Buying land that is being foreclosed

Stargazer

Stargazer

Surin Legend
15 rai adjacent to our rice fields is being foreclosed, as near as we can tell (see notice now posted on it below). My wife wants us to buy it. We had approached the owner a few years ago, but she wasn't interested in selling. Can anyone clarify what this kind of situation is like, and what 15 rai of ordinary rice paddy (no irrigation nearby, nor road) might go for these days? If the lender wants it, it may not really be available. View attachment IMG_1143.jpeg
 
Stargazer said:
15 rai adjacent to our rice fields is being foreclosed, as near as we can tell (see notice now posted on it below). My wife wants us to buy it. We had approached the owner a few years ago, but she wasn't interested in selling. Can anyone clarify what this kind of situation is like, and what 15 rai of ordinary rice paddy (no irrigation nearby, nor road) might go for these days? If the lender wants it, it may not really be available. View attachment 72884
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3 million total...or less, try for 150,000 a rai
 
Location, location, location will invariably determine the value of land...although nobody knows the future.

Your wife wants it @Stargazer - then buy it if it will truly make you both happy.
At least you'll know you expanded your wife's residential perimeter.
(Is that part of your estate planning ?)
Hopefully afterwards you won't have to buy gold.

In most liklihood you probably will not be on this earth long enough to fully see if it's a good deal or not.

Good luck with whatever you do and make sure the chanote is not encumbered and available before purchase.
 
Coffee said:
Location, location, location will invariably determine the value of land...although nobody knows the future.

Your wife wants it @Stargazer - then buy it if it will truly make you both happy.
At least you'll know you expanded your wife's residential perimeter.
(Is that part of your estate planning ?)
Hopefully afterwards you won't have to buy gold.

In most liklihood you probably will not be on this earth long enough to fully see if it's a good deal or not.

Good luck with whatever you do and make sure the chanote is not encumbered and available before purchase.
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Stargazer will need to sign papers at the Land Office stating the money to buy did not come from him AND that he has no financial interest in the land.
 
mango 2 you 2 said:
3 million total...or less, try for 150,000 a rai
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150000/rai is on the high side. Low side would be 130000. More likely as it has not much access. The note bye the way just states unless the bill is paid in full by the date specified the land will be seized by The Om Sin Bank (That's the pink one) and there are two other parties that have an interest.(Money lenders)
Note:
I have seen these properties go to rot by the banks. You see they want what the person owes not the market value. They will sit on it for ever.
There's Thai logic for you.
PS I guess its posted for public record. But all the same I felt a bit weird reading the persons name that owes the bank on that document.
Careful you don't get sued by Mr High Hill who has debt as high as a hill.
 
Rice said:
150000/rai is on the high side. Low side would be 130000. More likely as it has not much access. The note bye the way just states unless the bill is paid in full by the date specified the land will be seized by The Om Sin Bank (That's the pink one) and there are two other parties that have an interest.(Money lenders)
Note:
I have seen these properties go to rot by the banks. You see they want what the person owes not the market value. They will sit on it for ever.
There's Thai logic for you.
PS I guess its posted for public record. But all the same I felt a bit weird reading the persons name that owes the bank on that document.
Careful you don't get sued by Mr High Hill who has debt as high as a hill.
Click to expand...
My sister in law sold 17 rai for 2.5 million. That’s about 147500 a rai. That was next to a road and Klong. Depends where it is I suppose.
 
Youngagain said:
My sister in law sold 17 rai for 2.5 million. That’s about 147500 a rai. That was next to a road and Klong. Depends where it is I suppose.
Click to expand...
We sold 2 plots in the last 18 months 1 x 10 rai plot and 1 x 4 rai plot, all under young rubber trees for B100,000 per rai.
For what I paid for them 12-14 years ago, I was more than happy with the price.
 
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