Comments on: RCBC’s Dream Buys Auction of foreclosed properties on July 25, 2009 http://www.foreclosurephilippines.com/2009/07/rcbc%e2%80%99s-dream-buys-auction-of-foreclosed-properties-on-july-25-2009.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/2009/07/rcbc%e2%80%99s-dream-buys-auction-of-foreclosed-properties-on-july-25-2009.html#comment-1875 Jay Castillo Tue, 25 Aug 2009 09:39:51 +0000 http://www.foreclosurephilippines.com/?p=830#comment-1875 Hi Lyn, for RCBC Savings Bank, usually the MBP is lower or just about equal to the current market value of the property at its present state(needing repairs, etc.). However, I noticed that the MBP is usually significantly lower than the "After repair value" or the market value at move-in or ready for occupancy condition. Most are also under the possession of the bank and the titles have already been consolidated. However, you should still check and confirm by doing your due diligence. You're welcome and thank you also for the excellent question! Hi Lyn, for RCBC Savings Bank, usually the MBP is lower or just about equal to the current market value of the property at its present state(needing repairs, etc.). However, I noticed that the MBP is usually significantly lower than the “After repair value” or the market value at move-in or ready for occupancy condition. Most are also under the possession of the bank and the titles have already been consolidated. However, you should still check and confirm by doing your due diligence. You’re welcome and thank you also for the excellent question!

]]> By: Lyn http://www.foreclosurephilippines.com/2009/07/rcbc%e2%80%99s-dream-buys-auction-of-foreclosed-properties-on-july-25-2009.html#comment-1874 Lyn Wed, 19 Aug 2009 16:48:41 +0000 http://www.foreclosurephilippines.com/?p=830#comment-1874 Hi Jay, I always check out your post and luckily I saw property around Tarlac City through RCBC. I called one of the numbers yesterday and luckily he said it's still available. Based on your experience, I'm curious to find out if the minimum bid price is the current value of the property or is it always below the market value. Also, if the properties they auctioned are under their possesion and titles are ready for transfer. Thanks alot and Godbless! -Lyn Hi Jay,

I always check out your post and luckily I saw property around Tarlac City through RCBC. I called one of the numbers yesterday and luckily he said it’s still available. Based on your experience, I’m curious to find out if the minimum bid price is the current value of the property or is it always below the market value. Also, if the properties they auctioned are under their possesion and titles are ready for transfer.

Thanks alot and Godbless!

-Lyn

]]> By: Jay Castillo http://www.foreclosurephilippines.com/2009/07/rcbc%e2%80%99s-dream-buys-auction-of-foreclosed-properties-on-july-25-2009.html#comment-1873 Jay Castillo Mon, 03 Aug 2009 20:03:34 +0000 http://www.foreclosurephilippines.com/?p=830#comment-1873 Hello nightwatch, it's part of the list but it was listed as part of a multiple listing as mentioned in my previous comment hence there were no details for each property. Yes, I got it at MBP. :-) Hello nightwatch, it’s part of the list but it was listed as part of a multiple listing as mentioned in my previous comment hence there were no details for each property. Yes, I got it at MBP. :-)

]]> By: nightwatch http://www.foreclosurephilippines.com/2009/07/rcbc%e2%80%99s-dream-buys-auction-of-foreclosed-properties-on-july-25-2009.html#comment-1872 nightwatch Fri, 31 Jul 2009 04:47:16 +0000 http://www.foreclosurephilippines.com/?p=830#comment-1872 Hi Jay, The property was not part of the list but was part of the auction? Did you got it at the MBP? Thanks. Gary Hi Jay,

The property was not part of the list but was part of the auction? Did you got it at the MBP?

Thanks.

Gary

]]> By: Jay Castillo http://www.foreclosurephilippines.com/2009/07/rcbc%e2%80%99s-dream-buys-auction-of-foreclosed-properties-on-july-25-2009.html#comment-1871 Jay Castillo Thu, 30 Jul 2009 13:36:33 +0000 http://www.foreclosurephilippines.com/?p=830#comment-1871 Hello nightwatch! Thanks! Actually, this property was just listed as one of those under "3 other H & L available" in this listing. Good thing my broker gave me the details. Frankly, I also "missed" this property when I first looked at the listing. As to how I arrived at the conclusion that it was a good deal, I just used the "Cost approach" to determine its market value. Its lot area is 120sqm and floor area is 80 sqm. Using a conservative cost of 8000/sqm for the lot and 15k for the improvement less 150K for repairs, the market value I got was 120x8,000 + 15,000x80 - 150,000 = 2,010,000. I got it for less than half of this amount. =) Of course there are a lot of other expenses to consider but still, the numbers made sense. Better check the post on <a href="http://www.foreclosurephilippines.com/2009/07/how-i-estimate-market-values-of-foreclosed-properties.html" rel="nofollow">how to estimate market values</a> for more info. Hello nightwatch! Thanks! Actually, this property was just listed as one of those under “3 other H & L available” in this listing. Good thing my broker gave me the details. Frankly, I also “missed” this property when I first looked at the listing. As to how I arrived at the conclusion that it was a good deal, I just used the “Cost approach” to determine its market value. Its lot area is 120sqm and floor area is 80 sqm. Using a conservative cost of 8000/sqm for the lot and 15k for the improvement less 150K for repairs, the market value I got was 120×8,000 + 15,000×80 – 150,000 = 2,010,000. I got it for less than half of this amount. =)

Of course there are a lot of other expenses to consider but still, the numbers made sense. Better check the post on how to estimate market values for more info.

]]> By: nightwatch http://www.foreclosurephilippines.com/2009/07/rcbc%e2%80%99s-dream-buys-auction-of-foreclosed-properties-on-july-25-2009.html#comment-1870 nightwatch Tue, 28 Jul 2009 06:27:05 +0000 http://www.foreclosurephilippines.com/?p=830#comment-1870 Hi Jay, I just read from another forum that you won another property in the RCBC bidding. Congratulations! Care to share which is that from the list so that we can also study why or how did you came to a conclusion that the property is a candidate? Hi Jay,

I just read from another forum that you won another property in the RCBC bidding. Congratulations! Care to share which is that from the list so that we can also study why or how did you came to a conclusion that the property is a candidate?

]]> By: Jay Castillo http://www.foreclosurephilippines.com/2009/07/rcbc%e2%80%99s-dream-buys-auction-of-foreclosed-properties-on-july-25-2009.html#comment-1869 Jay Castillo Tue, 21 Jul 2009 02:43:10 +0000 http://www.foreclosurephilippines.com/?p=830#comment-1869 Hi Ghunzel, you're welcome, glad to be of help! Hi Ghunzel, you’re welcome, glad to be of help!

]]> By: ghunzel http://www.foreclosurephilippines.com/2009/07/rcbc%e2%80%99s-dream-buys-auction-of-foreclosed-properties-on-july-25-2009.html#comment-1868 ghunzel Mon, 20 Jul 2009 01:36:24 +0000 http://www.foreclosurephilippines.com/?p=830#comment-1868 I was really looking forward to this post. thanks! I was really looking forward to this post. thanks!

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