Buying house repossessions in Khon Kaen

[krisb]

Hi guys,couple of questions...

where do you find properties the bank has taken back for sale?

Which areas are better to buy in Khon Kaen and why?

Best condo in the city and worst?

Basically I'd love to hear your thoughts on buying in Khon Kaen house or condo.

Thaks!

[Nuddy]

I think for instance the Bangkok Bank has a site for its properties for sale

As well you could go into the local banks and ask them

I notice from time to time in the Bank they have properties for sale on their notice board

[krisb]

I think for instance the Bangkok Bank has a site for its properties for sale

As well you could go into the local banks and ask them

I notice from time to time in the Bank they have properties for sale on their notice board

Thanks Nuddy, stupid as I am I never considered looking at the main banks websites.

I will check them out.

[SOTIRIOS]

..when I enquired a while back I was told: "They are all snatched up and 'middled' before they ever get to the market again."....

[long klong]

Look at developments along Nong Kote Lake. It's a very nice area with lots of restaurants. The Central Plaza and other amenities are not far. It is, however, more expensive than most other areas!

[captnhoy]

Do let us know what you find. I tried this in Ranong and the pickings were slim to say the least. Only 2 available and they were falling down ruins. So it would have been a land buy and very overpriced considering that. I concluded that the strong economy does not produce many opportunities. But it makes sense that "insider trading" is a big factor too and that mere mortals would never see what's available.

[cracker1]

Slightly off topic, but where are all the repossessed cars and motorbikes sold ?

[captnhoy]

Look for info on car auctions. They are numerous and include repo bikes. I do not know if true but some report that "good stuff" is scooped up, including good factory parts, replaced by cheap copies. That sounds a bit extreme to me but TIT, so maybe..

[ozyjon]

Driving along the highway from Udon Thani to Sakon Nakhon,

i would take regular stops in various towns and see these

signs on a white tarp written in red and i asked my girl what it

was, she told me it a property a bank wanted to sell, i then

looked for these signs and realized they were everywhere,

so that's what to look for, only look not buy.

[Jay Sata]

The land office is a good bet. There are many agents hanging around outside who have the latest info on properties about to be foreclosed by gold shops etc.

These agents usually take a commission on the sale from the vendor. You will find them in groups outside the office near then refreshment vendors.

[Berkshire]

I've always wondered about repos in general in Thailand. You'd think there'd be a huge market. But I heard that the way Thai law is, it doesn't encourage banks to get these homes off their books. Which means that banks would rather hold on to these non-performing assets, or only sell if close to appraised value. Hence the reason why you so see so many homes sitting unoccupied and falling apart. Same with owners who can't get the price they seek, so they just hold on. Perhaps someone with more knowledge can elaborate.

[colinneil]

Cracker1

Auto repos go south on mittrapap road 4 kilometers on your left is the auction yard.

[seancbk]

I found this website which has links to the various Banks foreclosed property listings.

There is a lot out there.

http://mister-kwai.com/foreclosure-thailand-bangkok.html

[seancbk]

Look for info on car auctions. They are numerous and include repo bikes. I do not know if true but some report that "good stuff" is scooped up, including good factory parts, replaced by cheap copies. That sounds a bit extreme to me but TIT, so maybe..

This site has car and bike auctions

http://www.union-auction.com/en/home/index.aspx

[Robert24]

go to the government website with properties and land that are in progress of being repossessed. I recommend the following:

- if you find a property you like and you are interested in, contact the owner and the bank and negotiate a deal that is lower than the indicated price for the auction

- usually you should be able to lower the price another 10% because both the owner and the bank/finance company have an interest to sell the property outside of the auction

- Please note that most of these properties have not been repossessed yet, they are in the process of repossession.

http://asset.led.go.th/newbid/asset_search_map.asp

About your 2nd question about house vs condo: I recommend buying a house with land in Khon Kaen mainly because condos are completely overpriced and you see them paying same prices in Khon Kaen as in Bangkok. Also bear in mind that if you buy a house with land, the land portion relative to the building is much higher and in the long run you benefit more from an appreciation of the price of land. Also bear in mind that once your condo ages a bit, it becomes far less attractive for other buyers, as most people like buying new condos.

Let me know if you need more input.

[stament]

Interesting

[swissie]

Major Banks in Thailand have a sub- link as far as "Repo's" are concerned. Sometimes, not so easy to find on their websites.

At any rate: Bank Repo's come with some sort of marketable Land-Title (otherwise they would not have issued any loans in the first place)

Far better than building your Mansion on "Family-Land" with inferior or no Land Title at all.

Cheers.

[TerryLH]

"Auto repos go south on mittrapap road 4 kilometers on your left is the auction yard."

4KM frpm where on Mittrapap?

Are you talking about the ​Home Pro parking lot?

[luxoretired]

The" Legal Execution Office " in each province auctions off repossessed items that are the result of a court case .

[Robert24]

Major Banks in Thailand have a sub- link as far as "Repo's" are concerned. Sometimes, not so easy to find on their websites.

At any rate: Bank Repo's come with some sort of marketable Land-Title (otherwise they would not have issued any loans in the first place)

Far better than building your Mansion on "Family-Land" with inferior or no Land Title at all.

Cheers.

agree that looking at the bank's portfolio of repossessed properties is a good avenue. Even better I think is to look at what properties the LED has published in terms of properties in the process of repossessions. Here you can get really good deals and negotiate prices down with the owner and the bank as both have an interest to avoid the auction. My experience is that you can get about 20% lower prices this way than looking at the bank's portfolio of repossessed properties.