House purchase. Change with bank

[Rc2702]

I would appreciate some input on this.

 

Been viewing houses recently and when we make the enquiry 3 of the houses are " chanote with bank"  so to explain it appears the people have took loans out against home and given chanote to bank as surety? 

 

One seller advised process of creating contract  then going to bank. pay the seller the purchase price and then the bank will issue chanote to us and then we go gov't place to register change of ownership?

 

Does the above sound correct?

 

 

 

 

 

 

[DILLIGAD]

Yes but why not just go to the bank and see how much THEY want to repay the debt. Not on a new house, but I did this and saved a million!!!!


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[Rc2702]

6 hours ago, DILLIGAD said:

Yes but why not just go to the bank and see how much THEY want to repay the debt. Not on a new house, but I did this and saved a million!!!!


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Hi Dilligad

 

Understood. I had a feeling this could be done but is this not a tread carefully matter. or do you go direct to bank with cash and ask to see available properties? 

[DILLIGAD]

Hi Dilligad

 

Understood. I had a feeling this could be done but is this not a tread carefully matter. or do you go direct to bank with cash and ask to see available properties? 

Ask to see available properties.

With us, we started organizing the purchase with whom we previously paid rent to. During that time, the Bank contacted us to explain the REAL (legal) position then we bought from them directly.

I am 'lead to believe' there are thousands of properties available in Isaan.

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[AliasJohn]

I have just been through the process as recently as last week.
Agree with the owner the price and do up a contract to buy the house. We went along to the bank with the owner and the bank told us the amount owing on the house. We paid the bank directly the amount owing on the house. We then went around to the land office with the chanot in hand (after paying the balance to the seller) with the seller and transfered the land into our name. All very transparent and without worrying if there is a outstanding debt on the property.
Good luck.

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[Rc2702]

12 hours ago, AliasJohn said:

I have just been through the process as recently as last week.
Agree with the owner the price and do up a contract to buy the house. We went along to the bank with the owner and the bank told us the amount owing on the house. We paid the bank directly the amount owing on the house. We then went around to the land office with the chanot in hand (after paying the balance to the seller) with the seller and transfered the land into our name. All very transparent and without worrying if there is a outstanding debt on the property.
Good luck.

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Thanks and hope your settled in and well already or soon enough.

 

 

[Rc2702]

Thanks for input fellas. I'm just being cautious as we live in a small city and I don't want to upset anyone. So I went to the car dealer we purchased our car from today. Nice chap. I asked mrs to explain the situation and he (thai) confirmed what you both advised.

 

I think the owners are quoting us their asking price not necessarily what they owe so we are now going to revisit the houses we enquired about and reaffirm our interest only this time we will ask the question:

 

how much is owed against the house?

 

Lets say they want baht 2m for house but the debt is only 1.25m where would you aim?

 

I'm still going to view the properties in the banks but I do like 2 particular properties where we have learned the chanote is with bank.

 

I mean if their chanot is wirh the bank that puts the buyer in a stronger position to negotiate I hope?

 

 

 

 

 

 

Edited December 19, 2016 by Rc2702

[DILLIGAD]

True, as the bank legally (as good as) owns the house if they have gone into payment arrears.
I'd get a good lawyer to act as middle man between you and the bank (NOT the owners).


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