You can view or download the latest Buena Mano catalog(s) of acquired assets below. From this page, you will also find answers to frequently asked questions, payment terms, interest rates, instructions on how to make an offer, a copy of the offer to purchase form, etc.
Table of Contents
- 1 Download the February 2015 Buena Mano Catalogs
- 2 How to purchase a property
- 2.1 Step 1. Confirm if chosen property is still available by calling the designated person-in-charge
- 2.2 Step 2. Visit and inspect your chosen property.
- 2.3 Step 3. Download the Offer To Purchase (OTP) Form
- 2.4 Step 4. Fill-out the OTP form with required information
- 2.5 Step 5. Affix your signature on both pages of the OTP form
- 2.6 Step 6. Submit scanned copy of OTP form through email to the following
- 2.7 Step 7. Wait for a confirmation that your OTP form has been received
- 3 Additional info
- 4 Payment terms
- 5 What are Green Tag properties?
- 6 What are Yellow Tag properties?
- 7 What are Red Tag properties?
- 8 Frequently Asked Questions (FAQ) and answers
- 8.1 1. Can I make an offer below the asking price?
- 8.2 2. Will a cash offer get a better chance of being approved?
- 8.3 3. What is the FIRST-COME, FIRST-SERVED POLICY?
- 8.4 4. Is a reservation fee required when submitting an offer?
- 8.5 5. When is the earnest money due?
- 8.6 6. What is the minimum down payment?
- 8.7 7. What are the housing loan interest rates?
- 8.8 8. How long does it take to get loan approval?
- 8.9 Services you get from us for free
- 9 The “fine print” – PLEASE READ!
- 10 Happy hunting!
Download the February 2015 Buena Mano Catalogs
Warning – The catalogs below are almost 10Mb in size each. Please ensure you have a good internet connection when downloading.
1. Metro Manila
2. Luzon, Visayas, and Mindanao
How to purchase a property
We are duly accredited real estate brokers of Buena Mano Property Sales and Leases and the following is a step-by-step process of buying a foreclosed property through us:
Step 1. Confirm if chosen property is still available by calling the designated person-in-charge
The telephone number of the designated person-in-charge is in the catalog. When calling, you can also verify also if the chosen property has caretakers, etc. Green tag properties have caretakers (except condos and vacant subdivision lots). Yellow tag properties might still be occupied (call to confirm). Red tag properties are undergoing litigation and are most probably not available for inspection.
Reminders: Please call designated person-in-charge on the catalog during office hours, Mondays to Fridays only.
Step 2. Visit and inspect your chosen property.
Our suggestion is to inspect during day time as electricity is usually disconnected for foreclosed properties. It is also easier to locate properties during day time.
Step 3. Download the Offer To Purchase (OTP) Form
If you want to proceed with purchasing the property, download the Offer To Purchase Form below.
Step 4. Fill-out the OTP form with required information
Kindly fill-out the Offer To Purchase Form as completely and as accurately as possible.
Step 5. Affix your signature on both pages of the OTP form
Ensure you sign both pages of the OTP form.
Step 6. Submit scanned copy of OTP form through email to the following
Submission is quick and easy because you can submit a scanned copy by email:
Step 7. Wait for a confirmation that your OTP form has been received
We will confirm receipt and validity of your offer through e-mail.
Here are additional info when it comes to the purchase process:
- If you are the first in line (or your offer is currently the one being processed), you will have to submit a Buyer Information Sheet with two valid government-issued ID’s (if you are married, submit two valid ID’s of your spouse, if any, as well).
- If your offer is approved, you will have to pay 10% earnest money within 5 to 10 calendar days from receipt of notice of approval.
- You can purchase through bank financing and we will assist you in securing a home loan with the best possible interest rates. Download a copy of the Loan Application Form and send back a scanned copy.
- If the approved loan amount is lower than 90% of the selling price, and buyer paid only 10% earnest money, you will have to pay the difference upfront.
- Payment of documentary stamps tax or DST, transfer fees, registration fees taxes and other applicable fees fees are for the account of the buyer. Note: As your real estate broker, we do the all the legwork for all of these for you at no cost whatsoever.
Properties can be purchased with the following payment modes:
- Bank financing (through a housing loan)
- Through BPI, BPI Family Savings Bank or any major domestic bank
- Terms are subject to separate credit approval by the lending bank
What are Green Tag properties?
Green Tag properties are real estate properties already cleared with Titles and Tax Declarations duly consolidated / Transferred under the name of the bank which foreclosed the property/ies with its authorized caretakers, particularly those with improvements and can be visited / inspected anytime.
What are Yellow Tag properties?
