Malabon City Treasurer Amalia Santos has recently released the list of Malabon tax delinquent properties that are to be sold through a tax foreclosure auction sale on November 28, 2011, 9:00am, at the Lobby of the Malabon City Hall, F. Sevilla Boulevard, Tanong, Malabon City, Philippines.

The said Malabon tax delinquent properties shall be “offered for sale to satisfy the incurred real property tax delinquency, penalties, and interest, moreover the expenses or cost of sale (as provided for in Section 260 of R.A. 7160)”.

Complete list of Malabon tax delinquent properties for sale

Please see below the complete list of tax delinquent properties located in Malabon that are included in the tax foreclosure auction sale on November 28, 2011.

Click on the images below to enlarge. Right click to save a copy.

Malabon Tax Delinquent Properties public auction on November 28, 2011- Page 1 of 3 - JPG (click to view, right click to save)

Malabon Tax Delinquent Properties public auction on November 28, 2011- Page 2 of 3 - JPG (click to view, right click to save)

Malabon Tax Delinquent Properties public auction on November 28, 2011- Page 3 of 3 - JPG (click to view, right click to save)

Also available: Click here to download a PDF version of the listing above that contains all pages in a single PDF file.

Source: Philippine Star print edition, November 10, 2011 – Page B-13-B-15

*Please take note that as the auction draws near, many of the owners of the properties on the list will have already settled the arrears on the properties. This means the actual list of properties for sale during the auction will contain fewer properties than the list above.

As stated on the notice above, interested parties who need more information may visit or call the Malabon City Treasury Department through telephone numbers 281-4999 local 3008. You may also visit their website www.malabon.gov.ph.

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To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker License 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.

Malabon tax delinquent properties auction slated on November 28, 2011 is a post from: Foreclosure Investing Philippines

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According to the official website of Pasay City, there will be a tax foreclosure auction sale of Pasay City tax delinquent properties on September 15, 2011, 10:00am, at the 4th floor, Session Hall of the Pasay City Hall.

The notice for Pasay City Taxpayers on the website also mentioned that notices of delinquencies have already been sent to the concerned property owners through mail, and were also posted at bulletin boards at the Pasay City Hall and at the barangays where the tax delinquent properties can be found.

In addition, Pasay City Treasurer Manuel E. Leycano Jr. reminds all Pasay City taxpayers to settle their real property tax arrears to avoid the inclusion of their properties in the Tax foreclosure auction sale.

Pasay City Tax Delinquent Properties

A Certified Statement of Real Property Tax Delinquencies of Pasay City was also published in the Philippine Star last August 25, 2011 and a softcopy is available below.

Please keep in mind that the list below may still contain properties whose arrears have already been settled by the owners. Interested bidders are advised to get an updated list directly from the Pasay City Treasurers office.

Certified Statement of Real Property Tax Delinquencies of Pasay City (JPG format)

A PDF version is also available here: Certified Statement of Real Property Tax Delinquencies of Pasay City.PDF

Source: Philippine Star, August 25, 2011

~~~

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.

Pasay City Tax Delinquent Properties auction sale slated on September 15, 2011 is a post from: Foreclosure Investing Philippines

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Tagaytay City recently published a first notice for tax delinquent real properties, by virtue of the provisions of Sec. 2A. 44 of the Codified Revenue Ordinance of Tagaytay City enacted from Section 254 of the Local Government Code of 1991.

Nope, this is NOT a tax foreclosure auction sale. At least not yet.

This is just a first notice which basically gives the owners of these properties a chance to settle any real property tax arrears they may have, inclusive of any surcharges, interest, and penalties.

Let me quote the notice below:

“At any time before distraint of real property, payment of the realty tax inclusive of surcharges, interests and penalties may be made. Failure to pay the real property taxes or any other tax levied under the Real Property Taxation upon the expiration of the periods as provided in Section 250 of the Local government Code, shall subject the taxpayer to the payment of two percent (2%) interest rate per month on the unpaid amount or a fraction thereof, until the delinquent tax shall been fully paid. Further and unless the tax surcharges and penalties are paid before expiration of the year for which the is due except when the Notice of the Assessment of Special Levy is contested administritively or judicially pursuant to the provision of Chapter 3 Title II Book II of the Code, the delinquent Real Property will be sold at Public auction and the Title to the property will be vested to the purchaser, subject however, to the right of the delinquent owner of the property or any person having legal interest therein to redeem the property within one (1) year from the date of auction sale.

Please disregard this notice if payment has been made. Tagaytay City, 2011

(Sgd) Elvira M. Reyes

City Treasurer     “

Download the first notice for Tagaytay Tax delinquent Real properties

Just click the images below to download the JPG version of the notice.

Tagaytay Tax Delinquent Properties 2011 first notice - Page 1

Tagaytay Tax Delinquent Properties 2011 first notice - Page 2

Also available in PDF format: Tagaytay Tax Delinquent Properties 2011 first notice.PDF

Source: Philippine Star, August 15, 2011

With the first notice above, I hope Tagaytay property owners who simply forgot to pay their real property taxes will settle their realty tax arrears so they won’t have to face the foreclosure of their properties.

