Comments on: RCBC Savings Bank Public Sealed Bidding Of Properties In The Cavite Area On March 25, 2009 http://www.foreclosurephilippines.com/2009/03/rcbc-savings-bank-public-sealed-bidding.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/rcbc-savings-bank-public-sealed-bidding.html#comment-1071 Jay Castillo Fri, 17 Apr 2009 01:04:00 +0000 http://localhost/wordpress/index.php/2009/03/rcbc-savings-bank-public-sealed-bidding-of-properties-in-the-cavite-area-on-march-25-2009.html#comment-1071 Hi Anonymous, after winning the bid, the usual documents they ask for are as follows(for employed):<br />1. Latest ITR<br />2. Certificate of employment w/ compensation or 2 months payslips<br />3. Bank statements for last 3 months<br />4. Photocopy of ID's(SSS, TIN, Passport, etc.)<br />5. Duly accomplished information sheet, etc.<br />There are different`requirements for self employed, like certificate of business registration and mayor's permit, audited financial statements, etc. I'll be making an entire post about this. The bank basically needs to establish the capacity to pay.<br /><br />As for collateral, that would be the property.<br />Thanks for the excellent question and for visiting! Hi Anonymous, after winning the bid, the usual documents they ask for are as follows(for employed):
1. Latest ITR
2. Certificate of employment w/ compensation or 2 months payslips
3. Bank statements for last 3 months
4. Photocopy of ID’s(SSS, TIN, Passport, etc.)
5. Duly accomplished information sheet, etc.
There are different`requirements for self employed, like certificate of business registration and mayor’s permit, audited financial statements, etc. I’ll be making an entire post about this. The bank basically needs to establish the capacity to pay.

As for collateral, that would be the property.
Thanks for the excellent question and for visiting!

]]> By: Anonymous http://www.foreclosurephilippines.com/2009/03/rcbc-savings-bank-public-sealed-bidding.html#comment-1070 Anonymous Wed, 15 Apr 2009 17:22:00 +0000 http://localhost/wordpress/index.php/2009/03/rcbc-savings-bank-public-sealed-bidding-of-properties-in-the-cavite-area-on-march-25-2009.html#comment-1070 Hi jay a few tips to ask on foreclosed buying, after winning the bid,what are the requirements in order to get a loan in the bank for the contract prized..of the property..does it needs a collateral..like if you were just new in the business with out much capital...pls advice..<br /><br />Thank you,<br /><br />Harry Hi jay a few tips to ask on foreclosed buying, after winning the bid,what are the requirements in order to get a loan in the bank for the contract prized..of the property..does it needs a collateral..like if you were just new in the business with out much capital…pls advice..

Thank you,

Harry

]]> By: Why Buy Foreclosed Properties From RCBC Savings Bank’s Dream Buys Public Auction On April 18, 2009? | Foreclosure Philippines http://www.foreclosurephilippines.com/2009/03/rcbc-savings-bank-public-sealed-bidding.html#comment-1072 Why Buy Foreclosed Properties From RCBC Savings Bank’s Dream Buys Public Auction On April 18, 2009? | Foreclosure Philippines Mon, 13 Apr 2009 20:25:34 +0000 http://localhost/wordpress/index.php/2009/03/rcbc-savings-bank-public-sealed-bidding-of-properties-in-the-cavite-area-on-march-25-2009.html#comment-1072 [...] listing like me, you may have noticed this as well. Don’t take my word for it, checkout the previous auction listing and compare them with the properties listed in this post. Look for properties that exist on both [...] [...] listing like me, you may have noticed this as well. Don’t take my word for it, checkout the previous auction listing and compare them with the properties listed in this post. Look for properties that exist on both [...]

]]> By: anduinthelion http://www.foreclosurephilippines.com/2009/03/rcbc-savings-bank-public-sealed-bidding.html#comment-1069 anduinthelion Tue, 24 Mar 2009 03:42:00 +0000 http://localhost/wordpress/index.php/2009/03/rcbc-savings-bank-public-sealed-bidding-of-properties-in-the-cavite-area-on-march-25-2009.html#comment-1069 hi jay, thanks a lot! i learned a lot on your blog. its amazing how a true wealthy man (such as you) would return blessings to society by giving these priceless info. mabuhay ka! (",) hi jay, thanks a lot! i learned a lot on your blog. its amazing how a true wealthy man (such as you) would return blessings to society by giving these priceless info. mabuhay ka! (“,)

]]> By: Jay Castillo http://www.foreclosurephilippines.com/2009/03/rcbc-savings-bank-public-sealed-bidding.html#comment-1068 Jay Castillo Fri, 20 Mar 2009 08:58:00 +0000 http://localhost/wordpress/index.php/2009/03/rcbc-savings-bank-public-sealed-bidding-of-properties-in-the-cavite-area-on-march-25-2009.html#comment-1068 Hi anduinthelion, you're welcome! Just my own way of paying it forward. The answer to your question is, it depends on a lot of factors. Banks sell properties based on their internal appraisals, and depending on the circumstances of a particular property(outstanding loan they need to recover, condition of property, how urgent they need to sell, etc.)they may lower the price to below market value. There are 3 ways to do property valuation and the simplest would be by checking how much a very similar property in the same area was sold recently. Property valuation will be discussed in detail in another post. Watch out for it! Hi anduinthelion, you’re welcome! Just my own way of paying it forward. The answer to your question is, it depends on a lot of factors. Banks sell properties based on their internal appraisals, and depending on the circumstances of a particular property(outstanding loan they need to recover, condition of property, how urgent they need to sell, etc.)they may lower the price to below market value. There are 3 ways to do property valuation and the simplest would be by checking how much a very similar property in the same area was sold recently. Property valuation will be discussed in detail in another post. Watch out for it!

