Thai's have no idea how to sell a property

[luckyluke]

5 minutes ago, 4MyEgo said:

dare say they are obviously not in the business of making money

They sure have a different approach.

My Thai wife wanted to sell land : 1,000,000.

There was a Thai interested. 

She was agree to go down till 900,000.

The potential buyer didn't want to pay more than 890,000.

The deal didn't go through. 

 

[AlexRich]

Best policy is simply rent ... the hassles are minor in comparison and you can exit quickly. The OP makes a good point though, Thai thinking on property is weird. 

 

[luckyluke]

7 minutes ago, AlexRich said:

Thai thinking on property is weird. 

My wife usual comment when I say " It is common sense" :

 

"Why do you think your way is the only right one, it can be the case in your country, but not necessarily in mine" 

[4MyEgo]

52 minutes ago, luckyluke said:

The potential buyer didn't want to pay more than 890,000.

The deal didn't go through. 

Loss of face or didn't she want to sell ?

 

My mother-in-law owns some land with my wife and my wife's sister, it is landlocked, i.e. without access from the owner who has the corner lot, they cannot access their land, but the owner is a family friend and they have always been able to access their land, now if a new owner came along, they would need their permission otherwise they would be up $hit creek so to speak, anyway this gets better, as the owner needed some money one day and suggested they buy a right of carriage way over his land.

 

As I mentioned, his land is on the street front so they couldn't get to their land, anyways, I said to the wife, get everything done through a lawyer, with her reply being darling, things in Thailand get done differently, and of course I said to her, not all things get done differently, especially when it has to do with land, I said the right of carriage way needs to be surveyed by a surveyor and it needs to be registered on the deed of title, get a lawyer, mai pen rai I will tell my parents and sister, long of the short they knew better than this retired valuer, and money changes hands, piece of paper with a plan signed by the owner, dated and witnessed by the mayor and Bob's your uncle as they thought right.

 

Anyways they later found out that this guy needed the money because he was in debt, hence the reason he sold that piece of "roadway" to them right, well, get this, he also sold his land to someone else, but didn't register the right of carriage way on the deed and left town in a hurry, so the new owner knew nothing of it.

 

The wife's parents found out he sold the land one day when they couldn't access their land because someone (the new owner) built a fence with a gate and it was locked, a few enquiries revealed that they did their money, someone heard of this and made them a fair offer, they wanted 50k more, I said sell the farker because it's worth nothing, anyways the people who made the offer walked away from it, the new owner got a whiff of this from Bangkok when he returned to the village and made a slightly higher offer i.e. he offered them 10k more, nope, adamant that they want 40k more than his offer.

 

I said to the wife, looks like your parents are going to hold onto that land for a long time and not get access to it anymore if they knock this guys offer back, besides, you each have 3,000 baht more and are your parents really trying to break the deal for their share of 10,000, get them to accept the offer and you and sister take 15,000 each less because your still getting a good offer, they both agreed, but the parents won't, talk about stubborn, suffice to say, the owner hasn't come back with a further offer, that was a month ago, and the lock is on the gate, and I really can't see them getting access in the future.

 

Was sitting in front on the tele the other night sipping on a Vodka soda lime and said cheers honey, I won't tell you I said so, with the Mrs saying, Thai parents darling, they won't listen to their children, funny that I said, I remember when I told my wife not to buy in with them 10 years ago, oh well s... happens.

[luckyluke]

6 minutes ago, 4MyEgo said:

Loss of face

I think both didn't want to go where the other wants. 

So some kind of both not wanting to lose face. 

Important, there was no need to sell. 

[Thailand]

3 hours ago, advancebooking said:

correct but a contract here is akin to toilet paper. in all our situations we always paid the rent on time and they respected us/ trusted us and therefore didnt argue too much at the time of moving out

But then you did not pay the rent on time you broke the contract. And they certainly do have substance if written correctly.

 

Only had one tenant try that, but paid up very quickly with one phone call from my Thai lawyer.

[Kwasaki]

9 hours ago, advancebooking said:

Just my opinion but from experience I suggest that the average thai has no idea how to sell a property. 