~~~

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.

First Notice: Tagaytay Tax Delinquent Real Properties 2011 is a post from: Foreclosure Investing Philippines

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A post by Cherry Castillo

I can see that the BIR is dead serious in collecting revenues for the government and is exploring all avenues where tax collection can be improved. In fact, the BIR has a string of recent issuances all concentrating on real property valuation, specifically on updating zonal values to be at par with current market values.

Just to refresh your memory, the basis for the power of the Commissioner of Internal Revenue (CIR) to determine the fair market value (FMV) of properties is Section 6(E) of the Tax Code, which provides:

“(E)  Authority of the Commissioner to Prescribe Real Property Values. — The Commissioner is hereby authorized to divide the Philippines into different zones or areas and shall, upon consultation with competent appraisers both from the private and public sectors, determine the fair market value of real properties located in each zone or area. For purposes of computing any internal revenue tax, the value of the property shall be, whichever is the higher of:

(1)    the fair market value as determined by the Commissioner; or

(2)    the fair market value as shown in the schedule of values of the Provincial and City Assessors.”

The zonal values can be accessed at http://www.bir.gov.ph/zonalvalues/zonalvalues.htm

It is common knowledge, however, that zonal values are not regularly updated and are usually below market value. And since taxes such as the capital gains tax (CGT) are based on the higher amount between the selling price and the actual market value, which is defined as the zonal value, parties sometimes indicate the selling price as just the same or within the vicinity of the zonal value, resulting in a lower CGT. For more information on CGT, please refer to this article about capital gains tax.

Let me give you a run-down of the latest BIR issuances so that you have an idea of things to come:

1. Revenue Memorandum Circular (RMC) No. 071-09 dated December 16, 2009

The officials of the BIR, the Bureau of Local Government Finance (BLGF), and the Philippine Association of Local Treasurers and Assessors, Inc. (PHALTRA) signed a Memorandum of Agreement (MOA) which was circularized in RMC No. 071-09 which states in part that they will share information with each other. Notably, the PHALTRA will improve its cooperation and coordination with the BIR in updating zonal values of real properties. Click here for a copy of RMC No. 071-09.

2. RMC No. 27-2010 dated March 17, 2010

This RMC circularizes the full text of Department Order No. 6-2010 dated March 12, 2010 which was issued by the Department of Finance. In essence, it creates committees on real property valuation that would determine the zonal values of real properties for purposes of computing internal revenue taxes. Real property appraisers in the Philippines have thus become even more valuable. Click here for a copy of RMC No. 27-2010.

3. RMC No. 34-2010 dated April 22, 2010

This RMC publishes the full text of the MOA between the BIR and Creba Land Services and Title Warranty Corporation (Creba Land). Creba Land has a Geographic Information System (GIS) which the BIR will use in relation to its land valuation duties. The BIR will be testing the system first and is required to purchase a license within sixty days from first use. The BIR will initially get a copy of Creba Land’s spatial database for Quezon City, Pasig City, and Taguig City. Click here for a copy of RMC No. 34-2010.

The first Whereas clause in the MOA is most interesting: “xxx the BIR aims to complete the revision of zonal values nationwide by 30 June 2010 xxx”. Personally, I think this is a very tight schedule. Those who have properties in Quezon City, Pasig City, and Taguig City should brace themselves for an increase in taxes (particularly CGT). Please note that real property taxes (RPT) are not paid to the BIR but to the local government unit (LGU). However, as earlier discussed, the BIR has a MOA with the BLGF and PHALTRA so the zonal values project will have an effect on RPT as well. [I can imagine my husband bugging me about my RPT article which has been pending for so long.]

