I got this listing of foreclosed properties from the Land Bank of the Philippines courtesy of Mr. Joevel Cabrera, who works at Land Bank. This listing of bank acquired assets are for negotiated sale, this means all prices are still negotiable. According to the list, this is updated as of December 31, 2008.
The foreclosure listing contains over one hundred foreclosed properties and includes properties from Metro Manila and Provincial locations.
Buyers have three options of acquiring foreclosed properties from Land Bank and these are through cash basis, installment sale, and through lease with option to purchase.
For installment basis, interest rates indicated on the terms on acquiring foreclosed properties are as follows: (rates for 1st Qtr 2008)
# of Years—–Interest Rate
1———–8.50 %
2———–9.25 %
3———–9.50 %
4———–9.75 %
5———–10.00 %
7———–10.25 %
10———-10.50 %
For Lease with option to purchase, the lessee must do the following:
- lease the property for a maximum period of 1 year
- exercise the option to purchase not later than 15 days before the expiration of contract
- pay 1 month advance rental applicable on the last month and 2 months security deposit, refundable if option is not exercised
- pay 5% of the purchase price, refundable if option is not exercised
- If option is exercised, 90% of the annual lease, 2 months security deposit and 5% option fee shall be applied to the purchase price
This is the first time I have seen a bank that offers the option for buyers to acquire foreclosed properties through a lease with option to purchase. I believe that this could be very advantageous to buyers, especially for new real estate investors as one can first try to lease a property, effectively giving him/her control of it, then he/she can sublease the property to a tenant and have a crack at being a landlord, without actually having to buy the property. This means less risks for the buyer as he/she can have more than eleven months to try being a landlord before deciding if he/she wants to exercise the option to purchase the property. Not a bad way for a first timer to acquire his/her first real estate investment property, right? Anyway, this is based on the assumption that the bank will allow subleasing, better check with the bank beforehand if one plans to do this.
You may download Land Bank’s list of foreclosed properties here and their terms on acquiring foreclosed properties here.
If you’re interested in any of the properties or have any questions or inquiries, you may contact Mr. Joevel Cabrera through e-mail. His e-mail address is jonvex@yahoo.com. Just mention to him that I referred you.
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Hi, I’m Jay Castillo, full time dad, real estate investor, and internet marketer, based in the Philippines
Hi again Jay, I saw a potential in the list and already emailed Mr. Cabrera. I hope to strike a good deal and if not, move on again. Thanks for the heads up
If its ok to ask your email just so I can forward you any further inquiries?
Thanks heaps
Hi Dragoro, that’s great! You can e-mail me at ph.investor@gmail.com
hi jay……..im inquiring about foreclosed properties in the province of Tarlac…..if you clould help me out…..thanks much
Hi Maria, I remember a lot of foreclosed properties from Tarlac from a number of listings I posted. This blog now has a better search functionality, you can use it to find those listings, it’s near the top right sidebar, just enter tarlac. Let me know if you need more assistance. thanks for visiting!
Hi Jay,
This site is great!!!! Lots of information. May I know how I can subscribe to your mailing list? I am interested to receive updates on the lists of foreclosed properties. Thanks.
Tony
Hi Tony, thanks for the compliment! You may subscribe by entering your e-mail address at the subscription box at the top right column of this blog and then click on the “Subscribe me” button. You will then have to confirm your subscription by clicking on the subscription confirmation link in the e-mail you will receive. Just let me know if you encounter any difficulties. Thanks again!
I am presently working in Canada and am interested in inveting on foreclosed properties. Can you give me some guidelines? Thank you.
Hi Arlene, I suppose one way would be for you to ask your relatives here to do the legwork for you when it comes to finding suitable properties and managing or selling them for you afterwards, if you have no plans to come back in the Philippines for a few weeks to do this yourself. I am going to come up with an article on what OFW’s like you would need to consider if you plan to start investing while remaining abroad. Please do watch for it. Thanks!
To whom it may concern;
I’m interested to buy property but if possible in Cardona, Gerona, Tarlac location. please notify me in case you have foreclosed said property. Thank so much.
Hello bro,
interested po akong bumili ng residential property para magka-bahay na po ako… i hope you can help me. if you can email me your updated listing or if you can include me in your email list please? would appreciate that very much!
Again, many thanks to you and more power!
-Kay
bibo_uli@yahoo.com