Can Investors Still Make Money In The Jomtien/pattaya Real Estate Market Even During A Downturn ?

The theory is as follows:

Thai banks foreclose on units in case mortgages are not paid. As mortgages are involved, these units are typically held in Thai name. As posted under "Idea 3", in case of condominiums whereby the 49% foreign quota has not yet been reached, such units can be converted to foreign quota freehold ownership, with the assistance of the juristic person.

Thai banks typically hold on to foreclosed properties for a few weeks during which any buyer may make an offer to the bank. An example is Siam Commercial Bank that maintains an inventory of foreclosed units for sale.

If the property remains unsold, the Thai bank will put up the property for auction at the monthly public auctions in Pattaya where anyone can bid, including foreigners. In practice, this will require strong Thai language skills as well as working through a lawyer proxy at the actual auction sites.

I have personally attended one such public auction of residential properties as well as land, it was very lively.

Does this theory work in practice ? Anyone with actual experience ?

Please let me have your views …