With regard to Creba Land, I have seen several newspaper articles featuring it and its mapping services. If you want to learn more about it, please see https://www.mapsys.ph. I have not inquired with Creba Land but my guess is that it’s very expensive (if they would be willing to let us checkout the system, that would be great!). I read about it and I thought that the investment is too big to be undertaken by a private company. Of course the site owner is intelligent so he got the government to buy his services (nothing bad about that). The idea is good but I think if there is a government agency who will purchase Creba Land’s services it should be the Registry of Deeds and not the BIR. If my understanding is correct, the main purpose of mapsys is to detect title fraud, so I don’t think this is up the BIR’s alley.

On another note, I wonder how much the BIR is going to pay Creba Land for this? Also, if the fees are high, how will this affect the fees that the BIR will charge for the issuance of the Certificate Authorizing Registration (CAR) and Tax Clearance? If there will be no additional fees, will the BIR require that the taxpayer make use of the services of Creba Land? Someone has to pay for this. I hope the BIR can shed more light on this contract.

4. RMC No. 40-2010 dated April 22, 2010

This RMC is about the policies and guidelines in the recruitment and designation of private appraiser members to the Regional Executive and Technical Committees on real property valuation. Click here for a copy of RMC No. 40-2010.

To summarize, the BIR is taking steps to update the Schedule of Zonal Values and we should all be prepared for their eventual increase. Be on the lookout for the schedule of hearings on the proposed revised schedule so you can give your inputs. If you have bought real property and have not yet executed a Deed of Absolute Sale (DOAS), there is a possibility that by the time you execute it, the zonal values have already increased, possibly resulting in increased tax payable. This may potentially impact your projected profits and turn them into losses (ouch!) so it’s good to be prepared, and this goes out to all real estate investors out there!

Cherry Castillo

Cherry is my wife. She is a certified public accountant (CPA) and lawyer.

—

To our success and financial freedom!

Jay Castillo

Real Estate Investor

Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Mobile phone (Call/SMS): +639178843882
Follow me in twitter:http://twitter.com/jay_castillo
Like this in Facebook:Foreclosure Philippines facebook page

Text by Jay and Cherry Castillo. Copyright © 2010 All rights reserved.

PS. Are you a new visitor? Click here NOW to start learning more about foreclosure investing in the Philippines and don’t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. Inbox getting full? Subscribe through my RSS Feed instead!

PPS.Do you know anyone who is either an investor or a home buyer looking for a property? Please refer them to our Buy a property form to enter their property requirements. If you need to sell a property fast, please use our Sell a property form to enter details of the property you are selling. If it fits our needs, we just might buy it. Lastly, if know anyone who wants to make 10-15% return on their money, refer them through our Investors’ form. Thanks a million!

Recent BIR Issuances on Property Valuation may affect real estate investors is a post from: Foreclosure Investing Philippines

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Notices for the foreclosure sale of tax delinquent properties in the Philippines always indicate that the sale or auction is being done by virtue of sections 260 and 263 of RA 7160 otherwise known as the Local Government Code of 1991. Rather than include sections 260 and 263 of RA 7160 with every notice of auction sale that I find, I’ll just post them here and link the new notices to this post. You may read sections 260 and 263 after the jump.

The following are sections 260 and 263 of RA 7160 in relation to the  tax foreclosure auction of delinquent real properties in the Philippines:

“SECTION 260. Advertisement and Sale. — Within thirty (30) days after service of the warrant of levy, the local treasurer shall proceed to publicly advertise for sale or auction the property or a usable portion thereof as may be necessary to satisfy the tax delinquency and expenses of sale. The advertisement shall be effected by posting a notice at the main entrance of the provincial, city or municipal building, and in a publicly accessible and conspicuous place in the barangay where the real property is located, and by publication once a week for two (2) weeks in a newspaper of general circulation in the province, city or municipality where the property is located. The advertisement shall specify the amount of the delinquent tax, the interest due thereon and expenses of sale, the date and place of sale, the name of the owner of the real property or person having legal interest therein, and a description of the property to be sold. At any time before the date fixed for the sale, the owner of the real property or person having legal interest therein may stay the proceedings by paying the delinquent tax, the interest due thereon and the expenses of sale. The sale shall be held either at the main entrance of the provincial, city or municipal building, or on the property to be sold, or at any other place as specified in the notice of the sale. acd

Within thirty (30) days after the sale, the local treasurer or his deputy shall make a report of the sale to the sanggunian concerned, and which shall form part of his records. The local treasurer shall likewise prepare and deliver to the purchaser a certificate of sale which shall contain the name of the purchaser, a description of the property sold, the amount of the delinquent tax, the interest due thereon, the expenses of sale and a brief description of the proceedings: Provided, however, That proceeds of the sale in excess of the delinquent tax, the interest due thereon, and the expenses of sale shall be remitted to the owner of the real property or person having legal interest therein.

