As mentioned in my recent post about PNB’s Asset Gazette for January 2010, Property Forum Philippines will be conducting a series of “New Moon” auctions of foreclosed properties that coincide with the actual dates of the “New Moon”. This particular auction will be held on February 13, 2010, at Max’s Restaurant, Jupiter St., Makati City, Philippines. Registration starts at 8:00am and the auction proper starts at 9:00am.NEW-MOON-AUCTION-OF-FORECLOSED-PROPERTIES-ON-FEBRUARY-13-2010-thumbnail

Foreclosed properties can be acquired for as little as 10% Downpayment, with up to 10 years to pay and at low interest rates. However, the actual interest rates were not indicated on the print ad. This probably means that participating banks might have different interest rates available for their foreclosed properties included in the auction. Better call Property Forum Philippines to verify this as part of your due diligence.

Yes, you read that right, I believe that aside from PNB, there are other participants in this auction. Based on the prefixes of the property codes on the list, I can see that majority of the foreclosed properties are from PNB, while the rest are from TPF (The Property Forum?), UCPB (This is obviously United Coconut Planters Bank), CSB, GHP, UOB (United Overseas Bank?), CB (ChinaBank?), UNI, etc. Although the meanings of some of the acronyms are quite obvious, I can’t decipher the rest. Please do leave a comment below if you happen to know which banks or SPV’s these refer to. Thanks!

Locations of the foreclosed properties for sale

Mega Manila

  • Antipolo
  • Caloocan
  • Las Pinas
  • Makati
  • Mandaluyong
  • Manila
  • Muntinlupa
  • Paranaque
  • Pasig
  • Quezon City
  • San Juan
  • Tanay, Rizal
  • Valenzuela

Luzon

  • Baguio
  • Bataan
  • Batangas
  • Bulacan
  • Cagayan
  • Cavite
  • Isabela
  • Laguna
  • Nueva Ecija
  • Quezon Province
  • Pangasinan
  • Rizal
  • Tagaytay
  • Tarlac City

Visayas

  • Bacolod
  • Bohol
  • Capiz
  • Cebu City
  • Iloilo City
  • Leyte
  • Negros Occidental

Mindanao

  • Agusan Del Norte
  • Cagayan De Oro
  • Davao Oriental
  • General Santos
  • Iligan
  • South Cotabato
  • Misamis Oriental
  • Sultan Kudarat
  • Zamboanga Del Sur/Norte

Click here to download the complete listing of foreclosed properties for sale in Property Forum’s New Moon public auction on February 13, 2010.

Source: Philippine Daily Inquirer, February 1, 2010 issue, page B4

Want to bid on a foreclosed property?

Before you bid, you should at least analyze the properties and do the numbers. If the numbers make sense, then the next logical step would be to inspect the properties as part of  due diligence. For property inspection, please call The Property Forum Philippines directly through the following telephone numbers: (02) 534-9536 / (02) 534-6954 / 0921-672288

To participate in the auction and bid on any of the foreclosed properties for sale, just bring the required show money which is Php25,000 per property in the form of cash or managers check.

The fine print

All properties are offered on an “As-is, Where-is” basis. Titles of properties are either under seller’s name or under various stages of title consolidation to seller’s name thus protective buyers are advised to conduct their due diligence prior to entering into any contract with the seller.

Property details, prices, and terms are subject to change without prior notice. The seller reserves the right to pull-out any property from the auction at any time. Changes in prices are subject to the sole discretion of the seller.

Looking for multi-door apartments?

If you are looking for multi-door apartments, then you better check this list of foreclosed properties as I saw a 7-door apartment with a minimum bid price of Php2.5M and an 8-door property with a minimum bid price of Php2.06M, both of which are in the Mega Manila area. I haven’t checked the details yet so I really can’t tell if they are good buys.

Happy hunting!

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Click here to contact me via E-mail
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Text by Jay Castillo. Copyright © 2010 All rights reserved.

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Filed under: Foreclosed properties • PNB • Property Forum • UCPB • acquired assets