Yellow lag properties are real estate properties with any of the following “special concerns”: Titles and/or Tax Declarations are still in process of transfer to the bank which foreclosed the property/ies; or Titles are already under the name of the bank but the properties are still occupied by the former owners, tenants or illegal occupants; or there are property documents that still need to be updated.
What are Red Tag properties?
Red Tag properties are real estate properties specifically with pending court cases (under litigation) filed by the previous owners against the bank. Titles of these properties are with annotation/s adverse claims or lis pendens. Interested party is directed to verify status of the case/s from the court/s.
Frequently Asked Questions (FAQ) and answers
1. Can I make an offer below the asking price?
Yes you may, but the First Come, First Served policy of the bank will not apply to your offer. In other words, other offers that are equal to or higher than the asking price will be attended to first, even if you submitted your offer earlier.
2. Will a cash offer get a better chance of being approved?
Regardless of whether an offer is for cash or bank financing, the First Come, First Served policy will be observed and offers are attended to in the order they are received without biases and preferences.
3. What is the FIRST-COME, FIRST-SERVED POLICY?
“First come, first served is the service policy of the bank whereby the offers to purchase are attended to in the order they are received without biases and preferences. This policy shall apply only to offers which are equal to or higher than the bank’s asking price.”
4. Is a reservation fee required when submitting an offer?
No, prospective buyers are not required to pay any reservation fee when submitting an offer to purchase. A buyer will only be advised to pay 10% earnest money once his offer is approved.
5. When is the earnest money due?
The 10% earnest money is usually due within ten (10) calendar days upon the buyer’s receipt of a letter advice from Buena Mano Property Sales and Leases.
The buyer will also be advised through the letter when the balance of the downpayment should be paid, terms and conditions, and other fees. The 10% earnest money will form part of the downpayment.
6. What is the minimum down payment?
The minimum downpayment would depend on the loanable amount that will be approved by the lending bank that will provide the housing loan. It would be equal to the selling price less the approved loan amount.
For example, if the approved loan amount is equal to 80% of the total purchase price, then the minimum down payment shall be the remaining 20%. The minimum downpayment is inclusive of the 10% earnest money, which means if one has already paid the 10% earnest money, only an additional 10% is needed to complete the 20% downpayment.
7. What are the housing loan interest rates?
If you choose to finance the purchase with a housing loan from BPI or BPI Family Savings Bank, it will be through a mortgage contract, and the prevailing interest rates at the time of loan availment will apply.
For your reference, please see below indicative housing loan rates:
|Tenor (Housing Loan)||Interest Rates|
|Over 15 years||11.55%|
Important: The above home loan rates are only indicative rates. To get the prevailing interest rates, you may visit the link above or contact us. We can assist you in securing a bank loan.
8. How long does it take to get loan approval?
The speed of the loan approval depends on many factors like the submission of all required documents. I provide free housing loan application assistance to property buyers as I am also accredited with their housing loans group.
Services you get from us for free
If you submit an OFFER TO PURCHASE FORM with my name as your referror/broker, we will do the following for you as your real estate broker:
- Make regular follow-ups with the bank regarding your offer and we will give you updates on the same.
- We will also assist you in securing a bank loan to complete your purchase.
- We shall take care of the legwork for the payment of taxes and other fees
- We shall take care of the legwork for the transfer of the title of the property from the bank to you.
All of the services above shall be at NO COST TO YOU. These are part of our services as accredited real estate brokers of Buena Mano.
The “fine print” – PLEASE READ!
ALL PROPERTIES ARE FOR SALE ON “AS IS WHERE IS” AND “FIRST-COME, FIRST SERVED” BASIS. PROPERTIES MAY BE WITHDRAWN WITHOUT PRIOR NOTICE.
Prices are not applicable to buyback transactions with former owners. Please call for buyback prices.
PRICES ARE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE.
ALL OFFERS ARE SUBJECT TO MANAGEMENT’S APPROVAL.
Misprints and other errors are unintended and do not constitute acts of misrepresentation, intentional non-disclosure, fraud or withholding of accurate property details and pricing.
To our success and financial freedom!
Text by Jay Castillo and Cherry Castillo. Copyright © 2008 – 2014 All rights reserved.
Full disclosure: I am an accredited real estate broker of Buena Mano Property Sales and Leases. If you learned about this list of acquired assets through ForeclosurePhilippines.com, kindly acknowledge me as the accredited broker who referred you (at no additional cost to you). Other real estate brokers, agents, referrers are welcome, just call us for details!
Disclaimer: The properties on the catalog above are for sale on an “as is where is basis”. All are advised to do the necessary due diligence before entering into a binding commitment financially or otherwise in relation to any of the listings of foreclosed properties published in ForeclosurePhilippines.com. Inadvertent misprints shall not alter the factual condition of any property published in ForeclosurePhilippines.com, nor shall they be deemed as misrepresentation.