Repossessed Or Distressed Property

[brucestatham]

does anybody out there know how one goes about aquiring (hopefully a 'bargain') house or condo repo from the bank or any other way to find 'distressed' property for sale.they must be about up for grabs.i have seen some houses which are obviously abandoned,going by the way the gardens look as if tarzan would be happier there than anyone else actually in the house.

has anybody tried this with success,or just another dead end.

a thought was to get some of these for rental.

being a bit of a pessamist (although rarely disappointed in life) i would guess it would be cheaper to buy a new property.........??

any thoughts..........??

[PattayaParent]

All the banks websites list details of repo properties but it's always all in Thai.

[katabeachbum]

they are sold at public auctions

the banks dont want to take a loss (accounting), so often they buy them and keep them until balance is covered

just looked at one, bank wants 8,5 million, project sells for 6,5 300k difference in spec, but still...................

in todays market, you can get better deals in the open market

[brucestatham]

just looked at one, bank wants 8,5 million, project sells for 6,5 300k difference in spec, but still...................

in todays market, you can get better deals in the open market

thats exactly what i was expecting.buy new in thailand always seems more sense economically.

maybe theres so many empty/abandoned properties here is because the seller/s all want their cut.

cheers for that tho.....

[RAZZELL]

Legal Execution Department...not what it sounds

http://www.led.go.th/

RAZZ

[newtronbom]

We bought our house by accident - went to look at one in a Moo Barn (housing estate), that I found/saw on "the net" and fell in love with the house next door, which luckily for us, the owner was into the bank for in a big way and needing an urgent sale before the bank repoed it on him - we acquired a 6.5 mill place for 4.5 mill plus cost of change over. That was a bit over 7 years ago and it is now valued at 8.6 mill. The best deals that I have come across since then though, are from or through the "Narcotics Police" auctions. They are held every one or two months - not sure on that - but you can inquire at their head office over near Don Muang airport, or at their main town office near Victory Monument. Unless you speak very good Thai, I suggest you stay in the background. Shouldn't say this, though it will not surprise anyone I'm sure, but the place you decide on, or the car or what ever, can be "price arranged and guarantied" before the auction. by means of the usual "suitable donation" to the right person. When it comes time for the auction, the property is on the books, but just doesn't get bid on etc. This is not a "fairy tale" and I know this from personal experience. PM me for a very helpful name at the town office if you wish. My wife and I did all the math on buying new, as opposed to 2nd hand when we bought ours over 7 years ago. We went to several "new housing estates" and were shown the display house/houses which looked beautiful, but when I - much to the consternation of the very sexy sales girls, who were there to be looked at, not the condition of the houses - walked further into the estate and looked at the "undressed up" houses, they all had lots of ugly cracks in the walls that hadn't been plastered over, also I could see where the "land fill" had sunk a bit under one side of the house from the several days of rain - all this and only 6 months or so since they had been built. Don't think this was a cheap estate either, as the lowest price house for sale, was a bit over 8 mill and built by a so called "well reputed" construction company!! Trust me on this when I say, that a good quality 12 year old house, that's not going to suffer from land fill subsidence below the foundation, causing ugly cracking in the walls to say the least, and doors that will stick, which in many cases happens in under a year, speed depending on the greed of the outfit which built it, and which in most cases will have walls twice as thick as your "new house" is a much better way to go. So you may have to decorate it, but that will take less time than building a new one and there are so many crews around now with little or no work, that are desperate to keep their people employed, that you can get the place painted for not much more than the cost of the paint (just make sure - ie. be on the job - that the paint is what you ordered and paid for!) or the gardens landscaped and planted at a very good price. A house that is up for auction by the "Narcotics Police" will always be sold for far less than a bank could possibly do it, as they can't lose and don't have to recover any investment such as a bank would. I Don't think these auctions are advertised - I may be wrong - so you will need to go and ask them when the next one is, and what is up for auction. There are always plenty of photos to look at. They make so many drug busts just around Bangkok and confiscate so many houses along with their contents, land lots, vehicles etc, that auctions are regular. Good luck anyway.

