Repossessions In Thailand

[Blackandwhite]

Do the banks here sell repossessions ??

If so how can I get involved to buy one ?

Thanks

[PattayaPhom]

Bangkok BanK and TMB normally have a list, although dont expect any bargains.....

[JaiLai]

In my experience only "buddies" of the banker workers will get the good deals - shock!

[trogers]

Why not go to the source of auctions of repossessed properties? Legal Execution Department - http://www.led.go.th/

[ignis]

In my experience only "buddies" of the banker workers will get the good deals - shock!

The Bank want there money back........ 7 years ago in my Village a house was repossessed, it still stand there empty today, will it ever sell, think NO, guess the 1st owner had a 100% mortgage... We go in the garden every 2 or 3 months and cut back all from all around the house...... about 3 years ago an upstairs wood window eaten away fell off, now many birds live inside, the Patio upstairs doors have much of them eaten away,.Part of the garden wall on one side has moved a lot big gap to the Rice field, downstairs bathroom window fallen off, back door fallen off and frame badly eaten.. Not been inside but all of upstairs floors are wood, dread to think what is left of them. [Parki]........

The price from the Bank, the same price as if cost brand new.

[trogers]

In my experience only "buddies" of the banker workers will get the good deals - shock!

The Bank want there money back........ 7 years ago in my Village a house was repossessed, it still stand there empty today, will it ever sell, think NO, guess the 1st owner had a 100% mortgage... We go in the garden every 2 or 3 months and cut back all from all around the house...... about 3 years ago an upstairs wood window eaten away fell off, now many birds live inside, the Patio upstairs doors have much of them eaten away,.Part of the garden wall on one side has moved a lot big gap to the Rice field, downstairs bathroom window fallen off, back door fallen off and frame badly eaten.. Not been inside but all of upstairs floors are wood, dread to think what is left of them. [Parki]........

The price from the Bank, the same price as if cost brand new.

The banks acquired those repossessed properties through auctions carried out by the Legal Execution Department and then try to resell them. It will not do to sell them cheap as they will have to book a loss into their accounts. Thus, such properties are held years on end, and stockholders remain happy. Ignorance is bliss...lol

[LennyW]

All the banks have loads and loads of them on offer - but seldom any real cheap bargains!

I know an area here where the banks have had signs up for ages but their price is more than twice what the adjacent land has sold for recently!!

Best to use the local knowledge to find out who has a property on loan with a "money lender" who's debt is about to run it's term and offer them exactly what they need to clear it, no more, as these "money lenders" will never give more than half what the local valuation is.

[Blackandwhite]

Thank you, yes looks like the thai way is in the way here, there must be a way the properties can be bought for a fair price, be a great business venture if someone somehow could get these properties selling, maybe with the right approach to the authorities. Guessing there are some part thai Falang property companies that could along with the appeal of the money starting to change hands to the correct authorities start getting the empty properties selling and being used.

Maybe maybe not, maybe for once " not - up to you "

[bangkokburning]

Ah trogers

I want to.be your apprentice. Is there anything you don't know about Thai property market?

+5 good sir

[Khun Jean]

Banks don't have to price to market and taxes on real estate are extremely low.

Better to keep them on the books at full price and pretend it is worth that much.

Bargains are for people with the right connections, what ends up on websites are the 'uninteresting' ones. Although there can be an exception to that.

Feet on the ground and local info is still the best.