That's because you think from a western point of view, typical of many falangies from west not understanding Thai ways, surprised the mrs ain't told you that.

[Number 6]

I've come to the conclusion that much of the property for sale is just a lark. Sell or not it really doesn't matter. Paid cash, black money. Up to you....

 

Prices on DD Property still absolutely ridiculous

 

Just today was in SCB some guy had estimated 25m thb out on the table. Not so paradoxically bit was branch in chaeng wattana.

 

Sino Chinese and Thai military own everything

 

 

 

[Number 6]

19 minutes ago, Kwasaki said:

That's because you think from a western point of view, typical of many falangies from west not understanding Thai ways, surprised the mrs ain't told you that.

Pure folly

[Number 6]

5 hours ago, Happy Grumpy said:

I've gotten great deals on property here.

 

Perhaps those ones don't need the money, if they did, they'd sell them cheaper.

 

 

There's a row of 5 nice townhouses built by the same person 5 years ago. They've sat empty since completion with for sale signs. We called, they refuse to rent, only to sell.

 

They could rent them for at least 15k a month, probably 20k as the location is good. 

4.5 million in rent at the lower price with 100% occupancy since they were built. Say 3.5 mill realistically. 

 

Perhaps built as a gift to pass onto the kids. 

 

Obviously don't need the money (to pay off any loan used to build them, so likely paid for with spare cash).

 

If they did need the money they'd have sold them cheaply or rent them out until sold.

 

 

Not every Thai is some peasant earning 5k a month and living in some field, no matter how much you fool yourself. 

No, but the notion property should sit idle and in growing disrepair is just pure stupidity.

 

It's also horrible for the neighborhood

 

[Destiny1990]

6 hours ago, CNXexpat said:

 

Please read this sentence again and think about it. 

Yeah she wants to buy it probably with his money.

Get real please !

Anyway i know lots of skilled sellers foreigners and locals who are having serious trouble offloading their properties.. In times where there are way more sellers then buyers its  a long long ride.

[CNXexpat]

31 minutes ago, Destiny1990 said:

Yeah she wants to buy it probably with his money.

Get real please !

Anyway i know lots of skilled sellers foreigners and locals who are having serious trouble offloading their properties.. In times where there are way more sellers then buyers its  a long long ride.

It seems you are one of the guys who can´t imagine, that women can earn enough money to buy a house without a farang man. She has a very good running restaurant, her daughter works as a doctor at the Bangkok Hospital in Bangkok and earns 200,000 Baht per month.

There are many successful women in Thailand but most farangs prefer bar or farmer girls and think it can´t be possible to get a women who earns more than they get as her small pensions. I guess you are one of them. Wake up!

[thainet]

10 hours ago, advancebooking said:

Your comment is so true. All the places we rented were so dirty inside I couldn't believe it. Whenever we left a rental we used the bond money as the last months rent (eg we stopped paying the rent to use the bond money). But we always cleaned it well, took photos and handed the keys over to a happy landlord. One was not happy about us using the bond but I held my ground on it. 

If you were one of my tenants (who have until the 5th of each month to pay the rent due on the 1st), then the house and gate would be secured and your possessions held until you paid. This is stipulated in my agreements. I guarantee you wouldn't be holding your ground on it with me.

A "Bond" is exactly that, and is to be normally paid back after the landlord checks that all bills are paid, no damage etc. It is the only recourse a landlord has to make sure his/her property is taken care of correctly.

Sometimes landlords have a <deleted> reputation, but its people like you that could make them angry and wary.

I am sure there are many landlords on this thread that will agree with me on this.

[ThomasThBKK]

1 hour ago, thainet said:

If you were one of my tenants (who have until the 5th of each month to pay the rent due on the 1st), then the house and gate would be secured and your possessions held until you paid. This is stipulated in my agreements. I guarantee you wouldn't be holding your ground on it with me.

A "Bond" is exactly that, and is to be normally paid back after the landlord checks that all bills are paid, no damage etc. It is the only recourse a landlord has to make sure his/her property is taken care of correctly.

Sometimes landlords have a <deleted> reputation, but its people like you that could make them angry and wary.