The local treasurer may, by ordinance duly approved, advance an amount sufficient to defray the costs of collection thru the remedies provided for in this Title, including the expenses of advertisement and sale.

SECTION 263. Purchase of Property By the Local Government Units for Want of Bidder. – In case there is no bidder for the real property advertised for sale as provided herein, or if the highest bid is for an amount insufficient to pay the real property tax and the related interest and costs of sale the local treasurer conducting the sale shall purchase the property in behalf of the local government unit concerned to satisfy the claim and within two (2) days thereafter shall make a report of his proceedings which shall be reflected upon the records of his office. It shall be the duty of the Registrar of Deeds concerned upon registration with his office of any such declaration of forfeiture to transfer the title of the forfeited property to the local government unit concerned without the necessity of an order from a competent court.

Within one (1) year from the date of such forfeiture, the taxpayer or any of his representative, may redeem the property by paying to the local treasurer the full amount of the real property tax and the related interest and the costs of sale. If the property is not redeemed as provided herein, the ownership thereof shall be fully vested on the local government unit concerned.”

~~~

To our financial freedom!

Jay Castillo

Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Follow me in twitter:http://twitter.com/jay_castillo
Become a Fan in Facebook:Foreclosure Philippines fan page
Text by Jay Castillo. Copyright © 2010 All rights reserved.

Sections 260 and 263 of RA 7160 otherwise known as the Local Government Code of 1991 is a post from: Foreclosure Investing Philippines

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My wife who has become so obsessed with finding a new house we can call our home shares updates on what we are thinking of doing with our old house that was devastated by Ondoy, what things to consider, our target locations, finding not just a house but also a sound real estate investment by searching foreclosed property listings, and applicable tax exemptions and pending articles about this and other taxes that apply to real estate, which I hope she finishes soon…

I’m just glad that I was able to convince her to buy a property the way true real estate investors looks for a good deal. Knowing how stubborn she is, I was surprised how easy it was for me to convince her that this is a perfect opportunity for us (as a team) to find a really sound real estate investment that will produce a good positive cashflow if we decide to have it rented out, or sell it for a significant profit down the road. This can only happen if we buy a house well below market value and apply Rich Dad’s principle “… You make money when you buy, not when you sell” as often mentioned by Robert Kiyosaki, best selling author of “Rich Dad Poor Dad”.

Our journey to our new house

By Cherry Castillo

As most of you may already know, we are looking for a new house, as our old house was totally devastated by Ondoy. I am sure many of you are in the same boat as ours. Of course, our decision to move entails more decisions with regard to the next steps, such as:

1. What do we do with our old house? Right now, we have a payment holiday until January 15 with Pag-Ibig. But after that date, we have to continue paying the monthly amortizations. Admittedly, the market value of the house is in question, and it’s not practical to continue paying the amortizations which was based on the market value of Provident Village prior to Ondoy. The next question is, do we sell it now, do we let Pag-Ibig foreclose it, or do we surrender it through a dacion en pago (a.k.a. payment in kind – that is, we give the house as payment for the loan)? If we sell it now, we will be selling it at a loss, but we will be cutting our losses since we will stop paying the high monthly amortization. If we let Pag-Ibig foreclose it (or if we surrender it through dacion en pago), how do we go about it? While it is clear that my husband will no longer be able to take out another housing loan from Pag-Ibig, would it also affect my husband’s credit rating and prevent him from taking out a loan from banks?

2. Granted that we will be moving, where do we go? We can  go anywhere! Anywhere where there’s no flood of course. And since we are now so paranoid of natural (and man-made) calamities, if we are to move, we have to make sure that the area is one that was not reached by floods and that there is at least a second floor.  I don’t want to be in the mountainside too for fear of landslides. We are now open to condominiums (unlike before, when I really could not imagine living in one), but not those that are too high, as I am also concerned about earthquakes. You may have noticed that there have been a lot of news about earthquakes in the Asian region and in the Philippines in particular. I have been telling my officemates that the best place to be is in a low-rise condominium, somewhere in the 3^rd or 4^th floor, since it will not be reached by floods, the structure will be strong enough to withstand earthquakes, and if there’s a fire I can jump out of the window and just have broken bones, or, if there’s a swimming pool nearby, I can just go straight to it. I know it’s a bit on the psycho side but you really get to think a lot about these things if you’ve gone through the great flood brought about by Ondoy. Oh, I forgot, I don’t know how to swim. I better join my son in his swimming lessons this summer! And time to turn into reality the Ondoy-related ideas I have thought about.

