I think that this might have been the first property auction in Pattaya that was not aimed at selling property in a developer's project or by the city. This property auction was organized by www.Pattaya-Auction.com and sponsored by Land & House Magazine and Sukhothai Legal. It was open to real estate agencies and individuals. It was held on May 28th at the Pattaya Hill Resort.
To tell you the true, I didn’t expect many people to show up. Well, was I surprised? The place was standing room only. I was told that there were over 120 people and many bidders. This was a first for the people who where putting on the auction. It was a learning experience. I think the thing that was misunderstood about the auction was the fact that the properties were to be sold only if the bid exceed the reserve price set by the seller.
This was not a foreclosure auction put on by a bank. There was a minimum reserved price that the seller except to receive. If the bidding never got to the reserved price then the seller reserved the right not to sell it.
The air conditioned auction room at the Pattaya Hill Resort had a spectacular view of the ocean. The refreshments of wine, beer , coffee and tea were free. The rich and famous and the not so rich and famous were there to watch, learn and possibly buy property at a great price.
I don’t think any property was actually was sold, even though there were many bids placed. It seems to me that the way it works is that a person bids and then the owner thinks it over for a few days and lets the bidder know if they will accept the bid at a later date. It might take 2, 3, 4 or more bids, counter-offer, and bid, counter-offer in order to reach a final purchase agreement. The lawyers keep things fair and legal.
During the auction there was a big screen TV that showed pictures of the property during the bidding and a most beautiful Thai girl named Jane helping the auctioneer. Potential bidders could also review the properties in advance of the auction by visiting the web site at www.pattaya-auction.com. There were also photos of the properties posted in the refreshment area at the auction for potential bidders to examine along with the property title papers “chanoocks”.
As I understood it, some properties listed in the auction were sold days or minutes before the auction started. As well some property sellers wanted to add their property to the auction at the last minute. Unfortunately that was not possible because of the advance preparation necessary. Seller, here is a great opportunity to sell your property at auction, but act quickly to be included in the next auction which has been rescheduled to July 30th, Saturday at 2pm (14:00) and at the Pattaya Hill Resort. See the www.pattaya-auction.com web site for more details. It has been my unbiased opinion that the most properties where being auctioned at fair value but I also think that there were one or two that eventually sold at a bargain because the owner was anxious to sell.
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