If you are looking for foreclosed homes for sale, you just might find what you’re looking for in the post-auction foreclosure listing of RCBC Savings Bank. This foreclosure listing includes unsold properties from their recent Dream Buys Auction Sale held last February 28.
Since this is not a public auction, interested buyers can acquire foreclosed properties at their minimum bid price, without the hassles of having to compete with other bidders. In public auctions, bidders trying to outbid each other and this often leads to significant increases in the selling price.
Areas covered in this foreclosure listing are Makati, Paranaque, Las Pinas, Muntinlupa, Quezon City, Marikina, Antipolo City, Caloocan, Cainta, Rizal, Valenzuela, Laguna, Cavite, Bulacan, Bataan, Nueva Ecija, Pampanga, Tarlac, Pangasinan, Baguio, Batangas, and Quezon Province.
The minimum downpayment is 20% and financing terms can be as long as 10 years. The interest rate for the first 5 years is fixed at 12% per annum and is repriceable on the 6th year onwards.
One good thing I like about buying foreclosed properties from RCBC is that if a buyer decides to pay through installments, a contract-to-sell (CTS) is used, which means it is easier to get your bank financing approved, as compared to other banks whose bank financing are through mortgage loans.
Also, if ever you do decide to make an early full payment, they will not charge you with any pre-termination fees on your loan unlike other banks. Furthermore, creditable withholding tax (CWT), updating of real estate tax, homeowner dues and utilities like water and electricity, shall be for the account of the bank. I learned all about these because of my recent acquisition of a foreclosed property from RCBC. Of course, if you do decide to purchase a property, verify if the above is also applicable as part of your due diligence.
If you are looking for foreclosed homes, its either you’re a real estate investor looking for a new investment property, or a home buyer looking for a new residence. Either way, this foreclosure listing just might have what you are looking for.
Happy hunting and I wish you all successful investing.