As I have mentioned in my post about the auction highlights of the recent Unionbank Special Public Auction last January 24, Unionbank may soon hold another public auction, and true enough, they are holding another special public on February 21, 2009, Saturday, 9:00am, at the Delas Alas Room, 2nd floor, Philippine Columbian Sports Club, Plaza Dilao, Paco, Manila, Philippines.
I noticed that this listing is a mix of the unsold properties from the previous auction and a number of newly listed properties. A very few number of unsold properties from the previous auction are at reduced prices. I also noted a lot of unsold properties in the previous auction are no longer listed here in this listing, which probably means they have already been sold through negotiated bids, and have become part of the portfolio of real estate investment properties of real estate investors.
One good thing about Unionbank auctions is that Unionbank already has possession of the properties for sale, which means less complications as compared to other listings that might include properties where previous owners might still be occupying the properties and are still trying to stop the foreclosure process.
Download the Unionbank Special Public Auction Listing Here!
As usual, only 10% Downpayment is required and payment terms can be as long as 15 years, with interest rates at 13% per annum fixed for the first 3 years, and 15% per annum fixed for the next 12 years.
You need not be concerned with the high interest rates, as you can always refinance your loan with another bank with lower interest rates after 3 years. Furthermore, Unionbank uses a contract-to-sell which means loan requirements are less stringent as compared to mortgage loans.
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Happy Hunting!
Hi Robert, congratulations on your investment! I can only imagine the current market value of your unit after many years of appreciation. I wish I had already started to invest in 2001. =)
I have purchased a 215 sq. meters Penthouse Condo from UnionBank auction way back 2001. The location is in Makati Rizal Village near the City Hall.
I am so happy with my investment!
Almost 7 years more to go and it will be my own now. I pay P26,500 per month.
I live and work in San Francisco, California now.
Goodluck to all!
Robert
pinoyproperties@aol.com
Hi Dragoro, no problem, just keep em coming. Yes, they would be happy to accommodate inquiries for several properties, they would welcome that, just have your questions ready. As for the show money, you don’t really need to bring any if you are with someone who is bidding. During the last auction, I was not bidding but they still checked if I had show money because I arrived early and was alone. CWT is creditable withholding tax, my wife is making a post about this, even I don’t fully understand it yet up to now. =(
Hi Jay, valuable info for me. A couple more questions, please bear with me:
1.Do they accomodate inquiries that include, say, 5 or more properties over the phone?
2.Do I still have to bring show money even if I have no intention (yet) in bidding? I figured I wanted to sit in first to see how things go.
3.What’s CWT?
🙂
Hi Dragoro, for me, I would get as much info from the bank through phone like the monthly dues, the taxes I would be paying if I bought that property, the projected rentals, condition of the property if repairs are needed, etc. then I compute my projected ROI. If it looks good, then I schedule a tripping with someone from the bank. It would be better to do this as soon as possible so that if it really looks okay, you can get a contractor to come with you and verify that there are no hidden problems, same with checking the title of the property, before the auction.
Hi Jay, just asking about the logistics, is this the time you go tripping? Just before the auction? How do you go about it if you’re interested on a certain property? Do you go on your own to do an ocular or do you ask someone from the bank to accompany you?
As usual, thanks 🙂