RCBC Dream Buys Real Estate Foreclosure Auction – February 28, 2009

by Jay Castillo on February 10, 2009 · 12 comments

in RCBC

If you’re looking for cheap and affordable foreclosed homes for sale, RCBC shall be having another real estate foreclosure auction, their second for the month of February. RCBC’s latest Dream Buys Auction shall be held on February 28,2009 at the Jade Palace, 106 Shaw Blvd, Kapitolyo Pasig City, Philippines.

RCBC is giving real estate investors a lot of opportunities to find real estate investments to add to their portfolio as this auction happens only a day after RCBC’s Amazing Buys foreclosure auction. It appears RCBC has a lot of foreclosed properties in their inventory that they want to dispose quickly. As usual, RCBC offers low downpayment and interest rates and long financing terms. Better call them up for more details.

If buying foreclosures is new to you, my previous article on the top 5 things to consider when buying foreclosures could be a good place to start if you want to learn more on how to buy foreclosures. Time to start analyzing and shortlisting the listed properties if you are planning to attend the auction. If ever, this will be my first time to attend an auction by RCBC.

You may download RCBC’s Dream Buys real estate listing of foreclosed properties here.

Don’t forget to subscribe to my mailing list so you won’t miss any new updates. If your mailbox is getting full, you may also subscribe via RSS reader. You may also forward this to friends or relatives that are looking for affordable real estate investments through foreclosures. Happy Hunting!

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Tagged as: Bank Listings, dream buys auction, Public Auction, RCBC

  • . : DRAGORO : .

    Hi Jay, what does it mean when the description says “w/ improvement” ?

    Thanks again :)

  • Jay Castillo

    Hi Dragoro, “w/improvement” means there is a structure on the land which could be a house, apartment, building, etc. You’d be surprised when some ads only indicate “w/improvement” but when you ask the bank, it turns out to be a multi-door apartment, etc.

  • . : DRAGORO : .

    Wow, that’s a big tip. Have you come across such on your own? I had no idea and just let these potentials pass my eye. So now I have reason to ask. Apartments in good locations are what I’m looking for instead of houses, for now that is. Thank you so much.

  • grace

    Are all the properties listed by BPI free from encumbrances?

  • Jay Castillo

    Hi Grace, the BPI Green Tag listings are free from encumbrances. For the upcoming BPI auction on March 12, the Pool B properties on the right side of the ad are also free from encumbrances and are immediately available for turnover to buyers with title ready for transfer upon full payment. Thanks for visiting!

  • Jay Castillo

    @Dragoro, yes I often see this. Actually I got this tip from Larry Gamboa’s book, Think Rich Pinoy where a building for sale had this description which he ended up buying. One clue you should look for in ads is the floor area that might be unusually big for the lot area while the description only says “w/ improvements” .

  • http://www.foreclosurephilippines.com/2009/03/i-won-house-at-rcbc-dream-buys-auction.html I Won A House At The RCBC Dream Buys Auction Of Foreclosed Properties! | Foreclosure Philippines

    [...] attended the RCBC Dream Buys Public Auction of foreclosed properties yesterday, February 28, 2009. I am making this recap of the public auction [...]

  • Anonymous

    hi there, i’m a newbie here, would like to know if the foreclosed properties that are listed in an auction or from banks are based on current value or the fair market value of the said property? or the listed prices are more cheaper compared with the current value of the property when assessed? would appreciate very much your comment. thanks and regards (“,)

  • Jay Castillo

    Hi Anonymous, the minimum bid prices are mostly based on current appraised value taking into consideration the current condition of the properties. In my opinion, a lot of these are definitely cheaper compared to the “After Repair Value” or ARV of the properties. A conservative way of establishing the ARV would be to get the current market value of very similar properties in the same location that are in Ready For Occupancy or RFO condition.

  • Anonymous

    Hi Jay, im new here ctually just found this page while browsing the net and i really find this page interesting…THANKS!
    i am interested in one of the properties to be auctioned on the 25-apr by RCBC…i do not have time to go to the auction venue, is it possible to secure the property before the auction date? if yes how? because i tried calling 2 of the numbers indicated in the auction page but no avail. can you help me please…THANK YOU:)

  • Jay Castillo

    Hi Anonymous, as mentioned in my post about the RCBC Amazing Buys Auction on April 25, since this is being handled by CPMI, it might be possible they are accepting pre-auction offers. I highly suggest that you call the CPMI folks through cellfone as its hard to get through the landlines especially during peak hours. Thank you also for visiting and I wish you all the best with your target property. Please update us here as well!

  • http://www.foreclosurephilippines.com/2009/03/looking-for-foreclosed-homes-for-sale.html Looking For Foreclosed Homes For Sale? Here’s The RCBC Savings Bank Dream Buys Sale Post-Auction Foreclosure Listing | Foreclosure Philippines

    [...] listing of RCBC Savings Bank. This foreclosure listing includes unsold properties from their recent Dream Buys Auction Sale held last February [...]

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