Subastahan Sa Tag-Init, a public auction of foreclosed properties powered by The Property Forum Phils., shall be held on April 30, 2009 at the Max’s Restaurant Shangri-la Edsa corner, Shaw Blvd. Mandaluyong City, Philippines. Registration starts at 11:00AM and the auction proper starts at 12:00NN.
Foreclosed properties up for sale can be purchased for as low as 10% downpayment, with payment terms as long as 5 years to pay, and for as low as 8% annual interest rates.
Show money is Php25,000 per property in the form of cash or manager’s check.
Instant cash knockout is available, just add Php1.00 to the minimum bid price to withdraw your choice of property from the auction. Instant cash knockout allows buyers to buy foreclosed properties prior to the auction which avoids jacked up prices caused by bidders trying to outbid each other. This is the same as pre-auction bids as mentioned in a previous post.
The foreclosed properties for public auction from Metro Manila Area are from Antipolo, Caloocan, Manila, Paranaque, Pasay, Quezon City, and Valenzuela. Luzon areas include Albay, Bataan, Batangas, Bulacan, Cagayan, Camarines, Ilocos Sur, Isabela, Laguna, Nueva Ecija, Pampanga, Pangasinan, Quezon Province, Rizal, Tarlac, and Zambales. Visayas areas include Bacolod City, Capiz, Guimaras, and Negros. Mindanao areas include Butuan, Davao, and Zamboanga.
Property Forum Phils. claims to be the No. 1 Property Auctioneer in the Philippines with a nationwide network and over Php6.7 Billion in sales from 67 auctions with more than 3,700 winning bidders.
Actually I won my first bid for a property in an auction conducted by Property Forum last year before I started this blog. However, I decided not to push through with the purchase after I discovered some issues with regards to the mother title of the property and I was prepared with the possibility that they will forfeit my Php25,000.00 show money. Do take note that the issues I discovered cannot be detected on the Mother Title at the registry of deeds, but rather came up after I pieced together statements from the property administrator after the auction. Anyway, after submitting a formal letter stating that I will not proceed with the purchase along with my reasons, they informed me that they will just return my show money. I was very thankful to Property Forum especially to Mr. Noli Alleje who made the decision that my show money be returned. Even though I was unable to close the deal with them, I can still say that my experience in dealing with Property Forum Phils. was a pleasant one as they were very professional and I got my money back.
*Source – Philippine Daily Inquirer, April 27, 2009, page B7
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