Home » Foreclosed Properties » I Attended UnionBank’s 213th Foreclosed Properties Auction. Two Interesting Things Happened…

I Attended UnionBank’s 213th Foreclosed Properties Auction. Two Interesting Things Happened…

I attended Unionbank’s 213th foreclosed properties auction last Saturday, February 22, 2014 and I must say it was a very interesting auction. Something unexpected happened which reminded me of the “good old days” when I started to attend and make bids during auctions more than 5 years ago. Read on to find out what happened.

All winning bids were at the minimum bid price!

Would you believe that all the winning bids of the day were at minimum bid prices?

unionbank auction proper
A typical auction of UnionBank. Picture courtesy of UnionBank’s Asset Recovery Group.

Imagine that, an auction with a good number of bidders, and each bidder won on each of their respective bids, without anyone trying to outbid each other and ending up with a very high winning bid?!

Sounds incredible, but true!

This meant all bidders walked away with their target properties, at just the minimum bid price, which should make them all very happy. Nice!

Half of the sold properties were “New Items”

This one is what I often expect. But not like this.

It’s a no-brainer that with new items on the listings of foreclosed properties, some will surely get sold. But I did not expect it to be as much as half of all sold properties during the auction. This is with the expectation that “New Items” are not so good deals, but this was apparently not the case.

You can look at this as an eye-opener that there are good deals out there, and you just have to look for them.

By the way, there were 4 “New Items” sold, and 1 property that got sold was listed as a brand new property.

Another thing worth mentioning, I also noted that a property with a Lis Pendens got sold. This was one of those not listed as a “New Item” or “brand new”, it’s part of the old inventory. Hmmm, makes me wonder if they knew something we don’t.

Post-auction listing

Since I attended the auction, I also listed down what got sold, and what where left, and I call this the post-auction listing.

If you want to know which properties remain available after the auction, you can check out the post-auction listing on our Unionbank auction announcements and listings page, which you can find through the link below:

These properties are available for negotiated sale until they announce the next auction. Keep in mind that this list is updated as of the end of the auction last Saturday. Happy hunting!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker License No. 3194 
Blog: https://www.foreclosurephilippines.com
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Text by Jay Castillo and Cherry Castillo. Copyright © 2008 – 2014 All rights reserved.

Full disclosure: If a buyer will acknowledge me as their broker/referror, I may receive referral fees (at no additional cost to the buyer). Thank you in advance for supporting our hard work and this website.

P.S. It was also nice to meet other people who attended the auction, you know who you are. 🙂

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About Jay Castillo
People encounter problems and make mistakes when buying foreclosed properties, and Jay wants to help people avoid those problems/ mistakes. Jay encountered a lot of those, which is why he started this blog in 2008 to serve as a guide where he shares lessons learned, and how to overcome challenges you may encounter when investing foreclosed properties in the Philippines … [Read more]
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Leave a Comment

5 thoughts on “I Attended UnionBank’s 213th Foreclosed Properties Auction. Two Interesting Things Happened…”

  1. Thank you Sir Jay. I have one more question. I already won the auction. is it still possible to submit an offer lower than the wiining bid? if not? Is is possible to transfer this to other bank as other offers a lower interest rates.

    Reply
    • Hi Joel, during the auction, you cannot make a bid lower than the starting bid.

      After the auction however, you can submit an offer below the minimum bid-price, subject to the bank-management’s approval.

      Reply

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