Best Banks For Repo Properties Near

[Khun Bob]

Hi

Does anyone know which banks have properties in or near Khon Kaen, Udon Thani or Nong Khai ?

I look at the Kasikorn Bank listings and they seem to have propeties in Nong Khai and a few in Udon Thai, but have none in Khon Kaen, and it is in or near Khon Kaen that I am particularly interested in.

Thanks

PS If anyone has experience of dealing with a bank to buy a repo property in or near KK, please share your experience...

[Bicko]

Hi

Does anyone know which banks have properties in or near Khon Kaen, Udon Thani or Nong Khai ?

I look at the Kasikorn Bank listings and they seem to have propeties in Nong Khai and a few in Udon Thai, but have none in Khon Kaen, and it is in or near Khon Kaen that I am particularly interested in.

Thanks

PS If anyone has experience of dealing with a bank to buy a repo property in or near KK, please share your experience...

Hi Bob. I used to check the Kasikorn bank site often and they had listings for all main towns in Thailand. I actually looked at some repo houses in Rayong and Chanthaburi.

Unfortunately they redesigned their website and i have not been able to find their reposessed properties section (In English) for several months.

Can anyone please advise how to get onto this site.

Thanks

[Boo]

the real estate section of thaivisa has had some lsitings of repos from bannks in the past, mght be worth a look.

[bananabender]

take a look at

www.krungsriproperty.com

My wife almost bought a house (in Mukdahan) from Kasikorn bank . She put in an offer substantially below the asking price and paid a 1% deposit. Unfortunately it took the bank a week to accept the offer (had to be authorised in Bangkok), by which time thieves had stripped out most of the doors and windows, bathroom fittings and electrical wiring (ruining the ornate plaster ceilings in the process) So she didn't go ahead. The bank was good enough to return the deposit.

I have looked at dozens and dozens of repo properties around Isaan (and still looking!) Most common factor is that the properties are totally neglected by the banks and let go to ruin. There are thousands of them around the country. The banks have no chance of getting their money back. Their balance sheets will look pretty horrific if these properties are ever written down appropriately. A result of lax lending policies- loans on minimal deposits to people unable or unprepared to make the repayments. Maybe this is why the banks won't pay decent rates of interest on deposits - because they have to cover huge losses on non performing housing loans!

[Khun Bob]

Thanks for the replies so far

bananabender - some very good points there

I wonder just how low a bank would accept an offer - 80% of asking, 60%... Of course if a foreigner is making an offer this wont go so low... And your quite right about the stock on their books. I have been casually looking for over three years now and I still see the same properties and the list is just growing. There is an awful lot of money tied up there. But of course the mentality is to keep it till some one pays an acceptable price !

You make a good point about security of the building and having some one to look out for you when the house is not occupied. Making me have second thoughts, or to buy some good land with a dump of a property on it, and make do or live in a mobile home, till I intend on living there for a greater amount of time.

So any more offers for banks or other organisations that have rep properties in or near Khon Kaen, Udon Thani or Nong Khai ?

Also, whats peoples experience of leaving a property unoccupied for several months where your a foreigner and you have no family relationship with the people in the vicinity ? (I think this is a stupid question as the answer I can think of is not good and most likely going to happen !)

take a look at

www.krungsriproperty.com

My wife almost bought a house (in Mukdahan) from Kasikorn bank . She put in an offer substantially below the asking price and paid a 1% deposit. Unfortunately it took the bank a week to accept the offer (had to be authorised in Bangkok), by which time thieves had stripped out most of the doors and windows, bathroom fittings and electrical wiring (ruining the ornate plaster ceilings in the process) So she didn't go ahead. The bank was good enough to return the deposit.

I have looked at dozens and dozens of repo properties around Isaan (and still looking!) Most common factor is that the properties are totally neglected by the banks and let go to ruin. There are thousands of them around the country. The banks have no chance of getting their money back. Their balance sheets will look pretty horrific if these properties are ever written down appropriately. A result of lax lending policies- loans on minimal deposits to people unable or unprepared to make the repayments. Maybe this is why the banks won't pay decent rates of interest on deposits - because they have to cover huge losses on non performing housing loans!

[Bicko]

take a look at

www.krungsriproperty.com

My wife almost bought a house (in Mukdahan) from Kasikorn bank . She put in an offer substantially below the asking price and paid a 1% deposit. Unfortunately it took the bank a week to accept the offer (had to be authorised in Bangkok), by which time thieves had stripped out most of the doors and windows, bathroom fittings and electrical wiring (ruining the ornate plaster ceilings in the process) So she didn't go ahead. The bank was good enough to return the deposit.

