Where To Buy Condo Or House On Compulsory Auction

[bengt0035]

I wonder if someone on this forum know how and where to buy condo or house in Phuket, Pattaya, hua hin or BKG on a compulsory auction?

I know from my country that there the goverment have a special department for this kind of auctions, but how does it work in Thailand?

[donx]

I wonder if someone on this forum know how and where to buy condo or house in Phuket, Pattaya, hua hin or BKG on a compulsory auction?

I know from my country that there the goverment have a special department for this kind of auctions, but how does it work in Thailand?

I don't know if there are any government sponsored auctions, but there are bank sponsored auctions.

[LennyW]

If you go into the banks and ask you can get a catalouge of upcoming property auctions, but the auctions are spread over 4 seperate days in 4 separate locations (K-bank anyway), and you would need to attend all 4 to secure the property of your choice.

The catalouges are in Thai but you will get the idea!

K bank website also has them listed but again only in Thai, strangely their website used to have it in English too.

Good luck.

[quiksilva]

You mean to say that you have money and you want to buy cheap properties?

But Midas said people like you don't exist! The scallywag!

[think_too_mut]

I wonder if someone on this forum know how and where to buy condo or house in Phuket, Pattaya, hua hin or BKG on a compulsory auction?

I know from my country that there the goverment have a special department for this kind of auctions, but how does it work in Thailand?

Every tuk-tuk driver can tell you about government sponsored gem sales. They might know about govt sponsored auctions too.

[Boater]

Hi

I know a company that will be starting Condo Auctions in Bangkok Next Month.

Properties will be at around 50 % below Market value.

Please PM me for Further Details on attending the Auction or Listing your property

Thanks

Boater

Edited February 24, 2009 by Boater

[RAZZELL]

Hi

I know a company that will be starting Condo Auctions in Bangkok Next Month.

Properties will be at around 50 % below Market value.

Please PM me for Further Details on attending the Auction or Listing your property

Thanks

Boater

Please post the name of the company in the forum.

But I thought the "market price" was always what it sold for? Not some figure plucked out of the air.

RAZZ

[LennyW]

Hi

I know a company that will be starting Condo Auctions in Bangkok Next Month.

Properties will be at around 50 % below Market value.

Please PM me for Further Details on attending the Auction or Listing your property

Thanks

Boater

Do you mean properties will start the bidding at 50% of their listed price??, because in an auction you will not know what they sell for until the hammer drops??

[Boater]

Hi

I know a company that will be starting Condo Auctions in Bangkok Next Month.

Properties will be at around 50 % below Market value.

Please PM me for Further Details on attending the Auction or Listing your property

Thanks

Boater

Do you mean properties will start the bidding at 50% of their listed price??, because in an auction you will not know what they sell for until the hammer drops??

Yes, this is correct

as a brief example, a property has been on the market for 7 million THB ( other properties in the same condo are priced Simliar ) the condo will go into Auction at 3.5 Million THB and the bidding Starts

[sorensen]

All the below bangs have real-estate listings:

http://www.uob.co.th

http://www.bangkokbank.com/

http://www.tmbhome.com/

http://www.kasikornbank.com

http://www.bankthai.co.th

http://www.krungsriproperty.com/

However, more often then not, the best deals always go to friends, family or other people with connections inside the banks.

A more hands on approach is to visit buildings you like and leave your phone number with the juristic person. Maybe even hit that you will give him/her a commission if you are informed about attractive units.

Let me know what you find, as I am also interested in shopping for some good deals, but I will wait 6-18 month to sign on the dotted line.

Robert

[bengt0035]

Hi

I know a company that will be starting Condo Auctions in Bangkok Next Month.

Properties will be at around 50 % below Market value.

Please PM me for Further Details on attending the Auction or Listing your property

Thanks

Boater

[RAZZELL]

All the below bangs have real-estate listings:

http://www.uob.co.th

http://www.bangkokbank.com/

http://www.tmbhome.com/

http://www.kasikornbank.com

http://www.bankthai.co.th

http://www.krungsriproperty.com/

However, more often then not, the best deals always go to friends, family or other people with connections inside the banks.

A more hands on approach is to visit buildings you like and leave your phone number with the juristic person. Maybe even hit that you will give him/her a commission if you are informed about attractive units.

Let me know what you find, as I am also interested in shopping for some good deals, but I will wait 6-18 month to sign on the dotted line.

Robert

Some great links

RAZZ

[trogers]

Be careful. Foreclosed properties are often auctioned off not entirely free from encumbrances. Such encumbrances could be undischarged debts or taxes, outstanding maintenance fees, or unevicted tenant or the property owner who defaulted on the outstanding debt or tax, etc.

Edited February 24, 2009 by trogers

[chiangmaibruce]

(In Thailand) In a typical bank foreclosure situation the bank petitions the court to seize the asset/s. The court then holds periodic auctions to sell these assets. If the property does not sell it is held over to the next auction. If the property looks like being sold for less than the bank is owed then the bank may buy the property with a view to try to sell it for more and hence recover their money. These left-over properties are the ones you see in the bank catalogues.

