"Private" land auction

[mikejphuket]

I have land as collateral on a loan that the borrower is unable to repay anytime soon. We are on speaking terms and looking for a fair, quick solution. One idea is to auction the land so is sold at market price as proceeds over what I am owed will go to the borrower. Have tried one very large real estate/ management company and they are not interested. I'm wondering if private auctions of this type happen often in Thailand? Any constructive/meaningful comments most appreciated.

[Jonathan Fairfield]

off topic post and reply removed

[dotpoom]

Would an Auction House (bahmoon) be able to help you out? There are a couple in the Pattaya area...might be worth emailing them and asking for advice if nothing else. 

   Have to honest though, not many over here seem to be very helpful if there's nothing in it for them (foreign or native).

[1FinickyOne]

Auctions do not always yield market value. Since there are few such auctions here, you may not get many potential buyers. There will also be advertising expenses as well as auctioneer and agent. 

 

I would go a more traditional route of contacting an active agent and first getting an estimate and then soliciting offers from there. 

[TerryLH]

Details please.  Maybe someone on the forum would be interested.

[williamgeorgeallen]

you need to consult a good lawyer, preferably one who deals with land issues. of course this will cost money but if you want to get something done you have to spend money. realestate agents generally just want to flip easy sales and i doubt they will take a sale like this one on.

[bontang]

Need to know location & size of the Block of Land,  I have a friend looking for Rai close to the Road &

also needs to have Power line close to the Location,

 

Thank you

[mikejphuket]

The land is 1/2 rai subdivided into two lots in a resort project in Phuket. Power and road to the site, full sea view about 60 metres from the ocean. PM me for further information.

[Lucky mike]

In a previous life I conducted auctions over many years, just a couple of thoughts...I would get a lawyer to draft conditions of purchase and contract of sale.  The auction to work requires a willing seller ( which you appear to have) and a willing purchaser and thereby is a problem.  Without sufficient advertising no one will know the auction is on.  You need the help of someone with property marketing experience so you find buyer of better still buyers....no doubt it could be done but difficult I believe.  I think you are better selling private treaty that is marketing with a price...so you need to market it around its value, perhaps get an independent value...if you market above value, you will be the only buyer, too cheap and you cost yourself $$$

[mikejphuket]

36 minutes ago, Lucky mike said:

In a previous life I conducted auctions over many years, just a couple of thoughts...I would get a lawyer to draft conditions of purchase and contract of sale.  The auction to work requires a willing seller ( which you appear to have) and a willing purchaser and thereby is a problem.  Without sufficient advertising no one will know the auction is on.  You need the help of someone with property marketing experience so you find buyer of better still buyers....no doubt it could be done but difficult I believe.  I think you are better selling private treaty that is marketing with a price...so you need to market it around its value, perhaps get an independent value...if you market above value, you will be the only buyer, too cheap and you cost yourself $$$

Thank you very much! Much appreciated.