My wife and I attended the RCBC Dream Buys auction held last March 23, 2013, and we believe it was another successful auction. Although the auction was a success, a lot of the foreclosed properties remain unsold (this is common for public auctions), and we are publishing the post auction listing for everyone’s’ reference.
Properties that remain unsold after the auction are available for negotiated sale and interested parties only need to submit their offers, which are subject to the bank management’s evaluation and approval. Please refer to the auction highlights and post auction listing below.
Auction highlights
During the auction, we noted at least ten (10) foreclosed properties were sold, with a combined selling price of at least Php 20 Million.
Here’s something interesting, out of the 10 properties sold, 6 were occupied.
I can only assume the buyers of those occupied properties know the occupants/former owners and have worked out a win-win agreement with them, prior to the auction. Please take note that all properties are for sale on an “as is where is” basis.
We also met someone who wanted to observe and learn more about the auction process and we also gave him an overview based on how we ourselves have bought properties from the same bank.
As usual, it was also nice to see fellow licensed real estate broker friends of ours who attended the auction, along with the bank officers from RCBC Savings Bank who were very accommodating to us, especially to my wife. She had a lot of questions with regard to a number of properties on the list. 🙂
Access the Post Auction Listings of foreclosed properties
To view and download the post auction listing, just click on the following link, which also includes payment terms, relevant forms, frequently asked questions and other details.
Please submit your inquiries through the inquiry form that you can also access through the link above. Thank you!
~~~
To our success and financial freedom!
Jay Castillo
Real Estate Investor
PRC Real Estate Broker License No. 3194
Connect with us – Subscribe | Facebook | Twitter | Google+
Text by Jay Castillo and Cherry Castillo. Copyright © 2008 – 2012 All rights reserved.
Full disclosure: I am an accredited real estate broker of RCBC and RCBC Savings Bank.
PS – Don’t forget to subscribe to e-mail alerts to get notified with updates on the next auction schedules and updates like post auction listings for RCBC Savings Bank foreclosed properties above.
jay, may tanung ako. i recently leased an apartment of which to my knowledge is cheaper. actually, its 18T. now, it occurred to me that i would need an apartment nearer to my place of work. i plan to have somebody else rent the apartment instead and ask for a higher rent, say, 25T. based on the contract, im not allowed to sublease and its use is for residential/commercial use. my question is: can i let somebody rent the apartment? is it legal? i do understand that i am still responsible for the apartment. do you have similar case like this?
Hi Jay,
can you give us an example of “win-win agreement” with the occupants?
also, for properties with occupants you dont know, is it safe to give them money to buyback a foreclosed property so I could take over the mortgage afterwards? what safety measures or documents do I need to secure to make sure the former owner will not runaway after giving them money to buy back the property and not proceed with the takeover or assumption of mortgage with the bank.