Home » Foreclosed Properties » RCBC Amazing Buys Public Auction Of Bank Foreclosed Properties – April 25, 2009

RCBC Amazing Buys Public Auction Of Bank Foreclosed Properties – April 25, 2009

RCBC shall be having another run of their Amazing Buys Public Auction of their bank foreclosed properties on April 25, 2009, Saturday, at the Podium 4 Lobby, RCBC Plaza, Ayala Avenue corner Buendia Avenue, Makati City, Philippines.

The foreclosed properties that are included in this public auction come from Metro Manila, Albay, Cavite, Laguna, Palawan, Rizal, Bataan, Bulacan, Nueva Ecija, Pampanga, Ilocos Norte, Tarlac, Isabela, and Pangasinan.

Foreclosure - Impressive!Image by joelogon via Flickr

Bid terms are excellent as the foreclosed properties for sale can be purchased for as low as 10% down payment, with the balance payable in 10 years, at fixed interest rates.

Interested parties just need to bring Php25,000 show money in the form of cash or manager’s check. However, I strongly advice those who may want to participate in the auction to make sure you have already done your due diligence before bidding because all properties are for sale on an “AS IS WHERE IS” basis.

For more details you may call RCBC AMG at 894-9908 or visit their website, www.rcbc.com.

I noticed that this auction is being handled by CPMI which means it might be possible to buy properties before the public auction by submitting pre-auction bids. The last time they allowed this, interested parties just had to add an additional 5% on top of the minimum bid price. If you are really serious about buying a foreclosed property in this listing, I highly suggest you call CPMI immediately through the numbers listed on the ad and ask if they are accepting pre-auction bids. For truly “amazing buys” that would make good investments, the additional 5% would probably be very small compared to the actual winning bids when auction participants try to outbid each other. For these types of properties, it really makes sense to get it before the auction, that is, if you want to save lots of money!

You may download the listing of bank foreclosed properties for the RCBC Amazing Buys Public auction on April 25, 2009 here!

I still have my hands full with the property I got recently so I will not be attending this auction. Don’t worry, I’ll be sharing info about it soon…

Happy hunting!

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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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8 thoughts on “RCBC Amazing Buys Public Auction Of Bank Foreclosed Properties – April 25, 2009”

  1. Hi Anonymous, thanks for the information. Yes I agree that it’s a must to check for the authenticity of the TCT/CCT. What happened to the outstanding dues?

    Yes, be it tax foreclosures or bank foreclosed properties, one should not forget to check for any arrears in association dues for condos.

    For tax foreclosures, the one year redemption would actually allow investors to earn 2% per month. You can get more details on my post about the Marikina Tax forclosure auction.

    By the way, how long would it take for the new TCT/CCT to be released after filing the petition?

    Thanks again for sharing!

    Reply
  2. Hi Jay, i just want to share my experiences from joining public auction done by the city or provincial governments. Some or most of the properties auctioned here are rather Titled or under Tax Decs only. You might be surprised that some of the properties included in the auction are cancelled TCT’s or already been transferred to another owner. There are also some properties that are under tax declaration only are cannot be located by the assessor’s office. So the time you decided to join more particularly auction done by the local government be sure to check the TCT/CCT. If Tax dec only, check the location map at the assesor’s office. By the way if you are bidding for a condominium be sure to check also the association dues. There is one condominium in Makati that I bid for only 40k pesos which i presumed a clean title coz there was no encumbrance annotated on it. At first i thought it’s a good buy but to my surprise the unit has an outstanding dues of Ph 1.2M.

    Another thing, take note that after winning the auction you still have to wait for a 1 year redemption period to lapse starting from the date of inscription of your certificate of sale on the TCT by the Register of Deeds. Then after that you still need to file a petition to the court for the issuance of the new title since you do not have the original TCT/CCT.

    Reply
  3. @Anonymous, sorry this reply might be a little late as the auction is only a few hours away. Still, I want to share info I learned from my broker, where she mentioned that an increase in selling price would most probably mean a new appraisal was done and the new minimum bid price is based on this. It means that RCBC(main bank which is different from RCBC Savings banks) is selling the properties at full market value. This is probably why I have never attended their auctions as I don’t find any good bargains. In contrast, RCBC Savings Bank(Dream Buys Auction) do sell a lot of properties below market value.

    Reply
  4. @Dionna, let me check my notes on dual citizenship and get back to you asap. No, I won’t mind at all if you’ll e-mail me directly. Thanks for visiting!

    @Anonymous, this looks strange indeed. I’ll do some checking and update you all here as well. Thanks for pointing this out!

    Reply
  5. Mr. Castillo ..I just made an observation regarding the list of property on public auction of RCBC and properties on their website have a different price.
    Example:In their website they list the property:
    Lot 2-AUnit 7 Pontiac cor. Regalado Sts, Regalado West Villas, Fairview, Quezon City, Metro Manila
    Title No.: N-167983
    Lot Area: 59.51 sq m
    Floor Area: 175.00 sq m
    Indicative Price: Php 1,659,120.00

    Pero sir pag dating sa auction list yung same property (Prop. 9 in their auction list under Quezon City) eh mas mahal ang price (2,344,950.31) Ang alam ko pag auction dapat mas mababa ang indicated price ng property kasi it will undergo bidding pa.

    Just my observation ….thanks

    Reply
  6. Hi Jay,

    Great work. I am slowly learning on the process of how to acquire foreclosed properties through your site. I am hoping to applying what I have learned from here soon. I am currently overseas and I have acquired the citizenship of the country where I am now. I am interested to buy properties in the Phils either to rent out or to sell. Can you please advise what law in terms of property ownership apply to non citizens of the Phils. Would you recommend that I apply for dual citizenship?

    Thanks for any advice….Would you mind if I e-mail you directly?

    Dionna

    Reply

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