[thaipak]

Try www.tamc.or.th

This is Thai Assest Managment Compnay. All info available in Thai but use goggle translation pretty good.

Make sure the land or house is not accoupied or under any disputepresntly.

ALI

We bought our house by accident - went to look at one in a Moo Barn (housing estate), that I found/saw on "the net" and fell in love with the house next door, which luckily for us, the owner was into the bank for in a big way and needing an urgent sale before the bank repoed it on him - we acquired a 6.5 mill place for 4.5 mill plus cost of change over. That was a bit over 7 years ago and it is now valued at 8.6 mill. The best deals that I have come across since then though, are from or through the "Narcotics Police" auctions. They are held every one or two months - not sure on that - but you can inquire at their head office over near Don Muang airport, or at their main town office near Victory Monument. Unless you speak very good Thai, I suggest you stay in the background. Shouldn't say this, though it will not surprise anyone I'm sure, but the place you decide on, or the car or what ever, can be "price arranged and guarantied" before the auction. by means of the usual "suitable donation" to the right person. When it comes time for the auction, the property is on the books, but just doesn't get bid on etc. This is not a "fairy tale" and I know this from personal experience. PM me for a very helpful name at the town office if you wish. My wife and I did all the math on buying new, as opposed to 2nd hand when we bought ours over 7 years ago. We went to several "new housing estates" and were shown the display house/houses which looked beautiful, but when I - much to the consternation of the very sexy sales girls, who were there to be looked at, not the condition of the houses - walked further into the estate and looked at the "undressed up" houses, they all had lots of ugly cracks in the walls that hadn't been plastered over, also I could see where the "land fill" had sunk a bit under one side of the house from the several days of rain - all this and only 6 months or so since they had been built. Don't think this was a cheap estate either, as the lowest price house for sale, was a bit over 8 mill and built by a so called "well reputed" construction company!! Trust me on this when I say, that a good quality 12 year old house, that's not going to suffer from land fill subsidence below the foundation, causing ugly cracking in the walls to say the least, and doors that will stick, which in many cases happens in under a year, speed depending on the greed of the outfit which built it, and which in most cases will have walls twice as thick as your "new house" is a much better way to go. So you may have to decorate it, but that will take less time than building a new one and there are so many crews around now with little or no work, that are desperate to keep their people employed, that you can get the place painted for not much more than the cost of the paint (just make sure - ie. be on the job - that the paint is what you ordered and paid for!) or the gardens landscaped and planted at a very good price. A house that is up for auction by the "Narcotics Police" will always be sold for far less than a bank could possibly do it, as they can't lose and don't have to recover any investment such as a bank would. I Don't think these auctions are advertised - I may be wrong - so you will need to go and ask them when the next one is, and what is up for auction. There are always plenty of photos to look at. They make so many drug busts just around Bangkok and confiscate so many houses along with their contents, land lots, vehicles etc, that auctions are regular. Good luck anyway.

[katabeachbum]

This question has come up in other topics

If one does buy at auction, to discover house has occupants either registered in Tabien Baan, by 3 year non registered lease, or by having furniture, kitchenstuff and clothes in the house, or a combination of all 3,

does the new owner have to honor the lease?

especially if the 3 year lease has been prepaid to previous owner?

[maccaroni man]

in my exp. npl or bank owned properties that go to auction are for sale to the highest bidder, the catch is the seller has the right to refuse the offer but no more than 3 times (ck that # for sure) the point being if the bid is lower than they want and they have run out of reject rights you own it at the price you want. This can take time because the auctions are typically only 1x per mo. As for people still living on the property, imo this is an issue because the tenant which could be the original owner may not want to leave and the burden to evict is on the new owner. I always ask the bank what the situation is and do a drive by, talk with the neighbors and try to get some back ground information before i make a bid.