Banks-Land And Property Sales

[eyecatcher]

I understand the banks are having their "get together" to promote the sales of their repossesed land and properties that they need to sell,,,,..and its in the shopping mall from friday until sunday 25th.

I was always intrigued by the way the banks auction their lots ....... but some bargains to be had no doubt. I will certainly be going along to see whats on offer.

Anyone had any experience of buying a "repo" from the bank?

[JeffreyMcCollum]

Banks always have book fullof home and land they have taken back and you can always make an offer. Their list prices always seem high to me. But they usually take 1/3 off very easily

Condos are no problem and land or a home if you have a wife

The actual auctions, which banks do have now and then, I have gotten homes for as little as 10% of their value

It's all straight forward, and on the up and up. Some times at the auctions you need to make a deposit 10,000 - 20,000 to bid and pay in full within 7 days

[chiang mai]

Which shopping mall? There's usually at least one bank or company every month with a display set up selling properties and touting loans in either Gad Suan Gow (sp) or Airport plaza, what advert have you seen?

[eyecatcher]

Which shopping mall? There's usually at least one bank or company every month with a display set up selling properties and touting loans in either Gad Suan Gow (sp) or Airport plaza, what advert have you seen?

sorry did i not say in the title?

The ad was on a billboard near the Grandview on the highway, but as it was in thai I am trusting the authority of my lady...been advertised for 3 weeks already

[chiang mai]

Which shopping mall? There's usually at least one bank or company every month with a display set up selling properties and touting loans in either Gad Suan Gow (sp) or Airport plaza, what advert have you seen?

sorry did i not say in the title?

The ad was on a billboard near the Grandview on the highway, but as it was in thai I am trusting the authority of my lady...been advertised for 3 weeks already

Sorry I missed that part but thanks for your answer regardless.

I wouldn't get too excited about the event because as I said earlier, they are fairly frequent in one form or another, if you miss the current one there'll be another along shortly, perhaps let us know how you get on though, if you do go.

[elektrified]

I wouldn't get too excited. In almost all cases, the employees at the banks (and/or their families) get all the good bargains before they are even offered to the public. Besides foreigners can't hold title anyway so unless it's a condo, who really cares?

[Thighlander]

their contracts do not stipulate that the condo fees have been paid.

[LivinLOS]

"Anyone had any experience of buying a "repo" from the bank?"

No but I have experience of 'trying' to buy repo from a bank.. I hunted high and low for land.. and was a bit driven about trying to get the to bottom of real local pricing, which is a bit harder outside of moobaan setups. But every time I found repossessed land sales, to be selling at either at or even over the asking prices of local sellers for comparable lots of land. When approached with offers they seemed entirely unwilling to offer any kind of substantial (more than single percentages) discount, even when it could be clearly shown they were asking higher than land right beside them

One I remember on the Wang Taan had a rai or so of land and if memory serves they were almost 20% higher than the WT management would agree a sale price on an unsold plot (only meters away on the same moobaan).. How can the moobaan have unsold land for significantly less than the bank (kasikon finance IIRC) wanted for repo land ??

The way I think of a finance company is a company that makes its money from lending money, and non performing loans are to be liquidated so money can be put back to work. I get the real impression the bank feels these land parcels are appreciating assets and will sit on them asking approximately market value until the market rises to meet them, so they never have to book a loss (does it imply losing face?). Unsure really, and I only had a few attempted deals with them, but found them totally inflexible, slightly unrealistic, and didnt seem to want to make a sale, despite me being there ready to spend decent money on a large, hard to sell, plot.

Just my feeling from trying last year.

[uptheos]

I wouldn't get too excited. In almost all cases, the employees at the banks (and/or their families) get all the good bargains before they are even offered to the public.

Absolutely right!

[eyecatcher]

I called in at KSK today to see the "expo", There were about 10 different banks all crammed with their light box displays in the tiny area that sold the bras and knickers last week.

it was downright dangerous, one hundred electric cables on the floor, about 10 employees from each bank, and potential customers trying to avoid tripping or knocking something over.

on the positive side, each had a comprehensive brochure with prices, so i just went around and collected them all and went to find a nice seat, and a beer to read them.

well that was that, i cant read thai, not one word in english, didnt have a clue if they were in chiang mai, lamphum, chiang rai or wherever and i certainly dont want to be asking the lady to tell me where they all are.

...but on the face of it, some really cheap houses and plots....though you dont know what you cant see out of shot.

worth a trip just to collect some brochures and familiarise yourselves with asking prices.