How to FIND and BUY: Bargain Phuket Real Estate, Good Deals, Below Market, Low Priced and Less Expensive; Phuket houses, lots, property, businesses, and condominiums. They're easy to find and can be found almost anywhere. Here's how to track them down and purchase them from anybody, anywhere.
Almost every call or e-mail I receive requests that I locate a significant discount or deal for the customer. We all have that feeling when we go shopping. We're all looking for a decent deal. We're all looking for low-cost real estate. And we're all capable of doing it.
However, there is a slight stumbling block. The average price per square meter on the island is now 90,000 THB. In my eighteen years of selling real estate, every single customer I've ever had has tried to sell their home for more than it's worth. Herein lies our challenge as Realtors, as well as yours as buyers.
There are at least three things you must do to get those HOT Phuket real estate deals(or anywhere else):
1. First and foremost, as a customer, you must be able and willing to act quicker than the competition. This is a cash buyer with cash on hand.
2. You must be able to recognize a good deal when you see one. This necessitates knowledge and experience in the Phuket market. Any assumptions you make about the subject-intended market based on other markets will guarantee your loss...
3. Finally, you must purchase it. That is, put down a deposit and write a contract that will beat out all other deals made at the same time as yours.
This group of three steps can seem easy, but only about one buyer out of every ten years is willing to do these three things in order to obtain the low-cost property they have asked us to locate! I, like most Realtors, have a few people who are the readiest, willing, and able, and we call them first! If you want to be among the chosen, you must be even more prepared, eager, and capable!
The house next to ours was recently classified for sale for $349,000, despite the fact that it was worth about $400,000. Jay and I contacted both of our family members, as well as our wonderful neighbors on the other side (one of whom is a local builder and the other a mortgage broker), as well as some of our closest clients and a best friend of ours, a builder and investor, who had already expressed interest in the lovely house. (It's worth noting that the property is now worth about $500,000 in May 2021.)
We informed them that the house would be on the market in a few hours and that they needed to move quickly. The most knowledgeable of our neighbors on the other side decided to make an offer of $280,000, claiming that was what the property was worth. They should have known better, or at the very least should have, and they should have purchased it. They simply "hoped" they could get it for a lower price and without having to rush. The offer they made was turned down, and we were wasting our time. They did, however, get another property in a matter of days, for a lot more money, that was worth a lot less, as a result of their increased alertness and sensitivity following the loss of the one next to us.
Our astute investor pal made a couple of lower-than-asking-price deals with a slew of contingencies. Meanwhile, we're asking everyone to write a full-price contract with no contingencies and dialing both of our numbers as quickly as we can. None of our closest friends or family members will be interested. They were just excessively greedy. They were well aware that the property was undervalued, but they wanted it for even less... Lesson: when a good deal exists, ACT rather than being more selfish and losing the deal entirely.
Then our lovely new neighbors came over to look at the house. They were also knowledgeable about similar properties and had previously lost some properties they liked by moving slowly, writing unfair contracts, and failing to pay attention to true values.
They got it right this time. They also wrote a contract on the spot, with no contingencies, and for MORE than half price, so that if someone else offered full price, they'd still have the best chance. They charged $5,000 more than the full price on the spot, told the sellers they could close whenever they wanted, and before they had heard back from the sellers, they had arranged for a mortgage that was more than they needed and asked for the funds to be available immediately. They didn't request a home inspection, a survey, or any repairs from the sellers. The house is 20 years old and has never been maintained. A roof needed to be replaced, and the foundation had a few gaps. Both of these issues cost them about $25,000 to fix.
They had owned the property for several months and worked on it every weekend until they could relax and enjoy it, as I write this. They are enthralled. We could get $600,000 to $650,000 for this home in a few months on the market if they repair all of the items that need repairing, paint the trim, and freshen up the yard and landscaping. And, city sewer will be here in a few years, at which point the property will immediately increase in value by $50,000, and everyone we contacted was aware of the impending sewer.
The buyers did not learn about the sewer coming to town until after they had signed a deal to buy the house. WOW, the sewer is still not in. They're happy they took the first, second, and third steps to make it happen!
The purchasers of the home next to us have made the wisest buying decision of their lives and have one of the best bargains available in the last few years by doing the three items mentioned above. The sellers are also pleased because they needed to sell it as soon as possible due to the unexpected and life-threatening illness of one of the owners.
This article is written for you, the reader. However, you should be aware that it is often self-serving. As real estate agents, we spend a lot of time trying to educate our buyers and sellers. They could be far, far more effective in selling or purchasing if they followed our advice. The articles on this website, http://www.Patong-Thailand.com, are advised that I send to my customers and clients when they ask. The vast majority do not, and those who do, only a small percentage follow the advice. We, the experts, do our best to support those who come to us, just as we do in every other profession, but it is up to them to follow our advice.
Property at a discount is still open, but it's difficult to sell. They are apartments, stores, condos, and townhouses that are in need of repair or cosmetic enhancement or are in a transitional phase. We have a few on the market right now that are difficult to sell. Someone with foresight will eventually buy them, patch them up, and resell them for a massive profit - mostly to someone who claims to want a bargain but is unable to go to the lengths necessary to get one. It's amusing, isn't it, because it happens all the time. In my 18 years as a Realtor and in the real estate industry, it has happened on a regular basis. Only keep in mind that if you want a fixer-upper, so does everyone else; however, you must be extremely well-educated and capable of spending the time and resources necessary to renovate the property efficiently and affordably.
If you want to get a good deal, inform yourself and be prepared to make a counter-offer.
We have four deals right now on our blog that are undervalued properties.
1. Land In Chiang Rai Click here
2. Land In Surin, Thailand Click Here
3. land In Doi Lo Chiang Mai
If you interested in working with me on finding you undervalued property, let me know. Drop me a line at: scottriefler@gmail.com or send me a text at +66800528082
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