Just like the DBP acquired assets in my previous post, these bank acquired properties from the Land Bank of the Philippines are also for sale on CASH BASIS through a public sealed bidding. The deadline for the submission of sealed proposals will be on June 15, 2011, 1:00pm, at the Land Bank La Union-Ilocos Lending Center, San Fernando City, La Union, Philippines.

As stated on the Invitation To Bid, sealed proposals require a 10% bid bond. Furthermore,  the sale of the properties shall be on an “AS-IS-WHERE-IS” basis, and prospective bidders are enjoined to inspect the listed properties before entering their bids. In other words, interested parties are reminded to do their due diligence.

Invitation to Bid

Please refer to the Invitation To Bid below which contains a list of all of the bank acquired properties for sale, a list of LandBank branches where bidding forms are available, and other details.

LANDBANK LA UNION-ILOCOS LENDING CENTER ACQUIRED ASSETS SEALED BIDDING - JUNE 15 2011 (CLICK TO VIEW/DOWNLOAD-OPENS IN NEW TAB/WINDOW)

This invitation to bid was also published in the Philippine Star last June 2-4, 2011.

Reminders

Since the invitation to bid does not indicate any contact details, I suggest that interested parties direct all inquiries to the LandBank branches as indicated on the invitation to bid.

Happy hunting!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: http://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines Facebook Page

Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.

PS. Facing foreclosure? Tired of being a landlord? Need to liquidate your proprty because you need money? Click here to sell your property fast!

Land Bank La Union-Ilocos Lending Center slates sealed bidding on June 15, 2011 is a post from: Foreclosure Investing Philippines

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Here is an invitation to bid for acquired assets of Land Bank of the Philippines (LBP) which are for sale on CASH and “AS-IS-WHERE-IS” basis. Sealed bids together with 10% bid bond will be received by the Special Assets Department (SPAD), 30th Floor, LandBank Plaza, Malate, Manila on July 23, 2009, not later than 9:30am.

The sealed bidding was originally scheduled for July 9, 2009 but LBP came out with a Notice to the Public that the public bidding will be held on July 23, 2009 instead. I was no longer supposed to post this as I got this list of acquired assets a bit late but fortunately, the sealed the bidding was moved to the new date.

The bid bonds shall be in the form of Cashier’s or Manager’s Check issued by any commercial bank payable to LBP for bid bond in excess of Php5,000.00. Cash payment for bid bonds of not more than Php5,000.00 shall be deposited at least one banking day before bidding date to the LBP Cash Department after issuance of a Payment Acceptance Order by SPAD. For more details, please refer to the invitation to bid.

The acquired assets on the list are from Cebu City, Koronadal City, Ternate Cavite, Las Pinas City, Rosario Cavite, and Sampaloc Manila.

Click here to download the Land Bank of the Philippines Invitation To Bid which contains the list of acquired assets for sealed bidding on July 23, 2009. (Source – Philippine Daily Inquirer, June 27, 2009, Page A-4)

For more information, please visit or call the SPAD at telephone no. 551-2200 locals 2374, 2481, 7156, 2482, and 7645.

Happy investing!

To our financial freedom!

Jay Castillo
Real Estate Investor
REBL#: 20056
Blog: www.foreclosurephilippines.com
Social Network: foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: ph.investor@gmail.com

Text by Jay Castillo. Copyright © 2009 All rights reserved.

Land Bank of the Philippines Acquired Assets For Sealed Bidding On July 23, 2009 is a post from: Foreclosure Investing Philippines

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The Metro Manila portion includes properties from Makati, Caloocan, Navotas, Manadulyong, Manila, Las Pinas, Pasig, Valenzuela, Muntinlupa, Quezon City, Paranaque, Antipolo, Laguna, Bulacan, San Mateo, and Cavite while the provincial portion includes properties from Bicol, Butuan, Bacolod, Baguio, Batangas, Cagayan De Oro, Davao, Davao Del Sur, Iligan City, Iloilo, Lanao Del Norte, Negros Occidental, Occidental Mindoro, Surigao Del Sur, and Tarlac.

Please take note that there are a number of properties on the list that have lis pendens, illegal occupants, no right of way, and pending court cases. I personally would avoid such properties and I would advice all of you to do the same.

Click here to download the Land Bank of the Philippines Properties For Negotiated Sale as of March 31, 2009.

To our financial freedom!

Jay Castillo
Real Estate Investor
REBL#: 20056
Blog: www.foreclosurephilippines.com
Social Network: foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: ph.investor@gmail.com

Land Bank Of The Philippines Properties For Negotiated Sale as of March 31, 2009 is a post from: Foreclosure Investing Philippines

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I got this listing of foreclosed properties from the Land Bank of the Philippines courtesy of Mr. Joevel Cabrera, who works at Land Bank. This listing of bank acquired assets are for negotiated sale, this means all prices are still negotiable. According to the list, this is updated as of December 31, 2008.

The foreclosure listing contains over one hundred foreclosed properties and includes properties from Metro Manila and Provincial locations.

Buyers have three options of acquiring foreclosed properties from Land Bank and these are through cash basis, installment sale, and through lease with option to purchase.

For installment basis, interest rates indicated on the terms on acquiring foreclosed properties are as follows: (rates for 1st Qtr 2008)

# of Years—–Interest Rate

1———–8.50 %
2———–9.25 %
3———–9.50 %
4———–9.75 %
5———–10.00 %
7———–10.25 %
10———-10.50 %

For Lease with option to purchase, the lessee must do the following:

- lease the property for a maximum period of 1 year
- exercise the option to purchase not later than 15 days before the expiration of contract
- pay 1 month advance rental applicable on the last month and 2 months security deposit, refundable if option is not exercised
- pay 5% of the purchase price, refundable if option is not exercised
- If option is exercised, 90% of the annual lease, 2 months security deposit and 5% option fee shall be applied to the purchase price

This is the first time I have seen a bank that offers the option for buyers to acquire foreclosed properties through a lease with option to purchase. I believe that this could be very advantageous to buyers, especially for new real estate investors as one can first try to lease a property, effectively giving him/her control of it, then he/she can sublease the property to a tenant and have a crack at being a landlord, without actually having to buy the property. This means less risks for the buyer as he/she can have more than eleven months to try being a landlord before deciding if he/she wants to exercise the option to purchase the property. Not a bad way for a first timer to acquire his/her first real estate investment property, right? Anyway, this is based on the assumption that the bank will allow subleasing, better check with the bank beforehand if one plans to do this.

You may download Land Bank’s list of foreclosed properties here and their terms on acquiring foreclosed properties here.

If you’re interested in any of the properties or have any questions or inquiries, you may contact Mr. Joevel Cabrera through e-mail. His e-mail address is jonvex@yahoo.com. Just mention to him that I referred you.

Don’t forget to subscribe to my mailing list so you won’t miss any new foreclosure listings free to download, and investing tips. If your mailbox is getting full, you may also subscribe via RSS reader. You may also forward this to your relatives and friends who might be looking at investing in foreclosures.

Land Bank of the Philippines Foreclosed Properties for Sale as of December 31, 2008 is a post from: Foreclosure Investing Philippines

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