Nearly Php200M worth of SSS foreclosed properties for sale

sss subasta foreclosed propertiesThe Social Security System or SSS has started to offer close to Php200M worth of foreclosed properties for sale at very affordable terms and prices to the general public and its members. At first I thought these were the same foreclosed properties on the listing the SSS made available during the Housing Fair 2011, but it turns out the Housing Fair listing only had about Php50M worth of SSS properties.

ABS-CBN news reported that these foreclosed properties from the SSS will be sold through a subasta or an auction, although a news article in the SSS website says the foreclosed properties will be sold through negotiated sale. This means there will be no public auction and buyers only need to make their offers. This is good news for buyers because a public auction can lead to buyers trying to outbid each other, and the end result can be jacked-up prices during the auction.

In addition, the SSS website says the cheapest foreclosed property for sale is priced at only Php271,000.00, although I can only imagine the size and condition of that particular property. Whatever happens, don’t forget to do your due diligence BEFORE parting with any of your hard earned money.

Anyway, it was also reported that the foreclosed properties for sale were assets acquired by SSS through dacion en pago or payment in kind and their list of acquired assets consists of 305 houses and lots, where more than half are located in Metro Manila and Luzon. But where is the listing?

Where is the  SSS foreclosed properties listing with Php200M worth of house and lots?

I already tried to search using their Search Acquired Asset page on their website but I always get a message that says “There are no records available.” as can be seen below.

It seems the website of SSS has not yet been updated... this is as of October 13, 2011

Oh well, I guess their website is not yet updated and the only way to get the listing would be to call them up and ask a copy through e-mail.

(I will also try to get the complete list of SSS foreclosed properties so I can post it here. Don’t forget to subscribe to e-mail alerts to get notified when the list becomes available).

For now, those who might be interested in these foreclosed properties from the SSS can call up the SSS Asset Management Department DIRECTLY through telephone number 920-6401 local 5123 and 5124.

Happy hunting!

Jay Castillo

A lot of people encounter problems and challenges when buying real estate like foreclosed properties. I encountered a lot of challenges myself, which is why I started this blog in 2008 to serve as a guide where I share lessons learned, and how to overcome challenges with real estate investing in the Philippines … [Read more] Get more from Jay : Facebook | Google+ | Twitter | LinkedIn
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