| Most foreigners don't know that many properties in | | | | Another way to pick up a property is from several |
| Phuket can be bought either from a land auction or | | | | banks that have repossessed the property but for |
| public real estate auctions. Many auctions are taking | | | | some reason the property in Phuket hasn't gone to |
| place on the island every day and if you're in the right | | | | auction as of yet. There are many banks that have |
| place at the right time, you can buy one of these | | | | properties available. You can find a lot of these on the |
| properties at a nice discount. You also can enjoy the | | | | internet but you better have someone who can read |
| savings of buying a property at auction in Phuket if you | | | | Thai because many of the websites are in Thai only |
| remember my few tips of the trade. | | | | and there isn't an English version. These banks also sell |
| Buying a property like a house, bungalow, condominium | | | | these properties at special open houses like the big |
| or even an apartment in Phuket can be quite easy if | | | | one in Bangkok called NPA. |
| you know these few things first. You will need to have | | | | Many newspapers' in the south carry Phuket land or |
| a company set up in the case of a land transaction of | | | | property auction notices. A good Thai friend can alert |
| any kind. It's forbidden for foreigners to own land in the | | | | you to the Phuket properties that come available. On |
| kingdom of Thailand. Foreigners are allowed however | | | | the day of the auction make sure you bring your |
| to buy a condominium in our own name if the condo | | | | buddy as the numbers in Thai can be confusing during |
| title is a freehold title. If it's not, you may be able to | | | | auction day. You don't want to overpay or get caught |
| lease it for thirty years with a possible extension of | | | | up in the hype of the auction. Make sure to set your |
| another thirty years. | | | | limit you want to pay for the property and stick to it. |
| One of the most important things when buying a | | | | In closing, a smart shopper can receive a nice discount |
| property at auction is to be able to do research on the | | | | buying properties in Phuket at auction if they have |
| title. The only way to do this is have a Thai ask all the | | | | researched the title and make sure there are no |
| right questions at the land office. Questions like "does | | | | problems with the land or property. A competent |
| the property have a public road" or "is the title free and | | | | lawyer can do the necessary background checking on |
| clear of liens" are examples of things you will want to | | | | the land to make sure the title is free and clear. By |
| know. This can be often difficult for a lawyer to | | | | doing proper research on The Phuket land title and |
| answer given the short amount of time between | | | | having all the information like zoning, electric, water and |
| when a property is listed and the time it goes to | | | | mineral rights one can find a Phuket property suitable |
| auction. You need to be able to move quickly and do | | | | to purchase at auction. One of the best things to |
| the research before you go to auction. If you haven't | | | | remember when buying a property that is too good to |
| had time to prepare for the auction, best to let the | | | | be true is that it probably is too good to be true and |
| Phuket property go to someone else because it's not | | | | you may have missed something important in your |
| worth the risk. | | | | research. |