3 advantages of buying assets from BSK (Bank for Agriculture and Agricultural Cooperatives).
BAM (Bangkok Commercial Asset Management Public Company Limited) offers an alternative foreclosed properties for those seeking affordable second-hand houses. BAM manages properties acquired by banks, making purchasing a house from BAM reliable, reasonably priced, and with clear transaction procedures.
How do BAM's foreclosed properties differ from other second-hand house purchases? What are the advantages and the purchasing process? Read on to find out.
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What is BAM?
BAM stands for Bangkok Commercial Asset Management Public Company Limited, commonly known as "BAM," one of the largest asset management companies in Thailand. It has over 25 branches in 24 provinces, covering all regions of Thailand.
Its key strength lies in managing non-performing assets to restore their value. This involves developing, improving, and renovating older assets to meet standards for sale, conversion into cash, or disposing of foreclosed properties, including second-hand houses, buildings, condominiums, and land.
In addition to selling various foreclosed assets, BAM (Bank for Agriculture and Agricultural Cooperatives) also handles the collection of non-performing loans (NPLs), also known as "bad debts," where borrowers are unable to repay the principal according to the contractual terms.
BAM converts NPLs back into cash and assets ready for sale, and negotiates the most feasible solutions to recover funds or transfer collateral to settle the outstanding debt. If a settlement cannot be reached, legal action will be taken, and the collateral will be converted back into assets for sale.
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Advantages of Buying a Secondhand house or Foreclosed Assets from BAM
Now that you know what BAM is, let's look at the advantages of buying a secondhand house from BAM.
1. Affordable Prices
Buying a secondhand house or foreclosed asset from BAM means purchasing a house at a lower price than buying from a new developer. These are foreclosed assets, typically priced 20-30% lower than new projects. This is a significant advantage, whether you're buying to live in yourself or for other purposes. Or for those who want to invest in buying a house to rent out.
2. Save time and move in immediately.
Secondhand houses that are already built are ready to move into. Therefore, many people choose to buy secondhand houses because they don't have to wait for the construction project to be completed. Some houses, if they don't need renovation, can be moved into immediately.
3. You can choose the location and house style you want.
Because secondhand houses, or properties for sale from BAM (Bank for Agriculture and Agricultural Cooperatives), are available for purchase throughout the country, those interested in buying a house can search for secondhand houses in different areas according to their needs. They can inquire at the nearest branch or search on the BAM website.
The website will provide details about the secondhand house, such as pictures, location, characteristics and size of the house, as well as the current selling price, to help in making a purchase decision.
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Things to know when choosing to buy a secondhand house
The advantages of buying a secondhand house from BAM include saving money, saving time, moving in immediately, and choosing the location and house style. However, there are several other things to consider when buying a secondhand house:
1. You cannot borrow the full amount.
Borrowing to buy a secondhand house from a bank... 1. Loan approval may not be 100%, so a partial cash deposit may be required. The loan amount and terms will depend on the bank or financial institution.
2. History and Background of the Secondhand House
Each secondhand house often has a different story behind its sale. Therefore, it's difficult to verify all the reasons for the sale. If the sale was due to insufficient construction funds, it's not a problem. However, if the sale was due to other reasons, such as a murder or death occurring within the house, it could cause unease.
3. Age and Usage
You should check the construction year of the secondhand house to assess its structural integrity and lifespan. This will help you determine what maintenance is needed and when repairs or inspections are necessary after purchase.
4. Neighbors
Even if you've chosen a location and secondhand house that meets your needs, problems with neighbors can still arise after moving in. These factors are difficult to control. Therefore, if you encounter unpleasant neighbors, avoid conflicts as much as possible and report any issues to the relevant authorities for resolution.
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Thank you for the helpful information from DD Property.