I am sure there are many landlords on this thread that will agree with me on this.

Same.

[bkk6060]

Most of this is due to lack of government oversite.

A subject probably many do not like the government sticking their noses in everything.

But, there is none that I know of in Thailand.

Things like termite reports (lots of them in Thailand eating homes), inspections that require safety issues to be corrected prior to transfer, and general disclosures.

This and lack of transparency regarding sales records, listings, etc., it is the wild west of real estate.

 

A good thing is Thailand is still very inexpensive.  Still rated prices wise in the top ten to top 5 places to buy a property for retirees. 

 

[bkk6060]

1 hour ago, CNXexpat said:

 

There are many successful women in Thailand but most farangs prefer bar or farmer girls and think it can´t be possible to get a women who earns more than they get as her small pensions. I guess you are one of them. Wake up!

People would be surprised.

Lots of these popular bar or massage girls in fact own land and houses in their home provinces.

And yes, make more each month then many on Social Security.

[sunnyboy2018]

Without stating the obvious: thousands of properties get bought and sold here.

[advancebooking]

9 hours ago, bkk6060 said:

People would be surprised.

Lots of these popular bar or massage girls in fact own land and houses in their home provinces.

And yes, make more each month then many on Social Security.

land and houses paid for by generous farang

[1FinickyOne]

22 hours ago, advancebooking said:

clueless about marketing a property. Amazing Thailand...

Or maybe they aren't clueless... the homes you are describing sound old and in poor condition... maybe they are expecting that the homes will be knocked down and the price is a reflection of land value... I have certainly seen decent but older homes in Bkk that were priced by land valuation only... houses genuinely depreciate in value here, 2nd hand homes can have little value. 

 

my guess is that you have an advanced booking on the railway to clue-lessnes... all aboard!

[1FinickyOne]

18 hours ago, luckyluke said:

My wife usual comment when I say " It is common sense" :

 

"Why do you think your way is the only right one, it can be the case in your country, but not necessarily in mine" 

you are fortunate to have an informed/smart wife - - she is spot on... 

[1FinickyOne]

19 hours ago, Vacuum said:

Who the heck would by a house for a gf!

someone who cares about her future well-being and can easily afford it and not have to worry if she will be a GF tomorrow... 

 

if someone is doing it w/o substantial reserve funding, or w/the idea of courting favor or wanting anything in return, it is foolish. 

[1FinickyOne]

18 hours ago, 4MyEgo said:

Your absolutely correct, I forgot to add the 4% annual increases ????

 

beats the 1 % in the bank

[luckyluke]

30 minutes ago, kenk24 said:

you are fortunate to have an informed/smart wife - - she is spot on... 

Well it is difficult to accept that "our common sense" is not considered, worldwide, as the only right one, as we were teached so, and nearly everyone is thinking simularly where we lived. 

 

So I try to apply here, as much as possible, (to avoid "problems" with my wife, and other Thai's) the following :

 

If the discussion will be useless (due to a different approach of the situation ), avoid the discussion, especially when you are in the minority to think that way. 

 

 

 

[1FinickyOne]

33 minutes ago, luckyluke said:

Well it is difficult to accept that "our common sense" is not considered, worldwide, as the only right one, as we were teached so, and nearly everyone is thinking simularly where we lived. 

 

So I try to apply here, as much as possible, (to avoid "problems" with my wife, and other Thai's) the following :

 

If the discussion will be useless (due to a different approach of the situation ), avoid the discussion, especially when you are in the minority to think that way. 

 

 

 

And yet, whatever they are doing, or method they are thinking, I find Thai people much happier than Western people... Thai logic is not necessarily faulty. 

[luckyluke]

46 minutes ago, kenk24 said:

Thai logic is not necessarily faulty. 

 

For their credit we can say that mostly they don't try to convince us that their way is the only correct way. 

 

They are in Thailand, so they use their way, they are all use to live with. 

 

In opposition to many of us who are convinced that our way is the only correct way, should be apply everywhere, and other ways are ridiculous. 

