Bank Auctioning Property

[Chris.B]

Hi,  

 

My wife wants to purchase a property in our village. The bank (or Court?) is auctioning it with a starting price of 450, 000 Baht.

 

My question is what are the minimum bid increments likely to be if there is another bidder? Does anyone know please? Thanks.

 

Chris

[trogers]

The increments are usually mentioned in the bid documents. My guess would be 50k.

 

Check for any outstanding tax and common fees the successful bidder has to pay before title can be transferred.

 

Also, check to see if someone is squatting in the said property.

Edited June 14, 2017 by trogers

[jippytum]

Go to the court office .They will give you all the auction details and you can view the property  also details of  the returnable deposit required before you can bid and the time frame to pay the balance after a successful bid .Usually with a condo all maintenance fees

are cleared but you are responsible for fees due after the day of auction.

[saakura]

And watch out for mafia who will bid the lowest price and break the legs of anyone who dares to bid higher, if it is a prime plot. Happens in big city like Bangkok at least.

[trogers]

2 hours ago, jippytum said:

Go to the court office .They will give you all the auction details and you can view the property  also details of  the returnable deposit required before you can bid and the time frame to pay the balance after a successful bid .Usually with a condo all maintenance fees

are cleared but you are responsible for fees due after the day of auction.

Not true about unpaid maintenance fees. The condo unit I won in a bid at Legal Execution Dept had almost 3 years of unpaid fees. But I knew about it from the Juristic office during inspection of the property before bidding day.

[jippytum]

18 hours ago, trogers said:

Not true about unpaid maintenance fees. The condo unit I won in a bid at Legal Execution Dept had almost 3 years of unpaid fees. But I knew about it from the Juristic office during inspection of the property before bidding day.

 

18 hours ago, trogers said:

Not true about unpaid maintenance fees. The condo unit I won in a bid at Legal Execution Dept had almost 3 years of unpaid fees. But I knew about it from the Juristic office during inspection of the property before bidding day.

Not true now .Previously unpaid fees accrued between  the court ruling date and the auction date where the responsibility of the new owner .Now all fees for maintenance are taken from the equity left in the property after the sale .This applies to legal action taken by co owners to reclaim maintenance fees  .I do not know if this applies to bank legal action with regard to mortgage or personal loan defaults where the equity in the property is less than the auction proceeds from the distressed sale...

[trogers]

21 minutes ago, jippytum said:

 

Not true now .Previously unpaid fees accrued between  the court ruling date and the auction date where the responsibility of the new owner .Now all fees for maintenance are taken from the equity left in the property after the sale .This applies to legal action taken by co owners to reclaim maintenance fees  .I do not know if this applies to bank legal action with regard to mortgage or personal loan defaults where the equity in the property is less than the auction proceeds from the distressed sale...

The property I bidded was from a bank foreclosure. The Juristic was not a party to the suit.

 

If new owner does not settle the outstanding maintenance fee, no debt clearance certificate for the condo unit would be issued for title transfer.