3. Where are our target locations? I have narrowed down our choices to the elevated portions of Kapitolyo, Pasig, San Juan, and Quezon City near UP. Aside from the earlier-mentioned considerations, it is very important for us to be near to a good co-ed school for our son as he will be turning five in January 2010 already and it won’t be long before he enters elementary school. I have sort-of developed loyalty to Mother Goose  Playskool and Grade School (This is my son’s school in Provident Village, Marikina which was also devastated by Ondoy. Because they have several branches, they allowed my son to finish the rest of the school year in their Makati branch. Mabuhay ang Mother Goose!) so I want to find a house near a Mother Goose branch. As for my work, I am currently working in Makati but I am open to moving to Ortigas or QC, or maybe if my husband’s business picks up, I might just help him in the business. One of the best lessons I learned in the past years is that TIME is the most precious commodity. There are only 24 hours in a day and spending it on the road is totally useless. So the house should be near the place of work and study. In the course of my research, I have learned that prices are really so steep in the good areas.

4. This of course led me to search our site for foreclosed property listings (In the right side of the this page, you can use the “search” function to look for listings in this site.) I have also called several banks so I have updated listings with me, which my husband will be posting soon. I have also revisited my husband’s post on the Ultimate List of Bank Websites and I have found some updated listings there too. I have found a lot of promising properties and I must admit that it’s really exciting looking for good buys. I have been a bit depressed since last week, after I visited our old house and saw its sorry state. I determined that the only way for me to get out of depression is to finally have a new house! I have been joking that leaving our house is like breaking up with a boyfriend of 5 years – the only way to have closure is to have a new house/boyfriend! The process of looking for and deciding on the perfect place to grow our roots is both tiring and exciting. I do hope we find the house meant for us soon. We have visited a foreclosed property in Mandaluyong last week, full of excitement, only to have our bubble burst because of the really bad neighborhood, one of the worst as my husband put it (And he grew up in Mandaluyong! I really don’t understand why the Mandaluyong local government spends so much money fixing the islands  when they have so many squatters!).  My husband reminded me that it should be the other way around – we should find the worst looking house in a good neighborhood. I have also selected several properties and when I called up the bank, I discovered that they either have pending cases or encumbrances, or the bank does not have possession. Hay! I guess we have to look at more foreclosed properties (Around 100 more according to my husband – that’s a lot!). In God’s time, I know we will find the one for us.

5. Applicable taxes and tax exemptions? Being the tax person that I am, I really have to consider taking advantage of the  capital gains tax (CGT) exemption from the sale of principal residence. I also need to create a post about this and all the other taxes – real property tax (RPT), percentage taxes, VAT, etc. (Okay, I’m really delinquent I admit!).

So basically, we will be going through the entire process of choosing a property that will also be a good investment. We are also looking at other properties, though not foreclosed but are rather houses for sale by owner (FSBO), but which look like good deals. We will do our best to document each step of the way so that it can be a handy and useful guide for everybody, much like a walk-through of the process. Wish us luck!

Cherry is my wife. She is a certified public accountant (CPA) and lawyer.

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My vision – financial freedom for all!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Click here to contact me via E-mail
Mobile phone (Call/SMS): +639178843882
Twitter: http://twitter.com/jay_castillo
Facebook: Foreclosure Philippines fan page

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

PS. If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.

PS2. Larry Gamboa and Bo Sanchez will give the Think Rich Pinoy Seminar this November 21 at the Philamlife Building in UN avenue in Manila. Larry will discuss his unique Real Estate methods, buying foreclosed properties and turning them around for passive income. You’ll also get to play Robert Kiyosaki’s CashFlow 101 Game and learn! To attend, click here now!

PS3. If you feel that anyone else you know might benefit from this post, please do share this to them and don’t forget to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. If your inbox is getting full, you may subscribe through my RSS Feed instead.

Our journey to our new house – Finding a new home like true real estate investors is a post from: Foreclosure Investing Philippines

