129 Condo Rooms - Bank Foreclosure Sale

[cigar7]

There is a bank selling one lot of about 129 condo rooms at a condo located in Pattaya. The condos were collateral for a loan which has not been re-paid. The Bank prefers to sell all rooms as one lot as quickly as possible.

The lot will probably sell in the 50M - 100M baht range, maybe lower, depending on your negotiating skills.

The condos are NOT advertised. Negotiations are currently underway with only one buyer.

Why wouldn't a Bank not advertise such a huge sale and optimize the price ?

Edited November 12, 2015 by cigar7

[trogers]

Perhaps the potential buyer has some common link with the bank...if you take my drift...

[shirtless]

Yes sounds like a very unorthodox way to hold an auction , someone wants a bargain

[PattayaPhom]

50-100 Mil or maybe less....wow, that's some kinda spread...bar stool talk possibly as its not advertised how does anyone know except bank employees.

[cigar7]

50-100 Mil or maybe less....wow, that's some kinda spread...bar stool talk possibly as its not advertised how does anyone know except bank employees.

The acting condo manager received notice from the Bank of their intentions. The Bank wanted to know if the condo fees are in arrears, since they need to get a letter from the condo manager that there no outstanding debts, in order transfer title in the land office.

Edited November 12, 2015 by cigar7

[KittenKong]

Typical Thai business practice. Dishonesty rules.

[Paul944]

Great way to launder some money. About 200 million baht can be legalized with this construction.

[cigar7]

Great way to launder some money. About 200 million baht can be legalized with this construction.

How could that happen?

[denby45]

Where in Pattaya exactly? Where to get the details?

[hhgz]

Because advertising would bring in buying who do not have the financial resources to buy the entire development. They'd get individuals who might want to buy one unit. Too, the standard negotiating process generally begins with the buyer asking,"What is the lowest price you'd accept?" The automatic response is, "Too high."

[rijit]

50-100 Mil or maybe less....wow, that's some kinda spread...bar stool talk possibly as its not advertised how does anyone know except bank employees.

The acting condo manager received notice from the Bank of their intentions. The Bank wanted to know if the condo fees are in arrears, since they need to get a letter from the condo manager that there no outstanding debts, in order transfer title in the land office.

The arrears in condo charges is a standard question solicitors ask in any purchase on the behalf of buyers and i presume on behalf of the buyers backers ie maybe another banks involved.

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