RCBC Savings Bank shall be having a public sealed bidding of properties in the Cavite area on March 25, 2009, Wednesday, 10:00AM, at the 12/F Yuchengco Tower, RCBC Plaza, Ayala Avenue corner Buendia, Avenue, Makati City. Properties are for sale in an “AS IS, WHERE IS” basis.
All bids must be submitted with the following:
- Bid deposit equivalent to at least 10% based on the bid offer in the form of Manager’s Check, payable to Goldplace Properties Development Corp.
- Duly acknowledged Terms of Reference,Purchase Proposal Form and Customer Information Sheet placed in a sealed envelope.
- Deadline of submission of bids is on or before 10:00 AM on March 25, 2009 to qualify.
Area’s covered are Bacoor, Imus, and Trece Martires. Please download the listing below for more details.
You may download RCBC’s listing of properties for public sealed bidding here.
This is the first public sealed bidding of properties I have encountered and this should be interesting. It’s just too bad that Cavite is not within my target area for investing in foreclosures. For the benefit of all interested parties, I called up RCBC and found out that the properties listed here are not actually the ones that got foreclosed but are rather the properties that were used as payment through a dacion en pago.
By the way, in a recent comment made by Jonats, he asked if I had an ebook available that summarizes the basics of investing in foreclosed properties or maybe a set of pages covering the basics. I answered that this blog (or a compilation of relevant posts and content) will eventually become an e-book once I have documented a complete cycle of a foreclosed real estate investment from looking for a property, buying it, fixing it up, and the application of the exit strategy that I will use. I also noted that 4 months have passed and I have barely scratched the surface and this is because as much as possible, I want to share my actual experiences and lessons learned.
For now, I’ll start working on table of contents that can serve as an outline so that one can read the available articles for the beginning foreclosure investor in proper order and I will also post new content in the same order, I’ll have this ready very soon. Of course I will do this while making sure I deliver topic requests along with our staple of new foreclosed property listings and public auction schedules.
Hi Anonymous, after winning the bid, the usual documents they ask for are as follows(for employed):
1. Latest ITR
2. Certificate of employment w/ compensation or 2 months payslips
3. Bank statements for last 3 months
4. Photocopy of ID’s(SSS, TIN, Passport, etc.)
5. Duly accomplished information sheet, etc.
There are different`requirements for self employed, like certificate of business registration and mayor’s permit, audited financial statements, etc. I’ll be making an entire post about this. The bank basically needs to establish the capacity to pay.
As for collateral, that would be the property.
Thanks for the excellent question and for visiting!
Hi jay a few tips to ask on foreclosed buying, after winning the bid,what are the requirements in order to get a loan in the bank for the contract prized..of the property..does it needs a collateral..like if you were just new in the business with out much capital…pls advice..
Thank you,
Harry
hi jay, thanks a lot! i learned a lot on your blog. its amazing how a true wealthy man (such as you) would return blessings to society by giving these priceless info. mabuhay ka! (“,)
Hi anduinthelion, you’re welcome! Just my own way of paying it forward. The answer to your question is, it depends on a lot of factors. Banks sell properties based on their internal appraisals, and depending on the circumstances of a particular property(outstanding loan they need to recover, condition of property, how urgent they need to sell, etc.)they may lower the price to below market value. There are 3 ways to do property valuation and the simplest would be by checking how much a very similar property in the same area was sold recently. Property valuation will be discussed in detail in another post. Watch out for it!
hi jay, thanks for these info you’re sharing, mabuhay ka! (“,)
by the way, ‘am a newbie on this ‘real estate’ universe, ‘would like to inquire if the bid price/cost from the list of foreclosed properties of a bank is the same as the present/market value of that property? how would i know if it’s a real gem or am i paying more than the real value of that property?
hope you’ll find time to answer my inquiries.
thanks and regards.
@Ron, your welcome and thanks for the visit!
@Anonymous, for this particular public sealed bidding for properties in the Cavite area, according to the print ad, it appears bids must start at the minimum bid price. I noticed lots are selling at an average of about Php5K/sqm, I’m not sure if this is a good price for the area as I’m not that familiar with market values in Cavite.
Yes, I share the same observation that a lot of foreclosed properties are quite expensive especially those in prime locations. Personally I skip those properties that are not within my price range and just focus on those that appear to be priced below market value and I analyze them further by checking how much they cost per sqm floor area or lot area, etc. The key would be to spot those great deals, I assure you that they really exist. In the Buena Mano property listings for example, you would see properties that are being sold below market value and do take note that all prices are still negotiable.
For public auctions held by banks, you’d be surprised that there are just about as many home buyers as there are investors and home buyers often end up buying those expensive foreclosed properties.
In the auction what is the starting bid price? Is it the listed minimum price shown on bank’s pre-auction listing or a starting price (lower or higher) TBD by the auctioneers at the auction site? It seems their prices on their pre-auction lists are still not within reach for most of us, considering these are 4closed and know banks are selling it (as I may say) desperately. Liked those condos in prime locations of makati & other parts of M.Mla.
Who can afford to buy more than 6M condo unit (thought in prime makati location) if you’re an investor? And, I may assumed people who showed up in an auctions, majority are investors, right sir?
Thanks for the info Jay! Have a nice week!