House Sale, But At A Dropped Price.

[Richb2004v2]

I've had my house up for sale for around 2 or 3 months. We had it up for 5.8 million and have just had an offer for 4.7 million. I was worrying that in the present climate we might not sell it for a long time, but now we have an offer it's easy to become greedy and contemplate holding out for more. My wife says that the way things are here we should just sell asap so that we can move on. What do you folk think? Are we fortunate to get a sale, or would you hold on?

This may be better in the property section. I'm just not sure how much that is used.

[isanbirder]

Take it! I had a house on sale in Chiangmai for a year, and had to come down from 1.8 million to 1.3 million. Now they're building a condo right behind it, so I'm glad I took that.

In general, Thai people are not too keen on secondhand houses (somebody might have died in them).

[SeanMoran]

She's not silly, is she?

Turns out I made it back home to Ban Chang last Saturday afternoon, but back on topic, is there no chance that you might bargain a little and come to an agreement around the 5 mil mark, Rich?

[samuibeachcomber]

How desperate are you to move on? If dropping a million is no problem take it,or try and move the offer up by 300,000 and take two if possible.Personally i would not like to lose a million baht.

[Crossy]

Real Estate is quite an active forum, and your thread is likely to stay on page 1 longer than in General.

That's a hefty discount (20%) on your asking price. I suppose it all depends upon how optimistic you were with your original pricing and how desperate you are to get rid.

[kevkev1888]

I would say take it and get on with what you want to do in life.

If you decide to hold out for more it could be months, years or longer especially if the market moves against you.

A bird in the hand and all that.

It's a buyers market use that to your advantage on the next house.

Good luck.

[rgs2001uk]

We dont know how the asking price was arrived at.

How much was the house purchased for and how long ago?

I would imagine the house was bought with foreign currency, if you sell at 4.7 thats basically £100k these days.

What was your source purchase currency and would you still make a gain on exchange rates?

If you have no intention of ever living in the house again sell or rent until such times as you get a buyer if at all.

Basically we have a seller and an interested buyer, its just down to horse trading now.

In these troubled times coupled with exchange rate woes I would be inclined to sell.

[Richb2004v2]

She's not silly, is she?

Turns out I made it back home to Ban Chang last Saturday afternoon, but back on topic, is there no chance that you might bargain a little and come to an agreement around the 5 mil mark, Rich?

That's what I thought. I never feel content unless I have haggled a bit and negotiated. Even an extra 100,000 baht would be good. I'll talk to the wife. The thing is I hear of so many people with their houses on the market for years and years. Initially when we decided to put the house up I thought maybe 3.5 or 4 mill, which would have been a loss but one I would have had to accept. There are other houses of a lower calibre in the area up for the same (5.8 mill) or more. But they are 'up for' that price and have not actually sold which of course is the difference.

Welcome back Sean. I'm away this evening but back in a month or so.

[kevkev1888]

Indeed push this buyer as far as you can, you might get an increased offer.

But dont let them off the hook.

[jackdawson]

sign the papers and close ASAP

people r dying in bkk and the baht is soaring

[lovelomsak]

sign the papers and close ASAP

people r dying in bkk and the baht is soaring

i agree 100% Take the money and run

[eljeque]

TAKE IT!!!

[malcolminthemiddle]

How about accepting on the condition the buyer pays all government fees and taxes?

[Richb2004v2]

How about accepting on the condition the buyer pays all government fees and taxes?

The buyer is going to pay 50% of government fees etc

I think that you are all right. I need to get this sale through and move on. It's a Thai women that is the buyer, who lives on the next Soi and has rental property close by that she ant to be near. I think that we have been lucky in a way.

Next the logistical problem of getting money out of Thailand and setting up back home

[johninbkk]

How about accepting on the condition the buyer pays all government fees and taxes?

The buyer is going to pay 50% of government fees etc

I think that you are all right. I need to get this sale through and move on. It's a Thai women that is the buyer, who lives on the next Soi and has rental property close by that she ant to be near. I think that we have been lucky in a way.

Next the logistical problem of getting money out of Thailand and setting up back home

You've just won lotto, take it. I have had property on for a year ++ and one property discounted by 3 mill and still no offers, plenty of tyre kickers though. Good luck

[thrilled]

take the money and hit the road

[johnnyk]

A bird in hand is worth two in the bush. I'd take it. I had a similar choice with a house in France. It was for sale almost two years. In the end I took the one offer I had though it was less than I wanted. It freed up the capital, eliminated ongoing costs and I didn't have to think about it anymore.

Edited May 18, 2010 by johnnyk

[ignis]

Second hand house prices are very odd..

Where I live there are 63 detached houses, there are 5 of them For Sale, 4 of these the owner live in them, last month one sold at the asking price of 2.2 million [cheap] the new owners moved in last week.

