Comments on: Looking For Foreclosed Homes For Sale? Here’s The RCBC Savings Bank Dream Buys Sale Post-Auction Foreclosure Listing http://www.foreclosurephilippines.com/2009/03/looking-for-foreclosed-homes-for-sale.html Your trusted resource for foreclosure investing in the Philippines with listings of foreclosed properties, real estate auctions, real estate investing tips, and more! Wed, 08 Feb 2012 16:17:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jay Castillo http://www.foreclosurephilippines.com/2009/03/looking-for-foreclosed-homes-for-sale.html#comment-1052 Jay Castillo Mon, 16 Mar 2009 01:44:00 +0000 http://localhost/wordpress/index.php/2009/03/looking-for-foreclosed-homes-for-sale-heres-the-rcbc-savings-bank-dream-buys-sale-post-auction-foreclosure-listing.html#comment-1052 Hello Anonymous, yes, the bank may lose money if they accept your offer if it is below the amount owed by the borrower. Sometimes, banks are willing to lose money, on a case to case basis, and the only way to know this is to submit offers and see if they will accept it. Unsold properties will remain in their inventory of Non-performing assets. No bank in their right mind would want a big inventory of non-performing assets because of the costs involved in maintaining such assets which do not generate any income, which is why they may accept offers at a discount. Bulk purchases do happen where corporations or a group of investors make bulk purchases of bank acquired assets, these groups would probably enter into negotiations with the banks directly. Banks normally don't acquire foreclosed assets of other banks as they are not really in the real estate business. However, when bank mergers occur, the remaining bank will end up with the inventory of foreclosed assets of the bank it merged with. Hello Anonymous, yes, the bank may lose money if they accept your offer if it is below the amount owed by the borrower. Sometimes, banks are willing to lose money, on a case to case basis, and the only way to know this is to submit offers and see if they will accept it. Unsold properties will remain in their inventory of Non-performing assets. No bank in their right mind would want a big inventory of non-performing assets because of the costs involved in maintaining such assets which do not generate any income, which is why they may accept offers at a discount. Bulk purchases do happen where corporations or a group of investors make bulk purchases of bank acquired assets, these groups would probably enter into negotiations with the banks directly. Banks normally don’t acquire foreclosed assets of other banks as they are not really in the real estate business. However, when bank mergers occur, the remaining bank will end up with the inventory of foreclosed assets of the bank it merged with.

]]> By: Anonymous http://www.foreclosurephilippines.com/2009/03/looking-for-foreclosed-homes-for-sale.html#comment-1051 Anonymous Sat, 14 Mar 2009 17:36:00 +0000 http://localhost/wordpress/index.php/2009/03/looking-for-foreclosed-homes-for-sale-heres-the-rcbc-savings-bank-dream-buys-sale-post-auction-foreclosure-listing.html#comment-1051 In other words if my offer is about same or Php1.00 over the annotated mortgage amount shown on TCT/CCT, then most probably my offer will be accepted without much haggling/ efforts (provided I'm the only one who offered).<br/>If my offer of 40% less than ISP or MBP (banks appraised value) and will sum up to less than annotated price, banks will lose money if they accept my offer, right. <br/>But I understand banks are motivated in disposing their foreclosed but are they WILLING TO LOSE MONEY on each of their lstings?<br/>Besides, what happen with this properties that not being sold? It will sit in their portfolios 4ever? Are there ways they sell in bundles to big time investors or maybe another banks with huge discounts? Thank you. Sir! In other words if my offer is about same or Php1.00 over the annotated mortgage amount shown on TCT/CCT, then most probably my offer will be accepted without much haggling/ efforts (provided I’m the only one who offered).
If my offer of 40% less than ISP or MBP (banks appraised value) and will sum up to less than annotated price, banks will lose money if they accept my offer, right.
But I understand banks are motivated in disposing their foreclosed but are they WILLING TO LOSE MONEY on each of their lstings?
Besides, what happen with this properties that not being sold? It will sit in their portfolios 4ever? Are there ways they sell in bundles to big time investors or maybe another banks with huge discounts? Thank you. Sir!

]]> By: Jay Castillo http://www.foreclosurephilippines.com/2009/03/looking-for-foreclosed-homes-for-sale.html#comment-1050 Jay Castillo Fri, 13 Mar 2009 21:22:00 +0000 http://localhost/wordpress/index.php/2009/03/looking-for-foreclosed-homes-for-sale-heres-the-rcbc-savings-bank-dream-buys-sale-post-auction-foreclosure-listing.html#comment-1050 Hi Anonymous, personally I would target at least 40% less than the ISP or minimum bid price (MBP) and work my way up until I reach my maximum allowable offer(MAO), the point where I can still make enough money that makes a property worth buying. However, before I submit offers, I check how much is owed or the mortgage amount as annotated on the TCT or CCT which can be checked at the registry of deeds as part of due diligence. I noticed that my offers that got accepted are just about equal to the mortgage owed which is what the bank needs to recover.<br/><br/>Banks have their own appraisers and nowadays they usually base their asking price on their own appraisals and give discounts between 10% to 40% to make a quick sale, depending on the condition of the property(clean title, occupied or not, under consolidation, with pending court case, needs major repair, etc.). Their appraisals are subjective hence I suggest you make your own based on comparable properties which would be your basis if a property is a good buy or not. I hope I have answered your questions, just let me know if you need further clarifications. Thanks for dropping by! Hi Anonymous, personally I would target at least 40% less than the ISP or minimum bid price (MBP) and work my way up until I reach my maximum allowable offer(MAO), the point where I can still make enough money that makes a property worth buying. However, before I submit offers, I check how much is owed or the mortgage amount as annotated on the TCT or CCT which can be checked at the registry of deeds as part of due diligence. I noticed that my offers that got accepted are just about equal to the mortgage owed which is what the bank needs to recover.

Banks have their own appraisers and nowadays they usually base their asking price on their own appraisals and give discounts between 10% to 40% to make a quick sale, depending on the condition of the property(clean title, occupied or not, under consolidation, with pending court case, needs major repair, etc.). Their appraisals are subjective hence I suggest you make your own based on comparable properties which would be your basis if a property is a good buy or not. I hope I have answered your questions, just let me know if you need further clarifications. Thanks for dropping by!

]]> By: Anonymous http://www.foreclosurephilippines.com/2009/03/looking-for-foreclosed-homes-for-sale.html#comment-1049 Anonymous Fri, 13 Mar 2009 09:09:00 +0000 http://localhost/wordpress/index.php/2009/03/looking-for-foreclosed-homes-for-sale-heres-the-rcbc-savings-bank-dream-buys-sale-post-auction-foreclosure-listing.html#comment-1049 Sir how low we can go on bank's INDICATIVE SELLING PRICE (ISP) shown on their 4closed lstings. And, how bank came up with this figures? Is this comparable market value? I remembered you got an apt b4 with almost 1/2 price 3.2M asking and offered 1.9M right? <br/>Some says 5%-10% less from ISP if title is clean, 20%-30% if still occupied and up to 40%-50% if you want to wait 4evr (lis penden)? Tenk u. Sir how low we can go on bank’s INDICATIVE SELLING PRICE (ISP) shown on their 4closed lstings. And, how bank came up with this figures? Is this comparable market value? I remembered you got an apt b4 with almost 1/2 price 3.2M asking and offered 1.9M right?
Some says 5%-10% less from ISP if title is clean, 20%-30% if still occupied and up to 40%-50% if you want to wait 4evr (lis penden)? Tenk u.

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