Real Estate Appraisal In Thailand

[BillyBobThai]

I am currently considering buying a property in Chiang Mai, and would like to know if they have real estate appraisal agents that do work for the local banks, who will work for individuals. Compared to the U.S. system, things here are screwy at best. Thanks

[HaleySabai]

things here are screwy at best.

Ya, you usually start with a "fantasy-price" then try to work your way down....

Have a look online at houseinchiangmai.net, their listings are by price range, may give you an abstract impression of comparable value.

"appraisal agents".... never heard of them here.....

In the States ,1+1=2.... in Thailand, 1+1= "whatever you want it to be"

I

[Thighlander]

The appraisers work for the bank, which actually makes a lot of sense. Depending on the applicants credit and downpayment--they will do a curbside appraisal and make sure it is still standing. Something else different than America is that you can't have a mortgage past age 65. So if the buyer is 55, they will have to qualify for 10 year payments. Everything is done by square meter. Roughly, figure 8000 per square meter for land in a moobaan, nice basic houses can be built for 600,000--extra for kitchen and a/c. Condos can be half the size for twice the money as the two tiered system really skews things. I bought a house with a lawyer, and would not do it again, even though it worked out good for me, primarily because of the falling Dollar. The Thais won't buy a house from a foreigner.....I do know a guy selling a nice 170 sm house on 100 wah in Hua Hin (Takiab) for 250,000 USD--500 m to the beach. It has a lap pool and is very first class. Company setup, taxes, board of directors--all smoke and mirrors, which spoils the whole thing.

[miltonbentley]

In the past I contracted a surveyor from Siam Commercial to complete a full survey and valuation on a property. It was very detailed and I was very impressed. From memory I think it cost 7,000 baht but I also had to pay for it to be translated.

The office was located in the big Siam Commercial Bank on the corner of Thapae and Chang Klan.

For a structural survey on a property I have used Khun Daeng at May 37. As an addition to telling me the building wouldn't fall down he also gave an opinion on market value. Daeng is one of the city's top architects, who has extensive experience of working in the west and is a very knowledgeable and likeable guy.

Hope that helps.

[WinnieTheKhwai]

Same for me; a bank can arrrange someone to appraise a property. I'm not sure what the benefit of that would be though, other than as a part of securing a mortgage; regardless of what the bank thinks it's worth, the actual sale amount can be very different.