Therefore the Op needs to get himself to his local courthouse and ask for the seized assets section (i'm not sure of correct name) to see details of the properties on offer and find out when the next auction is.

Further details of this method of buying properties can be found in other threads in Thaivisa - use the search function with keywords like "bank foreclosure, seized property auctions" or similar

[peacock]

hi,

can you give me details of the condo auctions or the company thats starting auctions next month,

and where it will be?

thanks,

peacock

Hi

I know a company that will be starting Condo Auctions in Bangkok Next Month.

Properties will be at around 50 % below Market value.

Please PM me for Further Details on attending the Auction or Listing your property

Thanks

Boater

Please post the name of the company in the forum.

But I thought the "market price" was always what it sold for? Not some figure plucked out of the air.

RAZZ

[iwan]

I know of one this weekend at the UOB NPA Grand Sale from July 3 to 5 at Central Plaza Lat Phrao (The Nation June 23, 2009).

Full Text:

UOB (Thai)'s NPAs available at a premium of up to 65%

Those who are looking for cheap property assets will want to take a look at the portfolio of United Overseas Bank (Thai), which is offering 500 non-performing assets (NPAs) with discounts of up to 65 per cent over the next three months.

The 500 items are worth Bt8 billion and form part of the bank's 1,042 NPAs worth Bt9.8 billion in total.

Most of the assets up for sale are in greater Bangkok and the eastern part of the country, Vajee Pramualrat, senior vice president and head of UOB (Thai)'s Special Asset Management Sector, said yesterday.

Seventy per cent of the NPAs are land plots, 14.4 per cent are commercial assets and another 14.4 per cent are residential, she said.

Among the most attracฌtive assets are a 54-rai plot near Nong Pho livestock office in Ratchaburi's Photharam district. The land cost Bt66.5 milฌlion but is on sale for Bt22.9 million, or a 65-percent discount.

A 260-squarewah plot in Soi Sukhumvit 83, near the On Nut Skytrain station, is disฌcounted by 58 per cent from Bt8.7 million to Bt3.6 million.

Meanwhile, a 1,578-squaremetre area for commercial purฌposes in a building opposite Central Bang Na was tagged at Bt76.6 milฌlion but has been put on sale at Bt58.3 million, representing a 24-per-cent discount.

"We want to make customers aware of our NPA sale, therefore we are using a pricing strategy that we've never used before," said Vajee.

Although UOB (Thai) might make a loss on some items because of the big discounts, the sales will help provide liquidity and will not affect the bank's provisioning.

The bank expects to sell Bt2.5 billion of its NPAs this year, achieving more than half of the target over the first five months.

As the bank has a good sales team, it prefers sellฌing its NPAs by itself, she added. However, it does not rule out using other sales channels, such as approaching property developers or using broker services for some items.

Anyone interested in buying an NPA is required to pay 5 per cent of the discounted asset price as a deposit.

UOB (Thai) offers special NPA mortgages of 0.79 per cent for the first three months, minimum lending rate (MLR) minus 4 percentage points for the next nine months, MLR minus 1.25 percentage point for the second year, followed by MLR minus 1 percentage point throughout the remaining term. The bank's MLR stands at 6.75 per cent.

The maximum loan period for the NPAs is 20 years.

Meanwhile, TMB Bank is offering discounts of 15-50 per cent for 900 NPAs until July 20.

During its NPA Grand Sale from July 3 to 5 at Central Plaza Lat Phrao, TMB will also offer special benefits for customers, with zerointerest loans for the first four months.

Edited July 3, 2009 by iwan

[trogers]

NPA with completed structures need comprehensive studies as new building codes and EIA requirements may require total demolition before redevelopment.

[yeti]

Government sponsored auctions are done by the Legal Execution Department.

[iwan]

Government sponsored auctions are done by the Legal Execution Department.

That is correct. From my observations, the banks have been doing more aggressive marketing to push the properties these days. If you have been through the local LED process, you will know they are not business-friendly. Still much due diligence is called for.

I am out of town so have to give this a miss. Good luck if anyone is keen, and let us know your experience if you happen to be there.

[bokpower]

If anyone looking at a good deal - we are selling our 6 bed, 4 bath with private pool home in Hua Hin. Stunning estate - www.huahindreams.com worth a visit if in the area and actively looking at buying. We are looking for 4.5M freehold. Have blue book, building permit, all contracts, company accounts, website - everything ready for take over. Recession in Australia forces us to sell as we need the funds for our mortgage here now to get it down. If anyone serious, please pm us or contact via our website. Currently being rented out as holiday rental.

[eljeque]

If you live in Pattaya, you can go to the government auction house on Theprasert Road (just behind it really), up from Thapraya Road about 70 meters. There is a 7-11 on the corner, drive onto the little soi beside the 7-11 and the guard will open the gate. Turn left.

The auctions are held on Wednesdays.

Auctions start at 80% of the property value (land office assessed value) and then ifd they do not sell, go down to 50%.

They have a list of upcoming properties to be auctioned there. If you do not speak Thai well, take along someone who does.

Good luck