.

So, what to do? This is what I would do. Find buildings you like and keep looking at the bulletin boards. Then call and view the condos you like and that are close to your budget. Ask the owners what they want for the condo, and be sure to point out the owners are saving real estate commission by selling to you. You can’t do this just one time, but you have to be persistent and keep going back time and again.

If the for sale sign for a condo is still up for a condo you looked at a month ago give the owner a call again and asked if anything has changed and let them know that if anything changes to give you a call first. Just keep working this illustration and you will get something good.

There are deals out there, I have condos myself I want out of. I have one at 1.4 since January I want to sell at 1.1 if I don’t have to pay real estate commission. But can’t sell for whatever reason, low floor, no view, no kitchen, slow market, whatever. A mistake on my part.

There are other condos I am buying and taking a chance on the owner wants to sell, we just see things differently and I hope I am right, who knows, but you can’t win if you don’t play. This is one I found on a board in the middle of the city in an older building that has been renovated. It is on the 11th floor with a great city view and ocean views all the way out to the shipping lanes. It is 64 SM and I am getting it in a foreign name for 1.2. Renovated units in this building sell for 2.2, I am going to spend over 600 renovating it and hope to get 2.5 for it, we will see. If I only get 2.2 for it I will have made a bad deal.

Last month I got a call from a receptionist that one on the condo owners died and their estate wanted to sell this unit fast at 850 below what the developer was asking for the same unit. I bought it in a day and sold it two days later by putting a notice on the board to another investor at 200 below market value and paid the receptionist a 50,000 bonus, made 600 and the buyer was happy.

So there are lots of deals out there, you just have to work at it. I know lots of condos in average buildings you can buy for 500 to 600 and I get calls from agents all the time asking if I know of any condos in this price range and I always tell them no, I might want to buy them later if I since the market shifts a little, who knows. You can get what ever you want, but it is not going to fall in you lap, your going to need to make the rounds, make friends and become a trusted contact.

I know of other condos in a building where a good renovation for an 84 SM sells for 3.5 to 3.9, the owner was asking 3.5 and has dropped to 2.8. You could probably get it for 2.6 to 2.7 but need to spend 500 to 700 renovating it and you have a unit for approximately 800 below market price. The deals are there, just go find them. Enough rambling for now, good luck with your search.

[quiksilva]

What? You are in the market for a new condo and you're finding it difficult to find desperate sellers? How can that be? Everyone here keeps telling us that the market is in such a sorry state (I mean who is buying, apart from you?) but yet, here you are asking where to find all the desperate sellers?

It couldn't be that the market is not as bad as everyone makes it out to be... could it?

OK, that was not very constructive was it? So why not try advertising that you are looking to buy condo's?

You might be absolutely swamped with details but who knows you might be able to find a bargain amongst them.

[Ungabunga]

Good advice from Quicksilva.

Also, I know several people (friends) who are absolutely DESPERATE to sell their property in Pattaya. Largely because of over-committment on their finances, but some with genuine health concerns and being re-patriated to thier home countries. One for example, house reduced from 15M to 10M (divorce, caught with pants down). Another, Condo 98Sqm 1 Bed, absolutely immaculate and never lived in - down to 5.9 M from 6.9M (in trouble with IRS). In both cases, they're going for well below the market value and these guys own more than one property and it would seem that they need a 'quick fix' to iron out their respective problems. PM me for any further details and I will pass on their contact details to you (with their permission ofcourse).

Usually, a broker would know of the seller's circumstances and would point them out - so I think that you are incorrect on that point. Open your gob and ask them, tell them that you're serious about buying and you might be pleasantly suprised.

Also, in my opinion, prices will not go down in future, so you need to get your act together sooner rather than later - despite what the armchair/barstool/forum property experts reckon.

Good luck in any event