Bank Owned Properties, Anyone Deal with this situation in Thailand ?

[50baht]

Stumbled upon a Bank Owned realestare website http://www.krungsriproperty.com/ListPage.aspx

Anyone have experiance with Bank Owned Property buying ?

Seems like a decent way to save on commision and or dealing with owners who over price ?

Do they loan on these properties or is it cash ?

Kapoon Krap

[piersbeckett]

I think it's 'auction' & cash.

[kannot]

then u have to get the original owner out

[MaeJoMTB]

Anything good is bought by bank staff.

Only the overpriced rubbish is left.

(they can't sell below the outstanding loan amount)

[burgerking]

The properties worth buying are quickly snapped up by the bank staff as MaeJoMTH said. Just take a look at where they are.

Edited August 25, 2015 by burgerking

[fish fingers]

Its generally the rubbish left over - after looking through there are about 2 properties on the whole site that might be worth buying but thats it.

[ecline]

Three years ago my wife and I bought a 3-rai property in Doi Saket, outside of Chiang Mai. It was a foreclosure property and had been owned by the bank for ages. The place was at the end of a lane, bordered on two sides by rice paddy and neighbors with large properties on the other two sides. Land was already filled and had two fish ponds on it. It was completely overgrown with weeds, shrubs, vines in the trees, etc. We got the place for a steal, relative to prices in the area. We have since cleared and landscaped the place and built a house.

So, I would definitely recommend scouring the bank and finance company's websites for deals. They are out there, but you have to look and take your time. In general finance institutions will not bargain much (if at all) on the final price and all transfer costs are shouldered by the buyer.

Happy hunting!

Edit: Not sure about getting a loan from the same institution that owns the property, but might be worth a try. Our place was cash only.

Edited August 26, 2015 by ecline

[amerasianex]

They have auctions. I went to one in Chaipoom. My friend bought 3 properties. Building lots. Very very cheap...it was cash but I think the bank had a booth their to finance also

[amerasianex]

They have auctions. I went to one in Chaipoom. My friend bought 3 properties. Building lots. Very very cheap...it was cash but I think the bank had a booth their to finance also

[dotpoom]

"Anyone have experiance with Bank Owned Property buying ?

Seems like a decent way to save on commision and or dealing with owners who over price ?"

You don't pay commission when you are buying.

[onni4me]

^{I was bidding once for a foreclosed property and you can sometimes make a lower offer than the actual asking price and the bank committee will have their say. It's a slow and bureaucratic process but worth a try.}

^{In my case the former owners son made a bigger offer. Offers are made in sealed envelopes. In this case the offer was significantly higher than the asking price.}

[springheeled jack]

it is possible to go into any bank and look through the portfolios of properties and it is possible to do a deal with the banks using a thai person but I am not quite sure whether the 49/51 per cent rule applies to this type of property perhaps someone can enlighten me.

[JoeInSurin]

I made a ridiculously low offer on a nice bank owned home in my neighborhood and got it for about what the land only was worth. Put a coat of paint on it and sold it for a million baht profit 8 months later. I would definitely check the banks out. Plenty of nice property well under market value.

Edited August 26, 2015 by JoeInSurin

[Robert24]

Recommend having a look at properties in the process of reposession, ie not government owned yet. Usually you can make some really good deals with previous owners and banks whilst in this stage of repossession. In other words when published on gov website for upcoming auctions.

[mike324]

I've added two more links for reference, if anybody has any other bank links please copy the ones below and relist.

http://www.krungsriproperty.com

http://www.bangkokbank.com/BangkokBank/AboutBangkokBank/AboutUs/PropertiesForSale/Pages/default.aspx

http://www.buyatsiam.com/Home.html

[GOLDBUGGY]

I checked into this awhile back and all I ever saw at different banks was overpriced junk. My wife's friend at the bank said the good stuff is bought up right away by the people who work there or their family and friends. then turn it over for a profit I suppose.

