Buying a Condo from agent....do they haggle here?

[mikey88]

Hello everyone...

Would anybody who has bought a condo through a property agent care to share their experiences?

Looking at condos down south, I'm wondering what the haggle room is as far as the asking price is concerned?

In my country there would be the asking or advertised price which probably no body would even think was the actual price...

Is it the same here?

Back there I'd be looking at 10% off......what about here ?

[mark5335]

If buying a resale through an agent I'd say there's between a 5 to 10% renegotiation buffer. Although I haven't bought though an agent I have sold (in BKK) and 5-10% is my experience,

[anto]

With new Condos usually no discount .With s/h ones it depends on location .Pattaya /Jomtien for example has a huge over supply ,so a good discount should be available unless its absolute beach front .

[AlexRich]

Why don't you just try a cheeky offer and gauge the response? I'm not sure what the market is like, but it does look as if supply is fairly strong, and that along with a less than buoyant economy may be to your advantage.

[MadMac]

It's a buyers market. You don't need an agent. Unless you're too lazy to do a little bit of homework.

[Pinot]

Why would anyone ever buy property in Thailand? It's always a risky financial decision. Rent

[mascarabertha]

Why would anyone ever buy property in Thailand? It's always a risky financial decision. Rent

ridiculous, untrue statement. Document your post

[WinnieTheKhwai]

Why would anyone ever buy property in Thailand? It's always a risky financial decision. Rent

ridiculous, untrue statement. Document your post

You really need spelling out all the things that can dramatically reduce the value of a property you bought, and that there are a lot more of these things compared to buying in a country with functioning laws and regulations, legal system, town planning and everything? And that's just the things that can be freely discussed on the forum.

I did buy property myself, but I'm well aware of the risks and acknowledge that for many (or even most) on this forum, buying doesn't really make sense.

Edited February 29, 2016 by WinnieTheKhwai

[KittenKong]

In Pattaya anything up to 50% discount on the asking price is possible. It all depends on how keen the vendor is to sell. Many asking prices here are way over the top because the vendor has no real desire to sell and is just advertising on the off-chance that a pigeon will land, or the agent has added some huge mark-up of his own which is very common.

I see no obvious reason why it should not be the same in Chiang Mai.

[WinnieTheKhwai]

^ Exactly. I would actually pretty much ignore the asking price altogether, as it most likely came out of the nearest orifice.

Set some prices for yourself after a bit of research on locations and quality/amenities and then make an offer.

Actually, even location doesn't have as big of an impact on the real asking price as much as it should. Possibly the land price of the space that a condominium occupies, divided by the total number of units, results in a range that doesn't impact price all that much.

[Guest]

Yes .... there is plenty of room to negotiate.

In fact , the price is built up ... to "give away" about 10% right at the start.

A lot depends on the size of the agency and relationship to the seller.

[Rancid]

If the agent is on commission then they are happy to pass along offers. If however on net price then not. That just means the owner gets a fixed price and anything over is the agents cut, generally more common down south though.

[HenryB]

Why would anyone ever buy property in Thailand? It's always a risky financial decision. Rent

Remember the Noise if a old building the Noise will drive you crazy

[mcfish]

In Pattaya anything up to 50% discount on the asking price is possible. It all depends on how keen the vendor is to sell. Many asking prices here are way over the top because the vendor has no real desire to sell and is just advertising on the off-chance that a pigeon will land, or the agent has added some huge mark-up of his own which is very common.

I see no obvious reason why it should not be the same in Chiang Mai.

And you know for a fact that vendors don't want to sell even though these condo's are actually for sale. Sounds like you made that up because it certainly doesn't add up.

How would you know anyway?

Sent from my SC-01D using Tapatalk

Edited February 29, 2016 by mcfish

[vukovar77]

My experience is that is much better to avoid agents than deal with them!!!

Real price is about 30-50 % lower than asking price in general!Special house and land price!!!

Try to make a deal only with owner or buy foreclosure real estate!

If you do not do like that you will be ripped of!!!

Finally buy on your name only!!!

[1FinickyOne]

Best advice is to rent - especially if you do not know the area well - the RE market here surely does not resemble the market back home. Many places will be nearly impossible to re-sell onwards...

I have never been quite sure why those places do not go real cheap 2nd hand, but they rarely do - there is no multiple listings, so, it is not easy to determine how much might be on the market and what going rates are...

And if after a year, you want to move, you might be stuck...

Move very slowly and know the market, which does not necessarily mean believing an agent or seller... be careful.

[little mary sunshine]

Pattaya/Jomtien a serious cash offer of

40-50% discount will probably do it.

