The Development Bank Of The Philippines (DBP) has just released an invitation to bid for their foreclosed properties for sale. DBP will receive sealed bids on CASH BASIS and on an AS IS, WHERE IS BASIS on June 10, 2009, 2:00p.m., at the Auditorium (Tanghalang Julian Felipe), Penthouse, DBP Head Office, Sen. Gil Puyat Avenue corner Makati Avenue, Makati City, Philippines.
Do take note that some properties that are up for sale through sealed bidding may have “special issues” as follows:
a/ With structures encroaching the lot
b/ Occupied by former owner
c/ With illegal occupants
d/ With pending court case
e/ With lease agreement
These can be seen in the properties’ description on the foreclosed property listing.
DBP Properties that are up for sale are from Albay, Batangas, Bulacan, Cavite, Cebu, Davao, Kidapawan, Laguna, Metro Manila, Naga, Nueva Ecija, Pampanga, Quezon, Rizal, Tarlac, and Zamboanga.
For inquiries, please call the Asset Management Department at telephone numbers 840-2783/893-4914 or 818-9511 to 20 local 2167/2145.
More details can be found on the foreclosed property listing below.
Click here to download the Development Bank Of The Philippines Properties For Sale through sealed bidding on June 10, 2009!
(Source: Philippine Daily Inquirer, May 27, 2009, Page A24)
Yes, you read that right, sealed bids are on CASH BASIS. When I first read this listing of foreclosed properties from DBP, I thought to myself that there appears to be very promising properties on the listing due to the relatively low minimum bid prices but that changed when I read the heading on the ad and found out that these are on cash basis. For an investor like me and a lot of you out there who prefer to acquire properties through some form of leverage, acquiring properties from this list may be challenging to say the least. I guess these properties from DBP would be more favorable to investors out there who have the ability to pay in cash as they may have partners that are ready and waiting to finance their deals.
To our financial freedom!
P.S. – It seems that a lot of banks have been publishing their respective listings of foreclosed properties for sale lately which is why I have been posting these on a daily basis this past week. Nope, I am not yet done as I still have some more foreclosed property listings which I haven’t posted yet. Do watch out for these as well as upcoming articles on how I do property valuation or appraisals, how to compute for real property taxes, and transfer taxes.