Condo Purchase by Auction in Pattaya

[Banana7]

If anybody is interested in purchasing a condo in Pattaya at an auction, please see:

 

[Frank67]

Any idea why it is 138 units at once?

[smutcakes]

1 hour ago, Frank67 said:

Any idea why it is 138 units at once?

It maybe the original developer's holding who have gone bankrupt.

[Banana7]

1 hour ago, Frank67 said:

Any idea why it is 138 units at once?

The story I heard was that they were owned by one guy through a Thai company called RK Construction. The condos were pledged as collateral for a loan, and then the loan defaulted. Bank held the chanotes and wanted legal possession to sell them. I guess RK and Bank couldn't reach agreement on their value so they went to Court to settle. I'm not sure what happened in court other than now the Court has ordered sale of the condos.

 

My guess is that the Court is letting the free market place determine the true value of the condos. Then based on the net proceeds from the auction, determine if the loan is repaid or there is  balance still outstanding.

[trogers]

The bank would probably be bidding for those units too to ensure that the prices of the units don't fall below the value of their defaulted loan plus interests and cost.

 

Should you be interested, make a visit to the site to ascertain its condition and find out about any outstanding monies and taxes the successful bidders may have to clear before title can be transferred.

 

Also, ascertain if there are squatters occupying those units.

[Banana7]

3 minutes ago, trogers said:

The bank would probably be bidding for those units too to ensure that the prices of the units don't fall below the value of their defaulted loan plus interests and cost.

 

Should you be interested, make a visit to the site to ascertain its condition and find out about any outstanding monies and taxes the successful bidders may have to clear before title can be transferred.

 

Also, ascertain if there are squatters occupying those units.

Good advice. I heard the bank will try to maintain a price of 500k per room. If the room is a total gut job, it's only worth maybe 200k-300k. One person bought from a bank, one room, which required a complete reno, for 280K baht in the last year.

 

Some rooms are decent and currently occupied and rented.

 

See the other thread referenced above, for more info. The court order, partially shown in the other thread, actually states 4 auction dates.

 

[Banana7]

1 hour ago, smutcakes said:

It maybe the original developer's holding who have gone bankrupt.

I believe you maybe correct in that one of the original companies involved in the original development was called RK Construction. See the other thread, mentioned above, for more info.