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dannywla
Novice
Joined: 11 Sep 2006
Posts: 2
Location: Santa Monica, California USA
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 Posted: Mon Sep 11, 2006 12:35 am Post subject: Buying Bank Foreclsoures Property Successfully??? |
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Hi, I am contemplating making a purchase for my Thai wife & I. Has anyone purchased from the bank as there are many listing on each banks websites.
I was coming back to Thailand in November, and am ready to buy but a foreclosed property. Can anyone tell me if they have had made a successful transaction and made some equity as a result of not paying higher prices thru a real estate agent?
Hua Hin property is also being sold by banks. |
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James61
Rookie
Joined: 16 Jul 2006
Posts: 21
Location: Glasgow
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| Posted: Wed Sep 13, 2006 2:40 pm Post subject: |
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doesn't work like that here. It's not the uk or usa.
The foreclosed properties are usually so overpriced that they are left for many years, many since the last crash in 97 stillsitting there.
Or they are small shiithole peasant dives that no foreigner could ever stay in and not feel like a complete loser. |
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JW
Ace
Joined: 11 Sep 2005
Posts: 1398
Location: hua hin
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| Posted: Wed Sep 13, 2006 5:57 pm Post subject: |
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| Real Estate commisions here are paid by the seller of the property, and the honest agents do not inflate prices. Rates of commision are not in the same ball park as in many parts of the world. |
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dr dave soul monsta
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Joined: 31 May 2004
Posts: 1337
Location: Altissima quaeque flumina minimo sono labi
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| Posted: Wed Sep 13, 2006 7:14 pm Post subject: |
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| Quote: | | doesn't work like that here. It's not the uk or usa |
True most of the properties are held for auction
i atended such a auction 2 years ago at Prachuap Kiri khan
appart from it being attended by uniform only bidders there was a 50K entrance fee as a minimum bid with no gaurentee of final sale to highest bidder
you can work that one out
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Nomad
Member
Joined: 13 Jun 2006
Posts: 96
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| Posted: Thu Sep 14, 2006 8:17 am Post subject: |
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| Each branch of the bank will have a book of repos and they often post them on a bulletin board outside as well. Every bank has some, so just ask to see the book and they will be over you like white on rice. There is usually many different kinds of property inside including raw land and commerical buildings as well as condos or townhouses in different states of repair. The asking price is to be bargained and they will finance up to about 70% if you qualify. |
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Farang
Guru
Joined: 09 Jan 2003
Posts: 661
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| Posted: Fri Sep 15, 2006 10:21 pm Post subject: My two satangs. |
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It'll be hard to find real bargains on bank-owned foreclosures. The best ones will have been nabbed by the bank or it's employees.
I tried to buy foreclosed houses/land time and again but wound up buying from owners directly.
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Big A
Specialist
Joined: 02 Jan 2003
Posts: 113
Location: east of eden
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| Posted: Fri Sep 29, 2006 2:47 pm Post subject: Foreclosure, bank, Thai owner |
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I tried all three routes we''ll see in the long run if was a good move or not.
It is just a simple matter of following the procedures and producing everything they ask for.
I figure it was a good deal and that I bought at way below market value.
I bought one lot for 260 and the lots accross the street in one of the developments go for 1.5 mill. (MORE?) same size or smaller.
I just wish I had more to invest, there were (and I stress were) deals to be had.
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