Pattaya Property

[Zstarx]

I've always been dead against buying a house that I can't own the land, however with the current troubles there must be some owners desperate to sell, especially in the 10m plus market. It's got me thinking, is it worth making a low ball offer, 30 to 40% below asking price and see what happens. Has anyone done this lately and been sucessful?

[jori]

Of course it is,once viewed give them your 'phone number and you will be swamped with follow up calls.

30% to 40% less is probably too much to offer anyway,try 70% first,or stick an advert in the local paper offering anything up to 3 million,you will attract something selling up to 6 million.

Do not buy the stack 'em high'flog 'em off for 1.3 million,you will never get shut. I know someone who sold with a 60% reduction

[Zstarx]

Thanks, I've got my eye on a house, price about 10.8m, I'm hoping to come over in August, I'm sure it wouldn't have sold by then, I'll ofer 6m and see what happens

[neilf]

who will own it then--------you are aware of what often happens i hope.

you can loan cash to a thai company and the company owns the land and leases back to you.

not sure what position you hold if any legally in co. though--------there are some legal loopholes still i believe.

[fredob43]

Alway's remember you got it cheap so you will have to sell cheap. Every one know's the price for property has fell through the floor. Good game this buying for investment.

[jori]

Thanks, I've got my eye on a house, price about 10.8m, I'm hoping to come over in August, I'm sure it wouldn't have sold by then, I'll ofer 6m and see what hap

Too much 6 million,offer 4.5 gives you leeway to go to 5 million,and August is good timing ,they will bite your hand off

[Zstarx]

who will own it then--------you are aware of what often happens i hope.

you can loan cash to a thai company and the company owns the land and leases back to you.

not sure what position you hold if any legally in co. though--------there are some legal loopholes still i believe.

Thai Mother in law to initially own the house with a usufruct for life to myself. After a couple of years she will gift the house to my wife.

[Zstarx]

Thanks, I've got my eye on a house, price about 10.8m, I'm hoping to come over in August, I'm sure it wouldn't have sold by then, I'll ofer 6m and see what hap

Too much 6 million,offer 4.5 gives you leeway to go to 5 million,and August is good timing ,they will bite your hand off

OK, I'll try 4.5 m, I suppose they can only say no!! I will post how I get on in August

[norrona]

who will own it then--------you are aware of what often happens i hope.

you can loan cash to a thai company and the company owns the land and leases back to you.

not sure what position you hold if any legally in co. though--------there are some legal loopholes still i believe.

Thai Mother in law to initially own the house with a usufruct for life to myself. After a couple of years she will gift the house to my wife.

one born every minute

[Zstarx]

who will own it then--------you are aware of what often happens i hope.

you can loan cash to a thai company and the company owns the land and leases back to you.

not sure what position you hold if any legally in co. though--------there are some legal loopholes still i believe.

Thai Mother in law to initially own the house with a usufruct for life to myself. After a couple of years she will gift the house to my wife.

one born every minute

I'm not sure why you replied, maybe instead of making a snide remark you could try and add something constructive

I guess that getting posters opinions on wanting to buy a 10m villa for 5m and get guarantee that I can live in it for the rest of my life, I suppose there are many of us born evey minute who would like to do that. Obviously unlike yourself

[norrona]

who will own it then--------you are aware of what often happens i hope.

you can loan cash to a thai company and the company owns the land and leases back to you.

not sure what position you hold if any legally in co. though--------there are some legal loopholes still i believe.

Thai Mother in law to initially own the house with a usufruct for life to myself. After a couple of years she will gift the house to my wife.

one born every minute

I'm not sure why you replied, maybe instead of making a snide remark you could try and add something constructive

I guess that getting posters opinions on wanting to buy a 10m villa for 5m and get guarantee that I can live in it for the rest of my life, I suppose there are many of us born evey minute who would like to do that. Obviously unlike yourself

ok I will be constructive, of course the mother in law will just hand the property over to your wife

but really why not just put it in the wifes name in the first place

[Zstarx]

OK, because a usufruct isn't recognised between husband and wife, however between myself and the mother in law no problem. I then get the mother in law to gift the house to my Mrs so when I die she doesn't have to share it with her 2 brothers and sisters

[norrona]

so when I die she doesn't have to share it with her 2 brothers and sisters

I take back the one born every minute dig

[Zstarx]

so when I die she doesn't have to share it with her 2 brothers and sisters

I take back the one born every minute dig

Thankyou, and I won't wish the hammers get relegated next year . Although if they don't make some good signings they will be in trouble

[jori]

They will never in a million years get their asking price,just be brazen,you can wait them out

[kevkev1888]

They will never in a million years get their asking price,just be brazen,you can wait them out

And this opinion is based on what exactly?????

you don't know anything about the house apart from the asking price.

Maybe it was a 15m house reduced to 10.8m?

[Jayroo]

Alway's remember you got it cheap so you will have to sell cheap. Every one know's the price for property has fell through the floor. Good game this buying for investment.

I'm just curious to know why you use apostrophes where they are not required in words??

[chickenslegs]

Alway's remember you got it cheap so you will have to sell cheap. Every one know's the price for property has fell through the floor. Good game this buying for investment.

I'm just curious to know why you use apostrophes where they are not required in words??

Jayroo - That is a statement, not a question. So no need for a question mark (let alone two).

Also, a full stop after the word "required" would have made grammatical sense.

See - it's easy to be pedantic!

Edited May 20, 2010 by chickenslegs

[jori]

And this opinion is based on what exactly?????

you don't know anything about the house apart from the asking price.

Maybe it was a 15m house reduced to 10.8m?

Not so, I have for over a year now investigated the property market in Pattaya,and yes I did intend to buy ,but my conclusion was that in a rapidly falling property market it makes no sense to buy anything ..period.

