Introducing Thailand's dedicated online property auction from the comfort of your own chair
Why sell property at an online auction?
Auction.co.th provides a modern way to sell your property online to a global audience. Auctions have stood the test of time; they are popular for a good reason and are now available online thanks to modern technology. The premise is simple, set your reserve price low, and you’ll have the best chance of attracting multiple bids, pushing up the price.
Residential and commercial property can be sold using our online auction process, all types of residential property from condos to villas, commercial buildings such as restaurants and hotels, not forgetting land. If you have a title deed, we can sell it.
We can access the most comprehensive group of buyers in Thailand and beyond via the convenience of an online platform.
Benefits at a glance
Thailand's online property auction benefits everyone involved
Auctions attract buyers, which is ideal for a quick sale. The longer a property stays on the market, the more carrying costs get incurred, such as maintenance costs or locked-up capital. The longer a property remains on the market, usually the property is perceived as over-priced.
Often sellers are not sure of the market price; they base it on similar properties for sale or recently sold; this is an amateurish approach to valuation. Auctions provide a method to find the optimal price that a group of informed buyers are willing to bid.
Sellers can now have a clear boundary of when their property can sell and safe knowing that it will not sell below the reserve price but at the best possible price on that day.
Understanding the reserve price concept to ensure you get what you want
We will add your property to the next auction and coordinate how potential buyers can visit and inspect your property. Before the auction, you will have to set a reserve price for your property. If the bidding reaches or exceeds this amount, our online auction will terminate the bidding at the time stated, and if there are any buyer bids at the last moment, we will extend the bidding by 10 minutes. If the amount bid does not reach your reserve price, then we will terminate the auction for your property with no buyer. We recommend choosing a reserve price that will attract as many viewers as possible, thus increasing the potential to start bidding.
What if my property does not sell?
Before we list your property, we encourage you to read our sellers guide. In our experience, the main reason a property does not sell is the reserve price was too high. We will always inform you if any buyers made a bid even though it was lower than your reserve. You can decide to accept a lower bid than the reserve.
If a lot does not sell at the seller’s reserve price or higher, the seller may not resubmit the same lot in a new auction for a period of at least 6 months.
How to sell your property?
We will require a few essential details and documents.
- Determine the minimum amount you will accept.
- Your agreement to our terms of sale
- Identity verification
- Your lawyer’s contact details
- The terms for your auction legal pack
Legal Documents Required
The following documents will be presented in a single document called the Legal Pack which is made available online.
- House Book
- Current Chanote – front & back
- Expense Obligations
- Access Details
- Preferred Terms of Transfer
Below are some of the most frequently asked questions from sellers
If we agree on your reserve price, we do not charge the seller anything. The buyer pays all our fees.
The buyer pays all our fees if we agree to your reserve price.
The legal pack is a PDF that contains all the legal information that an interested buyer needs to provide confidence in the seller’s ownership and intent to sell. For example, the deed (chanote) front page offers the property details and owner’s name, and the back page indicates the status of ownership and most recent transfer.
We have listed the legal documents into three key areas, which are…
Residential – Homes & Condos:
- Chanote front and back.
- The last statement of maintenance fees to the village or condo corporate body, if any.
- Any other requirements, e.g. transfer fee for the electric meter.
Commercial – Businesses
- Same as Residential above.
- Chanote front and back.
- The annual fee for village estate, if any.
Yes, we normally inspect the property.
Yes, we normally photograph the property.
Cleaning your property is likely to enable you to achieve a higher price for the property.
A well-maintained property is likely to sell more easily and for a higher price.
Not necessarily, but if viewing is not available, this is likely to affect the price.
Please discuss this with our auction staff.
No, the auctioneer sets the incremental bids for each lot.
We recommend you discuss all offers received with the auction staff.
No, your bid or offer is legally binding and form a contract between the buyer and the seller. However, we recommend that all parties seek a legal professional to handle the final transfer.
We recommend disclosing the reserve price as this is likely to encourage more bidders to bid.
We don’t allow sellers to resubmit their property to a new auction if the property does not sell in the first auction. This policy is presented in order to incentivize sellers to provide the lowest Reserve Price from the beginning with the knowledge that Buyers will have just one chance to buy.
The bid is the amount a buyer offers to pay for a lot. The bid price is then subject to the buyers premium as set out in the legal pack for each lot.
The amount by which the next bid must exceed the previous bid.
The seller may offer a “Buy Now” price, which, after adding the buyers premium, will be the amount that is payable together with any fees as described in the legal pack for that lot.
The default buyers deposit is 100,000 THB and allows approved registered users to bid, make an offer or buy now. The deposit is our method to qualify potential buyers. If unsuccessful in the bidding or make an offer, the deposit will be refunded.
10.7% of the successful bid or offer price. The deposit paid will be included, and you will need to pay the remaining balance.
General Terms & Conditions of Sale
An important document that both the buyer and the seller should understand.
The legal pack contains important documents and information relating to the auction and the specific lot.
Whatever is being offered for sale in the auction.
Make An Offer
A buyer may make an offer at any time before or after the auction. The seller has the option to accept the offer or continue with the auction process.
The amount at which the bidding will start.
The reserve price is the minimum bid price that the seller will accept.
The sale price is the amount the buyer pays for the lot. It excludes the buyers premium and any other costs detailed in the Special Conditions of sale for each lot.
Special Terms & Conditions of Sale
An important document that both the buyer and the seller should understand as it forms part of the legal contract between the buyer and seller is established as a function of the auction process and is specific to the lot under consideration. The Special Terms may vary to the General Terms and Conditions.
The total price is the amount the buyer pays. The total bid or offers price plus the buyers premium and any other costs detailed in the Special Conditions of sale for each lot.
Send us a message
The team look forward to hearing from you. We want to hear your questions, ideas, and suggestions to make a great service even better.
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