I attended the 40th RCBC Savings Bank foreclosed properties auction last May 19, 2012 and noted that there were a lot of properties left unsold. Interested bidders can still submit offers for the remaining unsold properties, which you can find in the post-auction listings below.
I have included listings of unsold properties from RCBC and Jose P. Laurel Bank, whose foreclosed properties were also included in the auction.
How do I submit an offer?
Interested bidders may submit their offers for the remaining unsold properties through a Purchase Proposal form. I will send a copy of the form to those who will inquire by filling-up the inquiry form below.
What are the payment terms?
The payment terms fort RCBC Savings Bank foreclosed properties are still the same which I have quoted below:
- 10% for vacant lots
- 20% for properties with improvements.
*Note: 25% downpayment is required to occupy a property.
- The balance is payable up to 10 years at 12% annual interest rate. A shorter payment term can mean a lower interest rate.
*For installment payment, winning bidders are required to submit financial documents (usually within 5 working days after the auction) so that the bank can proceed with their credit investigation. Once the winning bidder passes the credit investigation, he/she will receive a Notice of Approval/Written Conformity from the bank, and the full downpayment should be completed approximately within 5 to 7 days from the Notice of Approval/Written Conformity.
A complete list of requirements for the purchase of a foreclosed property through a real estate loan can be found below:
*Payment terms for RCBC and JPL are to follow.
Post auction listings of available foreclosed properties
The post auction listings can be downloaded through the links below.
Note: The following links lead to the most current listings of RCBC Savings Bank and RCBC
Things to remember before you inquire
1. The properties on the list that are marked with an asterisk (*) are properties with special concerns (highlighted in yellow on the list). These properties may be occupied and/or have legal impediments. If this is your first time to invest in foreclosed properties, I highly suggest you skip these kinds of properties for now, unless you know what you are doing. Please be guided accordingly.
2. If you are interested but are currently outside of the Philippines: Please keep in mind that you need to have trusted relatives or representatives in the Philippines who can inspect the property for you as part of due diligence, and can sign contracts on your behalf (if you decide to proceed with the purchase), through an authenticated/consularized Special Power of Attorney or SPA.
Disclosure and disclaimer
All properties are sold on AS-IS-WHERE-IS basis. Properties and prices are subject to change without prior notice. The Bank reserves the right to withdraw any property before auction. Inadvertent misprints shall not alter the property’s factual condition nor shall they be deemed as misrepresentation of the property.
For general questions about submitting an offer, please leave a comment below. Thanks!
To our success and financial freedom!
Text by Jay Castillo and Cherry Castillo. Copyright © 2008 – 2012 All rights reserved.
Full disclosure: I am an accredited real estate broker of RCBC Savings Bank.
FREE CHECKLIST: IDENTIFY AND AVOID PROBLEMATIC FORECLOSED PROPERTIES BY DOING PROPER DUE DILIGENCE!
Avoid losing money, wasted time and effort caused by buying foreclosed properties that have too many problems, with our free 60-item Property Due Diligence Checklist. Grab your free copy now.