I have here a copy of the BPI’s Buena Mano Super Value Yellow Tag listing of foreclosed properties for sale, which includes properties from Metro Manila. This listing also includes Buena Mano Prime properties which are priced above 10 million pesos. Super Value properties are those priced below 10 million Pesos. BPI provides these foreclosure listings free for all interested parties and are available in all of their branches.
Based on the listing, yellow tag properties are real estate properties with any of the following special concerns:
-Properties whose titles may still be in the process of transfer to the name of the bank which foreclosed the properties
-Properties that are still being occupied by former owners, tenants or illegal occupants,
-Properties whose property documents still need to be updated
Unlike the red tag properties where former owners are still trying to stop the foreclosure of their properties, yellow tag properties just need more time for the bank to finish the title transfer and updating of other documents, though some properties might still be occupied. Yellow tag properties also have asking prices on the list while red tag properties do not and you have to call the bank to know these.
Because of such “special concerns”, the bank will allow big discounts off the selling price of these properties giving beginning real estate investors better opportunities to start investing in foreclosures. All prices are negotiable and can provide real estate investors a bargain real estate investment property. The buyer should however be aware of the consequences like the long time it could take to eject illegal occupants of a property. Please take note that BPI offers financing through mortgage loans.
You may download BPI’s Buena Mano Super Value Yellow Tag listing for Q4-2008 here.