Bangkok warehouse at THB 9m: is a 7% opening discount reasonable after 116 days?

W

walksAndOak

Property investor
The warehouse has now been on the Bangkok market for 116 days, which makes me wonder whether the seller values certainty more than the full THB 9,000,000 asking price. Nearby listings are in a similar range, but I have found too few completed transactions to support a confident valuation, and the building still needs updating.

I am thinking of offering THB 8,370,000, or 7% under the asking figure. I can provide evidence of financing and adjust the completion date if that solves a real problem for the seller. Would it be better to justify the number briefly with the thin sales evidence and unknown refurbishment cost, then ask the agent what timing the seller actually wants?

I do not want to improve the appearance of the offer by giving up protection. Inspection, valuation and finance conditions still seem important, and I would want the deposit terms checked before paying anything.
 
Seven percent below asking is not inherently aggressive, especially after 116 days. I would keep the explanation short: limited evidence from completed comparables, updating costs still to be assessed, and your ability to provide financing proof and accommodate the seller’s preferred timing. Avoid presenting a long list of defects before inspection—it can sound like you are manufacturing a discount.
 
What does “needs updating” cover? Cosmetic work is one thing; roof, structure, drainage or electrical capacity could change the number substantially for a warehouse. I would also ask the agent whether the seller values speed, certainty or price most. A flexible completion date only helps if it addresses their actual motivation.
 
I would not put much weight on the 116 days by itself. The seller may be patient, or the warehouse may serve a niche buyer pool where longer marketing periods are normal. Asking comparables are weak evidence too, but they can still make THB 8.37m look arbitrary unless you connect the discount to identifiable updating and transaction risk.
 
Structure it as a complete package rather than defending the percentage. State the price, financing proof, proposed deposit, inspection period, completion flexibility and a clear response deadline. Then give two or three neutral reasons for the figure. Something like: the offer reflects the limited completed-sale evidence and the present condition, while the timing can be adjusted to suit the seller.
 
I would refuse to waive inspection protection. For a warehouse, the cost exposure can extend beyond visible finishes, so the inspection scope should match the building rather than a standard residential walk-through. I would also keep satisfactory review of ownership, access and intended use in the conditions, with wording checked locally. A low offer is survivable; an unrecoverable deposit after missed due diligence is not.
 
Agreed on inspection, although the seller may resist an open-ended condition. A defined inspection period and a clear route to proceed, renegotiate or withdraw is stronger than vague “buyer satisfaction” language. It shows the THB 8.37m offer is serious without pretending that financing proof removes every risk.
 
One more point: do not make the response deadline unnecessarily sharp. A short deadline can create urgency, but paired with a below-asking offer it may feel like pressure. Give enough time for the seller to consider the price and completion options, while preventing the offer from remaining open indefinitely.
 
The appraisal gap deserves separate thought. If the lender values it below the agreed price, are you willing and able to add cash, renegotiate, or walk away? That decision should be made before offering. Also confirm exactly when the deposit becomes non-refundable and what happens if financing, valuation or inspection does not satisfy the contract conditions.
 
I would not lead with repair credits. First establish whether the seller will engage near THB 8.37m, then inspect. If specific problems emerge, choose between a lower price, a credit or requiring work before completion. Asking for a 7% reduction now and broad credits later may look like double-counting unless new findings genuinely justify it.
 
That is fair, but a credit may not be equally useful in every financed transaction, so it should not be assumed to have the same value as a price reduction. The buyer should ask the lender how any credit and appraisal shortfall would be treated before negotiating that form of adjustment.
 
The sensible sequence seems to be: submit THB 8.37m with financing proof and flexible timing, keep the rationale factual, set a reasonable expiry, and retain defined inspection, financing and valuation protections. If the seller counters, that response reveals more about motivation than the 116 days does. Only discuss credits after documented inspection findings, and have the deposit and local contract wording checked before signing.
 
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