Any advice for a newbie?

General Udon Thani topics only!
tenbyboy
udonmap.com
Posts: 82
Joined: October 4, 2005, 3:54 pm

Any advice for a newbie?

Post by tenbyboy » October 4, 2005, 4:01 pm

***************************************************
Last edited by tenbyboy on January 30, 2006, 2:30 am, edited 2 times in total.



valentine

Post by valentine » October 4, 2005, 4:24 pm

Welcome Tenbyboy. Can't really help you very much, just to say beware of being cheated if purchasing privately. You should be okay with a reputable agent as FBI. I can tell you of the near misses and one hit I suffered in buying property here. The hit was a condo property in Pattaya, with beautiful swimming pool, tennis courts and gardens. After being resident for over a year we received notification from a bank, that the land occupied by these amenities was in hock to the bank and was about to be repossessed, would we like to pay the debt? Ouch!
The near misses were sellers wanting money without being able to show us land entitlement deeds. Yes pledged as security for loans again. Once aware of these problems it is easy to protect yourself, just go to the local amphoe and they will do a search for you, as all loans on the land have to be registered with them.They do not charge for this service and it could save you a lot of heartache.
Be careful, act wisely, and enjoy your stay in Udon, its a lovely place.

tenbyboy
udonmap.com
Posts: 82
Joined: October 4, 2005, 3:54 pm

Thanks

Post by tenbyboy » October 4, 2005, 4:30 pm

****************************************
Last edited by tenbyboy on January 30, 2006, 2:18 am, edited 1 time in total.

User avatar
banpaeng
udonmap.com
Posts: 2644
Joined: July 4, 2005, 9:20 pm

Post by banpaeng » October 4, 2005, 5:53 pm

Welcome tenbyboy. I am not in Udon yet so really no advise. Only thing I can say is all the guys that live there are pretty much in agreement.

First Rent Rent Rent. Then buy.

businessman
udonmap.com
Posts: 1305
Joined: July 15, 2005, 10:58 am
Location: Udon

Post by businessman » October 5, 2005, 10:59 am

First Rent
Tattoo that on your forehead.In all the excitement of finally getting here it's very easy to buy the first thing you see.

Marcus.

User avatar
arjay
udonmap.com
Posts: 8349
Joined: October 2, 2005, 12:19 pm
Location: Gone to get a life, "troll free"

Post by arjay » October 5, 2005, 4:11 pm

The advice I was given when I was came to Thailand, was "go slowly", whatever you do, "go slowly". - Don't rush into anything. That advice has proved to be so right, so many times.

I would certainly agree, rent, rent, rent, at the very least for 6 or preferably 12 months. Allow time to assess if all is what it seems to be, if you want to be in this or that location. Maybe you subsequently decide you want to move on. - No problems if you are renting.

Good Luck

businessman
udonmap.com
Posts: 1305
Joined: July 15, 2005, 10:58 am
Location: Udon

Post by businessman » October 5, 2005, 4:20 pm

arlay,i rented for a year and the plot i finally bought was twice the size and half the price of some of the first ones i considered buying.You get distressed sellers and because the market is so illiquid they sell very cheaply.But you have to wait.Let communities know you are a buyer and they will come to you.

tenbyboy
udonmap.com
Posts: 82
Joined: October 4, 2005, 3:54 pm

Thanks

Post by tenbyboy » October 6, 2005, 7:40 pm

******************************************
Last edited by tenbyboy on January 30, 2006, 2:18 am, edited 1 time in total.

valentine

Post by valentine » October 7, 2005, 6:49 am

If you are set on buying a little known or used source of property, is to go into the major banks and ask to see their portfolio of repossesed properties and land. It is normally way under market value and of course you are guaranteed the land title. It is sometimes better to arrange a lunch date with the manager to discuss this, as the best are not always in the portfolio yet?

businessman
udonmap.com
Posts: 1305
Joined: July 15, 2005, 10:58 am
Location: Udon

Post by businessman » October 7, 2005, 11:54 am

Val,don't let Paul know you buy your bank manager lunch. :)

User avatar
Paul
udonmap.com
Posts: 3112
Joined: July 6, 2005, 10:25 pm
Location: Wherever I lay My Hat

Post by Paul » October 7, 2005, 3:47 pm

Oh here we go - back to that one huh ?

There are ways and means to do everything here in Thailand and when I spoke last time about the 'gift' for immigration - then I meant it. If your paperwork is in order you will get your extension irrespective of wether you supply a gift or not.

I am not against rewarding someone for good service AFTER they have actually carried out whatever it is they helped you with as a thank you.
That way it cannot be a bribe - but a thank-you gift: just as I would in the UK when someone has gone out of their way to help me - when they really didn't have to.

I too have experienced the bank reposession saga, and yes there are some bargains to be had and yes even it can be helpful to get someone on your side from the bank - however as I learned at that time, you cannot view these properties before you bid for them at the auction and when/if you purchase one, you have the problem of telling the people who live there that you now own their house and you want them to leave !

I tried asking the current owners of a property I was interested in if I might take a look around before the auction - big mistake, I was 'invited to leave'. After all their house is about to be re-posessed and they did not take to kindly to prospective purchasers making themselves at home - so to speak. Its a heck of a gamble.

