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Properties For Sale by Banks and Others


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Numerous banks and asset manager BAM have a large display of properties, condos, houses, buildings, and vacant land, for sale in Central Festival Mall in central Pattaya. Attached are a few photos of

Interesting   the fact that the bank gives this public shows of bad the things are at the moment usually the real bargain are shared only between the ''happy few'' they have probab

Interesting.     Per Hipflat, Emerald Palace has 79 units and there are 22 bank owned listings in your photo above...and that’s just one bank.  I wonder if any other banks have any from that bu

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24 minutes ago, Pravda said:

This is nothing new and prices are terrible. All the banks have the properties listed online for years. 

One would expect the banks to be keen to get them off their books, they aren't realtors, Are they limited to what is owed on the property or fixated on an inflated value? Did they originally lend too much on the property? 

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All the banks have had this options at least the last 20 years since i came here, some of their websites this section does not get translated to English, Thai only.

The prices have never been great in general, however, there was one time i was looking about 7 years ago the Bank of Ayudhyah had some condos at 2,3,4 hundred thousand which at the time for these condos was fantastic pricing, but not my thing :-(, cant see much in the way of bargains now.

 

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3 hours ago, jacko45k said:

One would expect the banks to be keen to get them off their books, they aren't realtors, Are they limited to what is owed on the property or fixated on an inflated value? Did they originally lend too much on the property? 

It seems the banks in Thailand own a lot of lands and real estate

with no any limit, the value is overpriced and included in the counts

then the banks can show good numbers and offer a lot of loans ''guaranted''

by the valor of these ''assets''.

All is fine untill the s h i t hit the fan

if the bubble explode (And the corona crisis could be the bomb)

a lot of banks could be showed as they are, empty shells involved

in a sort of legal Ponzi scheme

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11 hours ago, kingofthemountain said:

the real bargain will be here in 4-5 months

after the ''high season'' with 0 tourists.

"we don't need the dirty pestilential covid-breathing farangs here! tourism is mere 10% GDP, nothing special!"

"... wait, why southern Thais do not buy northern products?"

"... wait, why economy fell down for more than 10%?"

"... shiiiiiiiiiiiiiiiiiiiiiiiiiiiieeeeeeeet"

Edited by fdsa
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2 hours ago, newnative said:

Why not price it at a true bargain and get it sold and off the books?

Forcing them to “mark to market” vs “mark to myth” could cause a lot of solvency problems with the banks.  An unrealized loss can be fudged but a realized loss exposes the bad loans made.  
 

The law for banks holding REOs vs selling them was changed in the US (they used to be required to get them “off their books” in a set amount of time) in order to prevent even more bank failures than we saw. 

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8 hours ago, jacko45k said:

One would expect the banks to be keen to get them off their books, they aren't realtors,

They would want to get these non performing loans off their books as soon as possible.  

 

8 hours ago, jacko45k said:

Are they limited to what is owed on the property or fixated on an inflated value? 

They will sell for what is owed, but would hope to make some more to cover the interest lost on the loan.

 

8 hours ago, jacko45k said:

Did they originally lend too much on the property? 

Most probably.  The lent money during the bubble, and not it has burst, they are left with heavy losses.

 

 

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5 hours ago, kingofthemountain said:

All is fine untill the s h i t hit the fan

if the bubble explode (And the corona crisis could be the bomb)

a lot of banks could be showed as they are, empty shells involved

in a sort of legal Ponzi scheme

Correct, but I am sure your 800k baht for next year's visa is safe.  🙂  

 

(think USA - subprime - GFC - 2008)  

 

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I used to look at this market a fair bit but I too was a bit shocked at the asking prices and did not see the value.

 

Had our eye on a shophouse for about 8 months in a very suitable location for us but not very appealing to any shop that requires foot traffic. 

 

Currently rented and it's too close to home to make an official enquiry without tongues wagging. Got a good feeling about it though so hiding our time but much more details to be satisfied first.

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7 hours ago, newnative said:

     Good questions, for which I have no answers.  I've told the story of looking at a bank-owned condo. It was on the lowest floor of a seaview condo project so had the worst seaview.  And, unfurnished, vacant for years, and in need of some repairs.  Price?  About the same as identical higher floor furnished units with much better views.   Fast forward several years and I am now living in the condo project in a different unit and I can see the still unsold unit sitting empty and unsold every time I go swimming.  Why not price it at a true bargain and get it sold and off the books?

I know of a few couples who borrowed way in excess of the property value and included the kick back to the lender if they default there is no way the property would be good value and I am sure that is common here.

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19 minutes ago, Irishrogue said:

I know of a few couples who borrowed way in excess of the property value and included the kick back to the lender if they default there is no way the property would be good value and I am sure that is common here.

Do they still think a stupid farang will come along and buy it for double the price they paid?  

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1 hour ago, samsensam said:

 

from reading topics and posts on this site i'd say there are an awful lot of stupid foreigners in thailand.

I think most of these offers will be in Thai name anyway. Yes you can do it with a company (not for everyone...) or if you have luck at a condo complex the quota for foreigners is not full. 

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4 minutes ago, Oldie said:

I think most of these offers will be in Thai name anyway

that's why most of the foreigners put the lot in the Thai wife\gf name

hence the ''stupid'' used by Samsensam, it's a lottery where you can not

be the winner, in the best situation you save your a55 in your lifetime  

if you are unlucky you lose everything, in the 2 cases there is only one

winner in the long run, and it's not the foreigner

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