The RCBC Asset Management Group has recently released this Amazing Buys listing of their bank owned properties for sale. The Visayas and Mindanao RCBC Bank properties for sale can be purchased by submitting offers on or before June 1, 2009, Monday, at the 12/F Yuchengco Tower, RCBC Plaza, Ayala Avenue corner Buendia Avenue, Makati City, Philippines, or at any RCBC Branch.
As indicated in the print ad, all offers must be submitted with the following:
- A ten percent (10%) deposit based on the published price required
- Submission of accomplished forms (forms can be secured at any RCBC branch)
- All offers must be submitted on or before June 01, 2009
Mindanao properties included on this listing of RCBC Bank owned properties for sale are from Sarangani, Davao, General Santos, South Cotabato, Iligan City, Sultan Kudarat, Misamis Oriental, Pagadian City, Maguindanao, and Butuan City.
RCBC Bank properties for sale for Visayas are from Northern Samar, Tacloban City, Negros Occidental, Capiz, Bacolod City, Antique, Iloilo, and Bohol.
Click here to download the Visayas and Mindanao RCBC properties for sale! (source: Manila Bulletin, May 17, 2009, page G-5)
Although these bank owned properties from RCBC are in the Visayas and Mindanao areas which are beyond my areas of focus, one should also apply the same principles like shortlisting the properties, gathering as much information for the remaining properties through phone, then doing a detailed analysis like determining the projected ROI if one was to make use of them as rental properties.
If the numbers look promising, one can then visit the property to do an inspection and see the extent of repairs needed, if any. Don’t be intimidated with repairs as these may actually provide a greater opportunity for investors to make money as the repairs can add value many times over the amount of the money spent as explained in this article about what to expect when buying foreclosed properties. I highly recommended however to get actual repair estimates or quotations from contractors to avoid any surprises and ensure that the cost for repairs will not wipe out any projected profits .
Other due diligence tasks like checking the TCT’s/CCT’s for any problems by obtaining a certified true copy at the concerned Registry of deeds plus trace-back, etc. should of course be done before submitting any offers.
To our financial freedom!