I have been out of commission for the past few days due to cough and colds and an aborted case of flu (not swine flu of course!). I’m just glad I am finally recovering, although I missed attending the Think Rich Pinoy Seminar yesterday where I was supposed to help facilitate the cashflow games in the afternoon. Because of this, I also missed meeting Vikki and Roderick. I’m really sorry for not making it. I hope to meet you guys soon.
Anyway, I have here a new foreclosure listing from GE Money Bank courtesy of my wife’s former boss, Mr. Nelson V. Soriano, who is now a VP there. The repossessed properties are not for public auction but are for negotiated sale. If you are interested in any property in the list, please contact the ROPOA Committee of GE Money Bank at the following address:
GE Money Bank, Inc. (A Savings Bank)
10/F Net Cube, 30th Street cor. 3rd Ave.
Crescent Park West, Bonifacio Global City
1634 Taguig City, Philippines
You may also e-mail Mr. Nelson V. Soriano at nelson.soriano@ge.com, or call their Customer Service group, 777-8500 (Monday to Friday, 8:00 am to 7:00 pm.) – I got this number from their website, http://www.gemoneybank.com.ph/en. The ROPOA Committee may arrange a location visit for all interested parties. Please note that the prices provided in the list are indicative prices. Send them an offer and they’ll let you know if your offer is acceptable. It is worth noting that these properties have clean titles and are free of legal impediments.
Areas included in the listing of repossessed properties are from Quezon City, Valenzuela, Muntinlupa, Manila, Makati, Cavite, General Santos City, Cainta, Dagupan, Iloilo, and Laguna.
Click here to download the GE Money Bank list of repossessed real properties for sale!
Click here to download the offer to purchase form.
To our financial freedom!
Jay Castillo
Real Estate Investor
REBL#: 20056
Blog: www.foreclosurephilippines.com
Social Network: foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: ph.investor@gmail.com
thanx sir jay..you have been a great help
Hello Jay,
I do learn a lot from your website here. I am just wondering what happen to the Title of the Property upon closing the deal with the bank and paying the D/P. Are the bank going to give the Title to the buyer immediately and start taking control of the property? What are the steps to do after closing the deal? I will appreciate very much if you could give me some idea. Thanks Jay,
Allan
Hi Allan, if the bank is selling the property through a real estate mortgage(REM) contract, they would transfer the title immediately upon paying the D/P. If they are selling through a contract-to-sell(CTS), title transfer will only be done once you are fully paid. Oftentimes, once a buyer is able to pay the required DP and the CTS is approved(or if the bank loan is approved in case of a REM), then they will already give control and possession to the buyer. After closing the deal, you will have to submit all the required documents being asked by the bank, you will also have to take care of transferring the title(if through REM) and pay taxes(if applicable), better check with the bank who will shoulder what and who will do the legwork. Thanks for dropping by!
@teamchi, you’re welcome and thanks for frequently visiting here and the forums. How’s your prospect property?
@Vikki and Derick, i wish I was as good as Ian Del Carmen when it comes to internet marketing, funny you thought he was me hehe! I am really sorry I wasn’t able to make it, though a friend of mine, Earth, was able to take over with helping with the facilitation(thanks a lot Earth!). This was the second time that I was unable to do a meetup and had to cancel last minute (The first was with Dragoro for a BPI auction). Anyway, yes, let’s meetup soon and let me make it up to you! Thanks!
Hi Sir Jay,
wow thanks for the special mention in your blog! We’re looking everywhere for you during the seminar and really hoping you will show up. I even thought that Ian del carmen was you he he I just asked around to find you but they told me you cant make it. I am really sorry to learn you are sick, hope you will get well very soon!
Maybe we can have dinner together when you get well, my husband and i are very eager to meet you in person. Hope you can make time to meet us!
God Bless Sir Jay!!
Vikki ANd Derick
wow this is great. thanks and get well soon!
hello sir Jay,
what will happen payment has been made (the contract to sell has been done) but the transfer has not been fully consumated because the bank closed. what will happen to the property? and it was learned that said the property has been in the possession by the central bank? what action will be taken so that the the title will be transferred to the buyer.
Hi DG, the central bank should take over and process the transfer as long as you can show them the valid contract-to-sell. I guess you should start by showing them proof of full payment, etc. Thanks for visiting!