[KittenKong]

In Pattaya anything up to 50% discount on the asking price is possible. It all depends on how keen the vendor is to sell. Many asking prices here are way over the top because the vendor has no real desire to sell and is just advertising on the off-chance that a pigeon will land, or the agent has added some huge mark-up of his own which is very common.

I see no obvious reason why it should not be the same in Chiang Mai.

And you know for a fact that vendors don't want to sell even though these condo's are actually for sale. Sounds like you made that up because it certainly doesn't add up.

How would you know anyway?

Apart from knowing what I can see, and apart from knowing what agents themselves say, I also personally know some vendors who are doing exactly this and have been doing it for several years. Even the condo next door to mine is "for sale" in the same way, at about 40% more than it is worth.

These condos are up for sale at fantasy prices just in case someone bites. The owners have no actual desire to sell at all unless the offer is at these fantastic levels. Someone with a serious desire to sell will be looking to actually do so within a few months at a sensible price. This is what makes the Thai property market strange to anyone accustomed to markets elsewhere, where most vendors are serious and want to get on with it.

[mcfish]

In Pattaya anything up to 50% discount on the asking price is possible. It all depends on how keen the vendor is to sell. Many asking prices here are way over the top because the vendor has no real desire to sell and is just advertising on the off-chance that a pigeon will land, or the agent has added some huge mark-up of his own which is very common.

I see no obvious reason why it should not be the same in Chiang Mai.

And you know for a fact that vendors don't want to sell even though these condo's are actually for sale. Sounds like you made that up because it certainly doesn't add up.

How would you know anyway?

Apart from knowing what I can see, and apart from knowing what agents themselves say, I also personally know some vendors who are doing exactly this and have been doing it for several years. Even the condo next door to mine is "for sale" in the same way, at about 40% more than it is worth.

These condos are up for sale at fantasy prices just in case someone bites. The owners have no actual desire to sell at all unless the offer is at these fantastic levels. Someone with a serious desire to sell will be looking to actually do so within a few months at a sensible price. This is what makes the Thai property market strange to anyone accustomed to markets elsewhere, where most vendors are serious and want to get on with it.

Well you can only really vouch for 1 person, your next door neighbor and I'm assuming they told you they Jacked the price 40 % would be an odd thing to say but I don't doubt it because it happens every where in the world but verifying 1 condo is very different to your original nal post where it's sounds like nearly everyone is doing it. Makes no sense

So what would be the point of offering your neighbor a 40% discount then? It would only bring it back to market value, nothing exciting about that

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[condobrit001]

Bargaining in Thailand?? Does the Pope sh*t in the woods??

[condobrit001]

Bargaining in Thailand?? Does the Pope sh*t in the woods??

[little mary sunshine]

Never knew of a Pope shit.ing in the woods.....a wild

Bear, yes!

[Ulic]

Whether a sailboat or real estate if you are not embarrassed by your offer you are offering

too much. They are easy to buy but can be very hard to sell. At least for a price the seller

thinks is fair. With lots of options don't narrow yourself down to quickly to a must have only

choice. Best of luck and remember something is only worth what someone will pay for it

not what anyone says it is worth.

[sirocco]

Good evening,

if one goes through a real estate agency, can you tell me how much is the commission for the agent. And is it noted in the sales contract. Thank you.

[bazza40]

Why would anyone ever buy property in Thailand? It's always a risky financial decision. Rent

ridiculous, untrue statement. Document your post

OK. If it's a house, the underlying land has to belong to a Thai national. Companies? 51% Thai ownership. Condos? 51% Thai ownership as well.

There is no falang in Thailand that can claim ownership of property here. If you think that's ridiculous, please PM me, as with your property misconception I have an excellent bridge in Sydney Harbour I'd like to sell you.

[anto]

^Usually 3 % and its just part of the selling price .

[RBOP]

When buying a resale, you should to do your home work. Start by hiring a bank to do an assessment study of the property. Banks have all the statistics and will visit the local land office to look at comparison of properties sold in the area. They will also do a physical assessment of the property too. Its not that expensive. If I recall I paid SCB a few thousand baht to study my purchase 6 years ago. And remember price is always about location location location.

To answer your question though, yes you can negotiate with the agent who will go back to the owner. Keep in mind the agent is making 3% - 4% commission.

[sirocco]

Good evening,

thank you for your reply, but a friend bought a condo in Hua Hin, a French agency, and I think it paid more than 9% of the sale price to the agent for his commission.

He will have to confirm me.

[mikey88]

Thanks everybody for taking the time to reply...it's been a great help..

All the best...

[GAZZPA]

Why would anyone ever buy property in Thailand? It's always a risky financial decision. Rent

Wrong for you, right for others, pointless post really. He wants advice on haggling room not a "don't buy message".