I know six previous owners who sold at what was then thought of as ridiculous offers , now those accepted offers look overpriced if and when they too come to the market.Distress sales are becoming more frequent and owners will accept an offer that they consider acceptable to get shut quickly

[gguy]

I use the same method when I rent an apartment.

I offer about 60% of my estimated FMV. I usually leave email explaining I am interested but my budget is X amount.

I get return emails about 80% of the time.

It took me about four months to find my latest apartment.

[NALAK]

who will own it then--------you are aware of what often happens i hope.

you can loan cash to a thai company and the company owns the land and leases back to you.

not sure what position you hold if any legally in co. though--------there are some legal loopholes still i believe.

Thai Mother in law to initially own the house with a usufruct for life to myself. After a couple of years she will gift the house to my wife.

one born every minute

I'm not sure why you replied, maybe instead of making a snide remark you could try and add something constructive

I guess that getting posters opinions on wanting to buy a 10m villa for 5m and get guarantee that I can live in it for the rest of my life, I suppose there are many of us born evey minute who would like to do that. Obviously unlike yourself

how can you guarantee you live in it for the rest of your life? i really really would like to know. would you just buy a house and just give it to a mother in law in your own country. dont do it, buy a condo for a silly price in your name but not a house in the mother in laws name. when are people going to learn.

[Zstarx]

[

one born every minute

I'm not sure why you replied, maybe instead of making a snide remark you could try and add something constructive

I guess that getting posters opinions on wanting to buy a 10m villa for 5m and get guarantee that I can live in it for the rest of my life, I suppose there are many of us born evey minute who would like to do that. Obviously unlike yourself

how can you guarantee you live in it for the rest of your life? i really really would like to know. would you just buy a house and just give it to a mother in law in your own country. dont do it, buy a condo for a silly price in your name but not a house in the mother in laws name. when are people going to learn.

Can I politely suggest you read some of the posts on the real estate forum regarding Usufructs, then you would understand better what you are writing about.

[LennyW]

Can I politely suggest you read some of the posts on the real estate forum regarding Usufructs, then you would understand better what you are writing about.

Well put Zstarx, and while you are at it NALAK you might want to google some pictures of Houses and Condos just so you understand that the two are not the same, not only don't they look alike - they represent completely different lifestyles!!

To quote another poster "when are people going to learn."

[jori]

Just rember ZST your the boss in negotations,the 10.8 obviously the .8 is what he considers the negoiating factor in lets face it an over glamourised poorly cobbled together load of crap,in reallity you should buy it for the .8 and forget the 10 million and should be grateful if he takes it off you.

In all probability you are his first and only viewer in years of trying to sell ,he will have spotted you a mile off approaching his house ,the smell of coffee and fresh flowers will adorn the property,all smiles and chit chat,he will be thinking on what kind of a mug have I got here,is he going to buy it?

If he is hardnosed ,well there are a lot of owners here who will be dying in their properties as they are unwilling to drop to a more realistic price,so be it,there are plenty more properties available.I have seen banners outside properties with "up with for sale at less than the develpoers price"..yeah bought at the height and a few thousand off,...no thanks,I''ll pass,even with the exchange rate the owners stand to make a cool 30% over and above the initial purchase price as I should think most sellers have the intention of returning to Europe

[Rimmer]

A developer built four big two story houses on a large plot of land close to me, They went on the market at 20m 18 months back then dropped to 18m, dropped again to 15m then 12m then 10m. The latest get me out of here price is 7m and he still has not even had one viewing.

I would say that any offer 50cents on the dollar would be considered at this time, if not walk away from it, plenty of unsold property around.

[Naam]

Thanks, I've got my eye on a house, price about 10.8m, I'm hoping to come over in August, I'm sure it wouldn't have sold by then, I'll ofer 6m and see what hap

Too much 6 million,offer 4.5 gives you leeway to go to 5 million,and August is good timing ,they will bite your hand off

and on top you will get the Ferrari, the 48' yacht and the stunning girlfriend for free (not two forget the sixteen cases of 97 year old Blue Label). i hope you chaps sleep on rubber sheets to protect your mattresses from the proceeds of your wet dreams.

[jori]

That's happened before ,two near new SUVs thrown in plus furniture and a 50% reduction

[ESB7]

After almost 7 years in Thailand I still see guys that I met then and they are still renting at approx 9,000 a month for a small bungalow. So they have paid in that time approx 700,000 and got nothing to show.

I also know guys that bought for 2.2 million and brought their money here at 75 baht - £ and sold for the same price, returning to the U.K and converting back at 50 baht - £ and also living in a far better property

Its not always stupid to buy, do the figures. Some have lived here rent free and gone back with a profit, others are £15k down and got nothing

[ESB7]

A developer built four big two story houses on a large plot of land close to me, They went on the market at 20m 18 months back then dropped to 18m, dropped again to 15m then 12m then 10m. The latest get me out of here price is 7m and he still has not even had one viewing.

I would say that any offer 50cents on the dollar would be considered at this time, if not walk away from it, plenty of unsold property around.

20m a few years ago would expect, marble, granit, full expensive furniture, 5 beds all en-suite, beachfront and infinity pool, if it isnt that then it was way overpriced anyway and probably only cost him a few mil to build.

[nam-thip]

How can buying a property in Thailand be considered to be an investment when you can't own the land it stands on?

Leasing from your ex-bar worker tilac or the family out-laws or forming a dodgy company through a sticky fingered lawyer is far to risky in my opinion.

Makes me wonder where that well known saying directed at expats of "Only spend what you can afford to lose" originated?

Edited May 21, 2010 by nam-thip