Comments on: Property Forum Philippines’ Subastahan Sa Festival – July 25, 2009

By: property

property — Sun, 31 Jan 2010 20:40:12 +0000

I am looking now at some foreclosure sales but there are not many properties. I want to buy a property in Golders Green and looking for Property for sale Golders Green

By: catrosinfo

catrosinfo — Fri, 18 Sep 2009 03:30:14 +0000

Your post are informative.

By: georgesovereign

georgesovereign — Tue, 11 Aug 2009 16:48:39 +0000

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also buy houses to renovate:
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By: 5 reasons to attend the 3rd Philippine Real Estate Festival (2009) | Foreclosure Philippines

Thu, 23 Jul 2009 22:08:45 +0000

[...] to observe without the need to bring show money to register. You can refer to my post about the Subastahan sa Festival for more details about the auction. As I have mentioned before, I was a bidder in last year’s [...]

By: Jay Castillo

Jay Castillo — Thu, 23 Jul 2009 04:41:07 +0000

I would suggest you first get a copy of the certificate of sale and then you can use it for further verification. I suggest that when you do go to the BIR to verify, just be very pleasant and mention that you are just doing a follow-up.

By: Pinoyentr3preneur

Pinoyentr3preneur — Tue, 21 Jul 2009 14:53:17 +0000

Hello Jay,

Another question came in mind, I asked the broker if I could get a copy of the BIR receipts since they said they already paid the CGT. But he said they are also in the BIR office

Can I verify on BIR if the property is “in the process of consolidation”?

The broker btw will provide the Certificate of Sale. But I’m thinking of double verifying on BIR office.. if it’s possible.

Thanks again for your big help.

By: Jay Castillo

Jay Castillo — Tue, 21 Jul 2009 02:27:03 +0000

Hmmm, since it is still with the BIR, the I guess it would really take time but if you are planning on selling the property through rent-to-own scheme then 5 months of waiting would be acceptable. Regarding executing a deed of assignment, yes its a good idea and I believe its possible but you would have to check with that particular bank if they will allow this and if they will charge any assignment fees, etc.

By: Pinoyentr3preneur

Pinoyentr3preneur — Sat, 18 Jul 2009 14:14:07 +0000

Hello Jay,

Thanks for your response. Regarding the stage, it was already filed and currently in the BIR office…… waiting

The broker revealed that the bank will not sign into a compromise agreement such as mandatory refund of your money. They will tell you “just not bid until the title is consolidated”.

I can enter a rent-to-own agreement with the prospect buyer to make-up with the time or….. Is it possible to make a Deed of Assignment / Transfer of rights document so that I can get my money back + profit then the bank will transfer the title into my buyer’s name once it is consolidated?

In that way, I also don’t need to pay necessary taxes. Do you think this is a good work-around? I can renovate the property then transfer my rights to another buyer. He/she will either pay the mortgage in cash or assume the mortgage payments.

Thanks.

By: Jay Castillo

Jay Castillo — Thu, 16 Jul 2009 15:22:16 +0000

Hi Tyrone, nice to see you here. Congrats for being featured in Good Housekeeping!

There are a lot of SPV’s out there and last week my wife and I just had a meeting with one of them. The only problem with working for SPV’s is you might not be allowed to invest on the properties being handled by the SPV, at least that’s what our meeting hosts told us.

By: Jay Castillo

Jay Castillo — Thu, 16 Jul 2009 14:59:05 +0000

Hi Pinoyentr3preneur, it depends on what stage the consolidation is in and what investment strategy you are considering. For example, if the consolidation is already at the stage where the bank is just waiting for the release of the new TCT under the name of the bank, that would be acceptable to me as it should take only a few weeks for the registry of deeds to release the new title. For the property you mentioned, ideally it should be put in writing that all your money will be refunded if consolidation is not completed in X number of days plus interest, though I have not encountered or heard of any deal like this. I have heard of similar contracts where the seller will return all the buyer’s payments if the seller is unable to give the possession of the property to the buyer in X number of days. 5 months of waiting would still be okay if your investment strategy is to use the property as a rental property or if you intend to live there. Of course if you plan to flip and sell the property, 5 months is too long and holding costs would eat up a lot of your projected profits. Thanks for the question and for dropping by!

By: Tyrone | Millionaire Acts

Tyrone | Millionaire Acts — Wed, 15 Jul 2009 05:19:48 +0000

Property Forum is one of the largest auctioneer of properties. I already met their Managing Director Sir Noli Alleje before during my employment with an SPV.

I hope to be back to an SPV company.

By: Pinoyentr3preneur

Pinoyentr3preneur — Tue, 14 Jul 2009 07:50:58 +0000

Hello Jay,

As always nice post and very informative. I wonder if for example the title of the property for Auction is “in the process” of consolidation on the bank’s name, what would you do? would you still proceed and bid for the property?

The person-in-charge told me that the consolidation will take 5 months, what is the best way to protect myself? considering everything else are fine. Thanks.

By: Jay Castillo

Jay Castillo — Tue, 14 Jul 2009 05:09:56 +0000

Hi Louie, you’re welcome and thanks for the compliment! Usually the goal is to sell the property even before repairs have been completed.
Personally, whether it be rentals,rent-to-own, or flips, the target is to have it tenanted or sold within 1 month. Otherwise holding costs like the monthly amortization would eat up all the projected profits.

By: Louie

Louie — Mon, 13 Jul 2009 12:29:48 +0000

hi jay,

as usual your post is so informative..thanks…just wanna know how long do you usually dispose a property? thanks

By: Property Forum Philippines’ Subastahan Sa Festival – July 25, 2009 | BuyWithoutYourBank.com

Sun, 12 Jul 2009 16:20:15 +0000

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