One house was repossessed by the Bank 5 years ago, the Bank want 1.6 million !! Yet it has remained unsold

Not far up the road the same builders built 46 more houses the same size and design they sold no problem @ 3.1 million.

Can’t work out why someone would pay 3.1 million when they could buy the same house for 1.6 ?

Last year some Thai friends were looking to buy, they came to look, but bought more or less the same size house near the main road for 4.4 million also second hand. They sold the house they had bought new 6 years before within days of putting it up For Sale.

My thoughts if your happy with the price offered than take it, of course someone could come along next month and give you the full asking price, there again you could still be trying to sell in xx years

[up-country_sinclair]

Do you best to get it a bit higher, but if they won't budge, just sell it and move on.

[PattayaParent]

How about accepting on the condition the buyer pays all government fees and taxes?

The buyer is going to pay 50% of government fees etc

I think that you are all right. I need to get this sale through and move on. It's a Thai women that is the buyer, who lives on the next Soi and has rental property close by that she ant to be near. I think that we have been lucky in a way.

Next the logistical problem of getting money out of Thailand and setting up back home

Tell her if she pays all the fees it's a deal??

As I told you before there's at least 22 houses on the estate that are empty but only yours and another one up for sale so I'm surprised there's someone else on the estate even considering buying it to rent out.

So yes I'd agree you've been lucky.

[johnnyk]

If you really want to unload it be careful the deal doesn't fall apart over small amounts of money. For a mater of 50K baht or so you could lose the best offer you might get for quite a while given the curent situation.

If the buyer is willing to go 50/50 on the closing taxes I wouldn't hold out for 100% and let that be a deal breaker.

[xylophone]

I had some experience with selling a house recently here in Phuket, and I was glad I accepted the reduced offer which was completed sometime last December. It was a house I purchased with the intention of renovating and then on selling, and despite the real estate agents suggestion that it should be on the market for 6.9 million baht, it was eventually sold for 5.5 million, with the proviso that the purchaser paid all of the fees.

It took me seven months of intensive marketing to sell it and I doubt very much whether it would sell in today's climate here, as there are so many cheap apartments going up and for sale, and there are many urgent/fire sales which still have not attracted buyers. For example, a friend has a lovely one bedroom condominium and these were selling for 5.9 million three years ago, he is desperate to sell at the moment for 3.9 million, yet has only one mildly interested person.

My advice, is to know exactly what you paid for it and spent on it, and if the sale price exceeds it (bearing in mind that you would have had to pay rent for the time you were living in it if you had not bought the house), then sell it.

I really cannot see the property market improving much in Thailand over the next few years, certainly not where the hot spots are anyway.

As for getting money out of Thailand, that is easy enough if you have a paper trail to show that you bought it in.

[Berkshire]

SELL! And be thankful that you got that much for it.

Edited May 19, 2010 by Berkshire

[PattayaParent]

How about accepting on the condition the buyer pays all government fees and taxes?

The buyer is going to pay 50% of government fees etc

I think that you are all right. I need to get this sale through and move on. It's a Thai women that is the buyer, who lives on the next Soi and has rental property close by that she ant to be near. I think that we have been lucky in a way.

Next the logistical problem of getting money out of Thailand and setting up back home

Tell her if she pays all the fees it's a deal??

As I told you before there's at least 22 houses on the estate that are empty but only yours and another one up for sale so I'm surprised there's someone else on the estate even considering buying it to rent out.

So yes I'd agree you've been lucky.

Also, with those 2 new estates being built just along the road and opposite with prices from 1.4 million you'd better make the sale while you can.

[Richb2004v2]

Thanks for the advice. I think you are al right to advise selling. The thought of being stuck in the house for another year or more is worrying.

PattayaP, you are quite right. There are an incredible number of houses for rent and a couple for sale. I should think myself lucky if I can sell. The wife seems to think it might be a quick deal. Next I will be looking for somewhere to rent for six months and advice on getting money out without a paper trail. I expect there is a lot of advice on here though already.

[PattayaParent]

Hey, if the buyer is buying it to rent out then maybe you can rent the same house!!

No hassles of moving then.

[ESB7]

How about accepting on the condition the buyer pays all government fees and taxes?

The buyer is going to pay 50% of government fees etc

I think that you are all right. I need to get this sale through and move on. It's a Thai women that is the buyer, who lives on the next Soi and has rental property close by that she ant to be near. I think that we have been lucky in a way.

Next the logistical problem of getting money out of Thailand and setting up back home

You've just won lotto, take it. I have had property on for a year ++ and one property discounted by 3 mill and still no offers, plenty of tyre kickers though. Good luck

Obviously way overpriced.

[Pib]

All I can say is the current real estate market environment is bad and it ain't going to get any better in the near term (regardless of realtors spin), especially after the recent red shirt protests/riots and expect continued political turmoil. Good luck in the sale.