buying land from banks

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Re: buying land from banks

Postby Tommy » Mon Sep 26, 2011 8:55 pm

thanks RR.

Mentioned it to her and she said she will check them out :D
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Re: buying land from banks

Postby geordie » Mon Sep 26, 2011 9:25 pm

So a fire sale means the house will be crap and you had better burn it ?

In khaen khro the bank Kasicorn displays property and land for sale at what looked like knockdown prices compared to what the family were showing me it was as cheap to buy a plot with two or three buildings (old and wood ) Than it would be to buy a house plot i was disuaded because the land no lucky, and people upset,

and familly no make comission :( :( :(

The latter reason being the most important and unmentioned the only problem for me was lack of understanding Thai and lack of knowledge of the area,s for sale so it does give you a shot at a bargain however you could shoot yourself in the foot with a bad choice of area so best to do some serious homework before commiting
my comments may be wrong but never deliberately
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Re: buying land from banks

Postby BKKBILL » Mon Sep 26, 2011 9:48 pm

Tommy the last house I purchased in BKK was from SCBank. It was a failed mortgage as RR mentioned. Don’t forget you can also barter with banks in this country.

Did end up getting an excellent deal and just sold it for a very good return.

No fire was involved but do you homework.
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Re: buying land from banks

Postby gliffaes » Tue Sep 27, 2011 6:39 am

fredlk wrote:
60minuteman wrote:does anyone know the process of buying land from banks, it appears that a lot of the land in pran buri and to the south of there is owned by the banks, if i find a plot i like;

1. is the price negotiable
2. if the offer is accepted do i pay the full amount straight off.
3. is there anyway of finding out what the adjacent lands situation is (land registry etc)
4. warning signs! what to look out for.
5. im presuming banks are a fairly safe bet when it comes to buying land, but this is thailand! am i being a bit naive???
6. what are the additional costs i will incur buying the land, if any? there any protection i can take to cover my ass between buying the land and getting my girlfriend to sign the land into my control....assfruct or whatever its called??? lol.....

The land I'm building on was bought from a bank. They had repossessed it because of non-payment of mortgages. It was not negotiable, but valued lower, about a third of the normal commercial price.
A 10% deposit was required, the paperwork was completed and about 2 weeks later payment in full was required. The land was transferred a couple of days later.
A foreigner can never own it and the Usufruct can only be done for the house as far as I know.
I forget all the details, but if you are planning to build, do make sure that the Chanote is a full one and not just agricultural.
Before signing, I had the land office come out and do a survey and mark out what I was going to buy. This service cost me 3,000 Baht and gave me peace of mind.
The bank we bought from is KKasset and they have a lot of land available on their website.
Transfer fees and taxes were about 10,000 Baht in all.

the usufruct CAN be done for the land also BUT heres the rub........its down to each individual land office and some simply dont or wont do it, in my case at Sam Roi Yot the current officer didn t like doing them but the staff told us he was moving soon ( they move them round to try and stop corruption) and to come back later when the new woman started.
She did and w e got the usufruct on our land.
Now it still wasnt easy as they didnt know what to do but my wife had spoken to another land dept and they had to call the Sam Roi Yot branch and tell them how and even say whihc pages in the manual to read about it :lol: :lol:
A usufruct is useful BUT you need to remember IF you are already married it wont protect you from divorce and wife claiming the land back its better if you get it before being married and add a 3r d trusted party from your home country.
I have it for the simple case of my wife dying first and no other reason so that family members cant chuck me off ( not that we have anything much to do with them anyway)
usufruct can be done on a land or house and it "should" cost no more than 1-200 baht anythin g else like in Hua Hin ive been told is tea moany and I refuse to pay it (15k I believe)
Also be warned with repos you can end up having to get folk out of the house /land after you have bought it as the banks dont do this so I hear
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Re: buying land from banks

Postby otis-a » Tue Sep 27, 2011 8:34 am

interesting & useful thread. Think jazzman covered some but not all this info. Posting of typical legal articles would be helpful.
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Re: buying land from banks

Postby Tommy » Tue Sep 27, 2011 9:28 am

Hmm. Thanks for the updates I. Details. Wifey looked through a couple of banks and told me that its still cheaper to nego direct with land owner. But the catch is that must hv someone credible to act as negotiator among the locals.

Eg, the land I bought as dowry was 4rai in size, within amphur n nestled in the vicinity where doctors n such like to build their houses. Kinda semi upscale area I think. Paid around 450k THB for it. Recently hv offer of 1.2mil THB for the land :D
My in laws turned it down thou. Cos they said it's for us to build our house in future when we return for good. Besides... The value will go up again within the nx few years. Currently used to grow almost everything n rear chickens ducks fish and frogs too.

Anyway, the point I was trying to put across is that before trying to negotiate with owners directly, nd someone local to b on ur side and also to hv an official from the local office to measure out exactly the land plot witnessed by both owner and us. Once all ok then sign n buy. Chanote included.

Try not to appear on ur own before papers r signed actually as presence of foreigners usually meant instant price increase
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Re: buying land from banks

Postby rolyth » Wed May 22, 2013 9:35 pm

very useful thread!!
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Re: buying land from banks

Postby schuimpge » Thu May 23, 2013 10:48 am

Bought the house next door where live in Rangsit-Pathum... from KTB during a sale. (repossessed)
Though lots needed to be done in the house, the land/location itself is worth most of the price we paid, with the house almost free.
It's about 29 square wah, end of a block. Village is 500 meters from the expressway Pathumthani straight into Bangkok. Paid 1.3mil for it.
Normal price is about 1.7mil for non-refurbished "Thai standard move-in" condition. Good quality maintenance pushes to 2mil here.
Extensive changes and improvements will bring it to 2.2 ~ 2.5mil.

So far I estimate that I will spend 350,000 to 400,000 on full renovation, changes in layout, improvements like new kitchen and replacing/adding space..
I do a lot of it myself, slowly, but in no hurry anyway.
If prices remain stable, I'll pocket 500k to 700k if I where to sell it again.
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