This property is included in the latest list of China Bank Savings foreclosed properties, updated as of 2022-March-21. These are for negotiated sale. More details below.
- Source: China Bank Savings (CBS)
- City/Municipality: El Salvador, Misamis Oriental
- Location (Address): Purok 1, Brgy Molugan, El Salvador City, Misamis Oriental
- Property Description: Residential
- Lot Area (sqm): 1396.00
- Floor Area (sqm): 462.00
- Indicative Selling Price (PHP): 5,450,000.00
- Remarks: With Possession/Title in Bank’s Name
PRICES ARE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE. MISPRINTS MAY OCCUR.
Payment terms for China Bank Savings foreclosed properties
The last time we checked, these were the payment terms for China Bank Savings:
- Minimum Downpayment: 20% of the selling price
- Balance: Payable up to 5 years, at 10% annual interest rate
- Note: After the third year, repricing for the interest rate is possible
- Taxes: Creditable Withholding Tax or CWT is to be shouldered by the bank upon full payment, all other taxes and fees (DST, Transfer Tax, Registration Fee, etc) are to be shouldered by the buyer.
Please contact China Bank Savings to check for any updated payment terms.
How to avail via negotiated sale
Here’s a brief overview of the buying process. (As always, only proceed with the purchase if you have done a reasonable amount of Due Diligence).
1. Submit an offer
If the property/ies you are interested in pass your due diligence, you can go ahead and submit an offer. Call CBS directly to get all details and complete list of forms and requirements. All offers are subject to management approval.
2. Wait for your offer to get approved/disapproved
a. If your offer was approved, you will receive a notice of approval, along with the next steps/requirements. (Tip: Follow-up to check the status of your offer, and if you need to improve).
c. If the bank receives multiple offers including yours, you might be invited to participate in a sealed bidding to determine which bid will be accepted. If ever this situation arises, the bank will contact you and explain the whole process.
Note:The above is just a quick overview based on the info we received when I inquired about properties on the list I am interested in. Please call CBS directly for more details (please refer to their contact info below). Our standard Site Disclaimer applies.~ Jay Castillo
Does China Bank Savings accredit licensed real estate brokers?
I already asked this because of a possible future project with licensed brokers, and the bank said “Yes”, they accredit licensed real estate brokers to sell their foreclosed properties.
Professional fees/commission rates are as follows:
- Selling price is up to Php 5Million: 5% of selling price
- Selling price is above Php 5Million and up to Php 20Million: 4% of selling price
- Selling price is above Php 20Million and up to Php 50Million: 3% of selling price
- Selling price is above Php 50M: 2% of selling price
For inquiries, please contact China Bank Savings Directly:
China Bank Savings Acquired Assets Division
- Tel. No. 8-988-9555 loc. 72644 or #8124958
“PLEASE REQUEST FOR THE MOST RECENT INDICATIVE PRICE FROM ANY OF OUR CONTACT PERSONS BEFORE FINALIZING YOUR OFFER TO BUY.
INDICATIVE PRICE MAY CHANGE ANYTIME WITHOUT PRIOR NOTICE. AND FOR THE AVAILABILITY OF THE PROPERTY PLEASE CALL. THANK YOU!”
For more details on the listed properties, please call the Sales Officer assigned per area:
View complete list of China Bank Savings foreclosed properties and other details
Disclaimer and Reminders
- All foreclosed properties are for sale on an “AS IS, WHERE IS” basis. Interested parties are reminded to conduct proper due diligence prior to the purchase of any foreclosed property.
- Availability, prices, and property status are subject to change without prior notice.
- Misprints should not be construed as misrepresentation of the property.
Last updated on: 2022-March-21 with file CBS_Real_Estate_List.pdf
Source: CBS Website