 

 

 

[advancebooking]

6 hours ago, kenk24 said:

Or maybe they aren't clueless... the homes you are describing sound old and in poor condition... maybe they are expecting that the homes will be knocked down and the price is a reflection of land value... I have certainly seen decent but older homes in Bkk that were priced by land valuation only... houses genuinely depreciate in value here, 2nd hand homes can have little value. 

 

my guess is that you have an advanced booking on the railway to clue-lessnes... all aboard!

my guess is that you have absolutely no idea what your talking about. Across from our building is excavated land owned by the central fesitival / robinsons company. They are building a new CF there with condos and a hotel. we speculate at least 30% increase within 5 yrs. They will start building on the site soon and finish in 3 yrs.

[DrPhibes]

On 12/13/2019 at 12:11 PM, ThomasThBKK said:

Yeah there's no transparency here, but i can tell you that no thai will pay these insane valuations.

In the US and europe you have websites like Zillow that show you exactly how much the houses in the same area are going for - here everything is made up, Thais don't get that their stuff is only worth what people are willing to pay, they are living in la la land....

Went on a vacation last year with two loan bankers who were friends of ours and lamented to them on how you have no idea what the guy next door sold his Thai house for last.  We had already had a few beers in all of us and they said "no one in the world knows what the house next door sold for if you don't go to the land office in that country".  Well, I whipped out my phone and showed them the price history of the rental I own in the US and the sale history of the guys house next door on Zillow.  They sobered up rather quickly and asked if I could see Thai properties the same way.  When I said that Thai sales don't seem to have an online source for sites like Zillow to track, they relaxed and more beers were produced.

[1FinickyOne]

1 hour ago, luckyluke said:

 

For their credit we can say that mostly they don't try to convince us that their way is the only correct way. 

 

They are in Thailand, so they use their way, they are all use to live with. 

 

In opposition to many of us who are convinced that our way is the only correct way, should be apply everywhere, and other ways are ridiculous. 

 

 

 

yeah, there are religions like that too, I have been told... think they are the only ones with the correct version... 

[1FinickyOne]

6 hours ago, advancebooking said:

my guess is that you have absolutely no idea what your talking about. Across from our building is excavated land owned by the central fesitival / robinsons company. They are building a new CF there with condos and a hotel. we speculate at least 30% increase within 5 yrs. They will start building on the site soon and finish in 3 yrs. 

Well, since they are, I would guess much more financially secure and sound [probably] then you are, I am going to bet that they know much more about business in Thailand than you do... always funny when poor people think that rich people are stupid... but I'll give you this one thing - you are probably better at name calling than they are... 

 

do you really think you know more about their highly successful business than they do? 

[newnative]

23 hours ago, Happy Grumpy said:

I've gotten great deals on property here.

 

Perhaps those ones don't need the money, if they did, they'd sell them cheaper.

 

 

There's a row of 5 nice townhouses built by the same person 5 years ago. They've sat empty since completion with for sale signs. We called, they refuse to rent, only to sell.

 

They could rent them for at least 15k a month, probably 20k as the location is good. 

4.5 million in rent at the lower price with 100% occupancy since they were built. Say 3.5 mill realistically. 

 

Perhaps built as a gift to pass onto the kids. 

 

Obviously don't need the money (to pay off any loan used to build them, so likely paid for with spare cash).

 

If they did need the money they'd have sold them cheaply or rent them out until sold.

 

 

Not every Thai is some peasant earning 5k a month and living in some field, no matter how much you fool yourself. 

  So true.  I can point out a row of about 8 or so vacant 2 story shophouses for rent that sit next to a big condo complex in Jomtien and were built along with the condo project at the same time, on part of the same piece of land.  I've been here 9 1/2 years or so--came about the same time as the project was opening--and they have been vacant the whole time.  Although adjacent to Dongtan Beach and the road by it, they are rather poorly placed and not very visible.  I have no idea what the rent is but likely too much as nobody has ever rented any of them--although its been awhile since I've been down there so maybe that's changed now that the road has been worked on.  

   So, there they sit, year after year, the door handles rusting, looking dirty and unattractive, bringing in no income at all.  But the owner is richer than God and I suppose any rent would be considered loose change in the sofa cushions.