I think if you could catch these properties before it goes back to the bank, perhaps at the Court House, you might be able to strike a good deal. But I found my own property and never checked this out as I lost interest.

If I ever have a reason to go to the Court House, other than going to jail, I may do that, or find out how I can find a property like this. I would think they would need to go to the Court House before the property could be turned over to the bank. But getting people to move may be a totally different story which I am not sure of.

[Robert24]

@Goldbuggy: all properties in the process of repossession can be looked up on the government website www.asset.led.go.th

As I mentioned, properties are published way ahead of the auction and the bank or another financial institution taking over ownership. Just search by province and district and you can find everything online. This is the best time to look for a good deal because usually previous owners as well as banks have an interest to find a new buyer ahead of the auction.

[candoman89]

@Goldbuggy: all properties in the process of repossession can be looked up on the government website www.asset.led.go.th

As I mentioned, properties are published way ahead of the auction and the bank or another financial institution taking over ownership. Just search by province and district and you can find everything online. This is the best time to look for a good deal because usually previous owners as well as banks have an interest to find a new buyer ahead of the auction.

Thanks for the information but the website says "

This webpage is not available

ERR_NAME_NOT_RESOLVED

I have tried googling different things and tried different URLs but I can't get onto the website. Perhaps the server is down or maybe you mistyped the web name. Can you check please.

Thanks.

[Halfaboy]

Works fine with me.

Unfortunately all info is in Thai and google translate is in this case not much of a help.

[RAZZELL]

@Goldbuggy: all properties in the process of repossession can be looked up on the government website www.asset.led.go.th

As I mentioned, properties are published way ahead of the auction and the bank or another financial institution taking over ownership. Just search by province and district and you can find everything online. This is the best time to look for a good deal because usually previous owners as well as banks have an interest to find a new buyer ahead of the auction.

Thanks for the information but the website says "

This webpage is not available

ERR_NAME_NOT_RESOLVED

I have tried googling different things and tried different URLs but I can't get onto the website. Perhaps the server is down or maybe you mistyped the web name. Can you check please.

Thanks.

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

RAZZ

[ldnguy]

Anything good is bought by bank staff.

Only the overpriced rubbish is left.

(they can't sell below the outstanding loan amount)

But that's obviously not true because other on here have bought some cheap property this way. Maybe this is a case of... please stand aside with others get on with doing what you say can't be done.

Just because you might not be able to find the deals doesn't mean others can't. It takes work, but there are bargains to be had.

[theguyfromanotherforum]

All these listed properties look like a huge ripoff to me. You can buy new for the same price.

[candoman89]

Thanks Razz. That one works, the other one still doesn't

Cando.

@Goldbuggy: all properties in the process of repossession can be looked up on the government website www.asset.led.go.th
As I mentioned, properties are published way ahead of the auction and the bank or another financial institution taking over ownership. Just search by province and district and you can find everything online. This is the best time to look for a good deal because usually previous owners as well as banks have an interest to find a new buyer ahead of the auction.

Thanks for the information but the website says "

This webpage is not available

ERR_NAME_NOT_RESOLVED

I have tried googling different things and tried different URLs but I can't get onto the website. Perhaps the server is down or maybe you mistyped the web name. Can you check please.

Thanks.

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

RAZZ

[RAZZELL]

There are some links on this old thread - some a bit out of date.

http://www.thaivisa.com/forum/topic/146540-buying-bank-repossessions-any-pointers/

RAZZ

[AlbionThailand]

The wife saw a house in Ubon a few years ago that she wanted to buy. It was in foreclosure with the bank and they were asking THB 800K which was market value. She offered THB 600K and after not hearing any response for a month, they called back and accepted our offer. Just to push the envelope, I offered THB 300K down and asked for a 5-year mortgage on the balance. Again a delay of a month and then they accepted.

Wanted to do the same deal again on a 2nd property but bank advised that as an existing mortgage in place; they could not let us have a 2nd mortgage. Just paid off the original mortgage and the bank is now playing dumb on how they let us have the original mortgage in the first place!