]]> By: anduinthelion http://www.foreclosurephilippines.com/2009/03/rcbc-savings-bank-public-sealed-bidding.html#comment-1067 anduinthelion Thu, 19 Mar 2009 03:11:00 +0000 http://localhost/wordpress/index.php/2009/03/rcbc-savings-bank-public-sealed-bidding-of-properties-in-the-cavite-area-on-march-25-2009.html#comment-1067 hi jay, thanks for these info you're sharing, mabuhay ka! (",)<br/>by the way, 'am a newbie on this 'real estate' universe, 'would like to inquire if the bid price/cost from the list of foreclosed properties of a bank is the same as the present/market value of that property? how would i know if it's a real gem or am i paying more than the real value of that property?<br/>hope you'll find time to answer my inquiries.<br/>thanks and regards. hi jay, thanks for these info you’re sharing, mabuhay ka! (“,)
by the way, ‘am a newbie on this ‘real estate’ universe, ‘would like to inquire if the bid price/cost from the list of foreclosed properties of a bank is the same as the present/market value of that property? how would i know if it’s a real gem or am i paying more than the real value of that property?
hope you’ll find time to answer my inquiries.
thanks and regards.

]]> By: Jay Castillo http://www.foreclosurephilippines.com/2009/03/rcbc-savings-bank-public-sealed-bidding.html#comment-1066 Jay Castillo Tue, 17 Mar 2009 00:43:00 +0000 http://localhost/wordpress/index.php/2009/03/rcbc-savings-bank-public-sealed-bidding-of-properties-in-the-cavite-area-on-march-25-2009.html#comment-1066 @Ron, your welcome and thanks for the visit!<br/><br/>@Anonymous, for this particular public sealed bidding for properties in the Cavite area, according to the print ad, it appears bids must start at the minimum bid price. I noticed lots are selling at an average of about Php5K/sqm, I'm not sure if this is a good price for the area as I'm not that familiar with market values in Cavite.<br/><br/>Yes, I share the same observation that a lot of foreclosed properties are quite expensive especially those in prime locations. Personally I skip those properties that are not within my price range and just focus on those that appear to be priced below market value and I analyze them further by checking how much they cost per sqm floor area or lot area, etc. The key would be to spot those great deals, I assure you that they really exist. In the Buena Mano property listings for example, you would see properties that are being sold below market value and do take note that all prices are still negotiable.<br/><br/>For public auctions held by banks, you'd be surprised that there are just about as many home buyers as there are investors and home buyers often end up buying those expensive foreclosed properties. @Ron, your welcome and thanks for the visit!

@Anonymous, for this particular public sealed bidding for properties in the Cavite area, according to the print ad, it appears bids must start at the minimum bid price. I noticed lots are selling at an average of about Php5K/sqm, I’m not sure if this is a good price for the area as I’m not that familiar with market values in Cavite.

Yes, I share the same observation that a lot of foreclosed properties are quite expensive especially those in prime locations. Personally I skip those properties that are not within my price range and just focus on those that appear to be priced below market value and I analyze them further by checking how much they cost per sqm floor area or lot area, etc. The key would be to spot those great deals, I assure you that they really exist. In the Buena Mano property listings for example, you would see properties that are being sold below market value and do take note that all prices are still negotiable.

For public auctions held by banks, you’d be surprised that there are just about as many home buyers as there are investors and home buyers often end up buying those expensive foreclosed properties.

]]> By: Anonymous http://www.foreclosurephilippines.com/2009/03/rcbc-savings-bank-public-sealed-bidding.html#comment-1065 Anonymous Mon, 16 Mar 2009 23:28:00 +0000 http://localhost/wordpress/index.php/2009/03/rcbc-savings-bank-public-sealed-bidding-of-properties-in-the-cavite-area-on-march-25-2009.html#comment-1065 In the auction what is the starting bid price? Is it the listed minimum price shown on bank’s pre-auction listing or a starting price (lower or higher) TBD by the auctioneers at the auction site? It seems their prices on their pre-auction lists are still not within reach for most of us, considering these are 4closed and know banks are selling it (as I may say) desperately. Liked those condos in prime locations of makati & other parts of M.Mla. <br/><br/>Who can afford to buy more than 6M condo unit (thought in prime makati location) if you’re an investor? And, I may assumed people who showed up in an auctions, majority are investors, right sir? In the auction what is the starting bid price? Is it the listed minimum price shown on bank’s pre-auction listing or a starting price (lower or higher) TBD by the auctioneers at the auction site? It seems their prices on their pre-auction lists are still not within reach for most of us, considering these are 4closed and know banks are selling it (as I may say) desperately. Liked those condos in prime locations of makati & other parts of M.Mla.

Who can afford to buy more than 6M condo unit (thought in prime makati location) if you’re an investor? And, I may assumed people who showed up in an auctions, majority are investors, right sir?

]]> By: Ron Centeno http://www.foreclosurephilippines.com/2009/03/rcbc-savings-bank-public-sealed-bidding.html#comment-1064 Ron Centeno Mon, 16 Mar 2009 18:14:00 +0000 http://localhost/wordpress/index.php/2009/03/rcbc-savings-bank-public-sealed-bidding-of-properties-in-the-cavite-area-on-march-25-2009.html#comment-1064 Thanks for the info Jay! Have a nice week! Thanks for the info Jay! Have a nice week!

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