Sorry for the late reply, what’s the status right now? I’ve heard of something similar before where there was a typo error on the list price for a property and somehow the error in the price was discovered only after the auction, after it got sold. When the bank eventually learned about this, they just returned the money of the buyer and let-go or fired the person responsible for error. I guess these things do happen which is why you’ll often notice that the fine print for foreclosed listings/auction announcements often include “MISPRINTS ARE NOT MISREPRENTATION OF ANY PROPERTY…”.

Anyway, my opinion on this is that errors in pricing should never make it through auctions as they should be able to catch it before the property gets sold(which in my opinion makes it final). I suggest you keep the communication lines open to come up with a win-win solution for all parties. I’m sure the bank would not want to lose their credibility as well as this might discourage buyers like us.

As for the old wive’s tale which says buying foreclosed properties have bad luck/omen attached to them, they are just that, old wives tales, which might become self fulfilling prophecies if we believe them.

We went to this RCBC Savings auction and was able to get a good bargain for a big lot in Laguna. We were the only ones who bid for the lot and so the broker said, it was now an offer. We went to the property the next day, the broker showed computations. Come Monday, we submitted our documents. Just this monday morning, the bank told us that based on the CI, our bank loan for 5 years at 12% is good. We were asked to go on Wednesday to sign some documents. That same aftrnoon, the broker called us and told us that our papers are on hold. It seems that the bank official who supposed to sign the papers, wont sign becuase the published price quoted on the auction was too low. So now, our papers are on hold, the banks wouldn’t give us a definite answer and they’re dilly-dallying and even broached the idea that the price will be higher. This is making us angry because we did everything by the book and just because they made a mistake in the price, we are the ones going to suffer. Technically, a “SALE” was already involved because there was already a “meeting of the mind” in terms of price. I’m thinking of making a legal action. Sometimes, it made me think that probably the old wive’s tale regarding buying foreclosed items are true. That somehow, there’s bad luck/omen attached to it.

Thanks. Just venting out.

As for the tips, I have a lot in my mind, I just need to write them down and share them through this blog. One challenge I currently have is I am still working full-time and most often than not, by the time I get home, I am already too tired and fall asleep. I look forward to getting out of the rat-race as I believe I can share more information and tips to everyone!

If you subscribed through e-mail, you’ll surely receive these tips in your inbox. Thanks for visiting and I wish you successful investing!

where do you get feeds on list of biddings? I have been hunting for good real estate deals this past few months. Finding one is not an easy task but I am sure that i will be worth it, specially if it will bring you income for the rest of your life.

I bookmarked your page. Hope you can email me new tips on good leads regarding foreclosed properties and where to know upcoming biddings. Thank you very much.

JC

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Snow
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