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I attended the Quezon City real property tax foreclosure auction sale yesterday and although I was only able to make it to the last forty minutes of the auction, I was still able to learn a lot and I would like to share these lessons here.

1. It would be a good idea to set a meet-up with someone else attending the auction because it will compel you to honor the  commitment you have made and really attend the auction, even if you had a perfect excuse not to do so. In my case, I was thinking of not attending the auction because I felt very weak due to a bout with LBM the night and early morning prior to the auction but when Robert, a fellow Think Rich Pinoy Club Marikina member sent me an SMS message that he was already there, I thought to myself that with the help of 2 capsules of Loperamide and a big bottle of water, I can handle it! I got myself ready and went to the auction, although I was more than an hour late. Nevertheless, I still made it.

2. Don’t even think about not doing your due diligence. Actually, a day before the auction, I learned from a fellow interested bidder that she received information that some properties on the list might get hit by a road widening project. She said she only learned about this when she did her due diligence and she can only imagine what would happen if someone bought those properties and only found out later what was going to happen to them. I’m sure all would agree that no one wants to be in that situation. But how exactly do you do your due diligence on properties that are part of a real property tax auction? Please see the next item to find out!

3. One aspect of due diligence is inspecting a property, and you would of course need to know its exact location. To do that, you should go to the tax mapping section located at the ground floor at the back of the main building at the Quezon City Hall. Be prepared to give details like the property index number, lot number, block number, Barangay, Tax Dec. number, etc., which you can find on the notice of sale of delinquent real property. If you don’t give them this information, they won’t be able to find the property for you. If you supplied the correct information, you will get the exact location of the property and the people there may also be able to give information like the example I mentioned in item 2 above.

4. Based on the information you got on item 3 above, you can decide if a property warrants further evaluation and if so, the next stop would be the Registry of Deeds (RD) at located at East Avenue. For the Quezon City RD, a certified true copy of a TCT/CCT may take 2 or 3 days to get released so you should take note of this lead-time. Unlike in Marikina where copies of the TCT’s/CCT’s were available at the auction venue, none were available in the Quezon City auction. Once you get the certified true copies, you can then check for any liens, documentary or legal problems with the title(s) and decide if the properties are safe to bid on.

5. During the auction, I noted that the minimum bid is actually the amount indicated on the notice of sale of delinquent real property plus Php10,000. I don’t know why this was so as I arrived late but that was what I observed. For example, if a property had a delinquent amount of Php17,000 on the notice, it’s starting bid price would be Php27,000.

6. The bids were raised by the auctioneer(which, if I’m not mistaken, was the City Treasurer Himself, Mr. Victor B. Endriga, Ph. D) by raising it to the next nearest Php25,000 multiple. For the example, in item 5 above, from the minimum bid price of Php27,000, the next bid price would be Php50,000, then Php75,000, then Php100,000, and so on and so forth. I also noted that in case all the bidders lower their paddles containing their permanent auction numbers, the auctioneer will backpedal and lower the bids in Php5,000 increments, that is, until someone raises their paddles again.

7. If the auctioneer notices that there are very persistent bidders for a particular property, at his discretion, he raises the bids in Php100,000 increments to make the bidding process faster. I noticed this in one hotly contested property that ended up being sold for more than 1M. The bidding was really very fast, some properties were sold in a matter of seconds. The auction went by quickly and it was over before lunch-break.

8. They don’t accept personal checks as full payment from winning bidders as they only accept cash and manager’s checks. In Marikina, they accept personal checks. This is just one of the significant differences I noticed between the Marikina Rules and regulations and the Quezon City rules and regulations. You can check them out here and here respectively if you want to compare them yourselves.

9. These real property tax foreclosure auctions are held quarterly in Quezon City and the next one will most probably be during the first week of October, 2009. This means I should already be on the lookout for the new list starting September. As usual, I will share it here once I get it so don’t forget to subscribe to my mailing list get notified!

I hope to see you on the next Quezon City real property tax foreclosure auction!

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

9 Lessons Learned From The Real Property Tax Foreclosure Auction Sale In Quezon City is a post from: Foreclosure Investing Philippines

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