I have looked at dozens and dozens of repo properties around Isaan (and still looking!) Most common factor is that the properties are totally neglected by the banks and let go to ruin. There are thousands of them around the country. The banks have no chance of getting their money back. Their balance sheets will look pretty horrific if these properties are ever written down appropriately. A result of lax lending policies- loans on minimal deposits to people unable or unprepared to make the repayments. Maybe this is why the banks won't pay decent rates of interest on deposits - because they have to cover huge losses on non performing housing loans!

Hey mate what part of Queensland are you from?

Yes i have had a similar experience. I looked at a number of kasikorn bank repossessions and they are very sadly neglected and most would take quite a bit to get back to a stage where they could be lived in. Unfortunately, as stated above I can not find their site any longer. There is a good opportunity here for an enthusiastic real estate agent to make a deal with the banks and get those places sold.

[bananabender]

khun bob, i think start with a reasonable low offer and work up from there. I think the banks are very keen to offload them. Krungthai has an ongoing promotion offering "special" rates etc, although I have no idea how amenable they are to low offers. kasikorn was definitely prepared to accept substantially less than "list price".

Hi Bicko, I'm from Brisbane.

At the moment I'm in Ubon for a few days looking for a house/business/opportunity. But who do you get in touch with? I find myself driving around aimlessly wondering <deleted>. As you say, there is an opportunity here for a farang oriented real estate "agent" to sort things out and provide a much needed service.

[Bicko]

khun bob, i think start with a reasonable low offer and work up from there. I think the banks are very keen to offload them. Krungthai has an ongoing promotion offering "special" rates etc, although I have no idea how amenable they are to low offers. kasikorn was definitely prepared to accept substantially less than "list price".

Hi Bicko, I'm from Brisbane.

At the moment I'm in Ubon for a few days looking for a house/business/opportunity. But who do you get in touch with? I find myself driving around aimlessly wondering <deleted>. As you say, there is an opportunity here for a farang oriented real estate "agent" to sort things out and provide a much needed service.

Too easy mate. have a talk to Sebastian at Isaan properites on the top of this page. His office is in Korat. Give him a call.

I am from the west originally but lived in Runaway bay for some years until my wife passed away. Sold my house there 3 or 4 years ago.

BTW can someone please post the bank websites. I would like to look at some repossessions. The Kasikorn site has changed and i can not find the English site any more.

[paulsmithson]

Find out where your local government off ises are located

..we tooked at buying bank repo propeties here-all we saw were overvalued.

The we doscovred the local government office that sells properties when the lender has forced the sale vian the courts.

for once realistic prices!

we got a home worth a conservative 3m baht for 1500 baht!

There has been either silliness or corruption in thai banking system-thsy heve been lending moer then the properties have been worth.

forced sales by the courts are the way to go

[Bicko]

Find out where your local government off ises are located

..we tooked at buying bank repo propeties here-all we saw were overvalued.

The we doscovred the local government office that sells properties when the lender has forced the sale vian the courts.

for once realistic prices!

we got a home worth a conservative 3m baht for 1500 baht!

There has been either silliness or corruption in thai banking system-thsy heve been lending moer then the properties have been worth.

forced sales by the courts are the way to go

Good advice. Thanks Paul i will get the better half to check it out.

[AA1]

Find out where your local government off ises are located

..we tooked at buying bank repo propeties here-all we saw were overvalued.

The we doscovred the local government office that sells properties when the lender has forced the sale vian the courts.

for once realistic prices!

we got a home worth a conservative 3m baht for 1500 baht!

There has been either silliness or corruption in thai banking system-thsy heve been lending moer then the properties have been worth.

forced sales by the courts are the way to go

Realistic prices!!!!!!!!!!!!!!!!!!

A 3m. home for 1,500 Baht!!!!!!!!!!!!!!!!!!!!!!!!!!!

Definitely silliness or corruption OR TYPING ERROR!!!!!!!!!

[Khun Bob]

Thanks all for the replies.

paulsmithson, that seems an incredible saving !

May I ask which office in the local government has these properties available ? If you have the name in english and/or that thats fine.

If anyone has a list of all the local government offices in Thailand that would be very useful - even just isaan would be very useful too...

Thanks for some great advice.

Cheers

Find out where your local government off ises are located

..we tooked at buying bank repo propeties here-all we saw were overvalued.

The we doscovred the local government office that sells properties when the lender has forced the sale vian the courts.

for once realistic prices!

we got a home worth a conservative 3m baht for 1500 baht!

There has been either silliness or corruption in thai banking system-thsy heve been lending moer then the properties have been worth.

forced sales by the courts are the way to go