Paul 8)

User avatar
BobHelm
udonmap.com
Posts: 18411
Joined: September 7, 2005, 11:58 pm
Location: Udon Thani

Post by BobHelm » October 7, 2005, 4:43 pm

Thanks Paul, good tip to know - that you have to be your own bailiff as well

valentine

Post by valentine » October 7, 2005, 6:17 pm

The portfolio of properties are not at auction but realistically priced to recoup the banks commitment. Not to be confused with the auction off at any price no hopers, normally these have been written down on the books to zero, yes some of these may still be occupied, not worth the banks effort to get them out.
I have been involved in the purchase of several porfolio properties and have never been involved in evicting anyone.

User avatar
Paul
udonmap.com
Posts: 3112
Joined: July 6, 2005, 10:25 pm
Location: Wherever I lay My Hat

Post by Paul » October 7, 2005, 6:43 pm

Different situations then Val.

The experience I had was that the bank produces a booklet of properties to be dealt with - usually where the owner has defaulted. There are pictures of the properties and roughly drawn map locations. There will be a guide price and this is the lowest that the bank will let it go for as lower than that is not recouping any of their losses.
The properties are 'auctioned' off on a particular date to the highest bidder (over the guide price) and it is very common for the owner to halt proceedings and claim that they will be able to sell the property privately for a ridiculous sum (millions) and unless anyone offers more at that point then they are given a few weeks grace - until the next auction date, when it will be sold come what may. The bank itself may 'purchase' the property for whatever sum they think fit and hold it as an investment to be sold later.
I spoke with someone at the bank regarding two or three of the properties in the booklet and he took me to view the outside - personally but as stated - they were still occupied and I had no right to view internally. It was possible to come to an agreement with the bank before the auction on some of the properties - but he quite clearly told me that once I have paid my money then the property is mine - occupied or not !

Another bank company again took me to view some properties and this time after taliking with the owners - some of them agreed to let us view inside, there and then - but it was almost heartbreaking to see the conditions that these people were living in. they obviously have financial problems - otherwise their house would not be getting reposessed, and the houses were literally being left to fall down around them - after all why should they care. But nonethe less still sad to see people living in conditions like that. If you bought that property would you take pleasure in telling them to get out ???
What a horrible way to do things :(

Knowing what I know about the legal system here and assistance given to those in need - I would not take my chances. It all seemed completely disorganised and in the end the only thing I had any interest in was a plot of empty land - at least nobody lived there !!!! - However the bank informed me at a later date that they were retaining it as they anticipated the land to increase in value (it was near the aiport) and eventually I gave up.

Its a strange way to do things - but if it works in your favour you can get a real bargain - however : what if .........................

The auction itself - held in a hotel conference room was a great experience and was quite amazing to see what some people will buy - in both aspects, good and bad.

Like everything here - people are way too willing to take your money off you, but when things go wrong - you are often on your own.

Paul

businessman
udonmap.com
Posts: 1305
Joined: July 15, 2005, 10:58 am
Location: Udon

Post by businessman » October 8, 2005, 10:50 am

If you walk into Bangkok Bank or Thai Military Bank,they normally have a board on the wall with a folder of repossessed properties attached to it that you can browse through.An indicative price is on the particulars along with photos,location and detailed land plans.It's then up to you to negotiate with the bank and the outcome depends on what book value they have at present.Some will be written way down and some by very little(generally commercial properties).

valentine

Post by valentine » October 8, 2005, 7:35 pm

Yes Paul, I tried the auction once, was outbidded on the property I liked by a Thai. On the way out I was approached by the auction staff and informed the sussessful bidder didn't have any funds available and if I would cover his bid, I could have it. He really didn't understand why I didn't now want it.The usual murmers of"Farang bababor were heard"TIT.

User avatar
Paul
udonmap.com
Posts: 3112
Joined: July 6, 2005, 10:25 pm
Location: Wherever I lay My Hat

Post by Paul » October 8, 2005, 8:48 pm

valentine wrote:. He really didn't understand why I didn't now want it.The usual murmers of"Farang bababor were heard"TIT.

he he he

how very English :) LOL
we are strange sometimes aren't we ?

Only in Thailand would someone bid for something when they had no money LOL - are you sure he wasn't the owner in a last ditched attempt to hold on to it ?

businessman
udonmap.com
Posts: 1305
Joined: July 15, 2005, 10:58 am
Location: Udon

Post by businessman » October 9, 2005, 10:48 am

In auctions in Thailand it is indeed permissible for a vender to bid on his own property.

That is why in the Bangkok post you see many "no minimim bid" auctions of foreclosed assets.It means nothing as the foreclosing bank just bids on its own property if the price is too low.On average maybe 10 per cent of properties are sold in a "no minumum bid" auction. #-o

User avatar
Paul
udonmap.com
Posts: 3112
Joined: July 6, 2005, 10:25 pm
Location: Wherever I lay My Hat

Post by Paul » October 9, 2005, 3:16 pm

businessman wrote:In auctions in Thailand it is indeed permissible for a vender to bid on his own property.
It may well be permissable - but shouldn't you make sure you have a few baht in your pocket before thinking about bidding for something ? LOL :)

businessman
udonmap.com
Posts: 1305
Joined: July 15, 2005, 10:58 am
Location: Udon

Post by businessman » October 10, 2005, 10:53 am

Maybe the bidder in Val's auction was the owner of the property.

Post Reply

Return to “General Udon Thani Forum”