The next auction of foreclosed properties from RCBC Savings Bank has been slated on April 21, 2012, Saturday, at 9:00am. The auction venue shall be at the 6th Floor, Development Academy of the Philippines Building, San Miguel Avenue, Pasig City, Philippines.
Just like their previous auctions, this includes foreclosed properties from the Metro Manila and Luzon areas.
What to bring during the auction
- Government issued ID’s
- Show money of Php25,000/property in the form of cash or Manager’s Check
- For those who cannot attend but want to bid: Duly notarized Special Power of Attorney or SPA for their representative.
Minimum Downpayment is 10% for vacant lots and 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. Shorter payment terms 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 through the following link: REQUIREMENTS FOR REAL ESTATE LOAN
Things to remember before you inquire
1. The properties on the list that are marked with an asterisk (*) are properties with special concerns. They 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 plan to attend the auction on April 21 and get me as your real estate broker, I will give you a briefing on what to expect during the auction, and I will answer most of first-time bidder’s frequently asked questions. Same goes for those who want to submit offers after the auction for unsold properties. Keep in mind that I myself have purchased properties from RCBC Savings Bank and I am confident my experience will help me serve you better, and this is at no additional cost to you.
Download the complete list of foreclosed properties
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 the auction, 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.