The latest RCBC Savings Bank Dream Buys Auction will be held on July 25, 2009 (Saturday), 9:00 AM, at the Development Academy of Philippines (DAP) Building, San Miguel Avenue, Pasig City, Philippines. Good news for all investors – RCBC has again reduced by another 5% the minimum bid price (MBP) for foreclosed properties that were not sold during their previous dream buys auction held last June 27, 2009.
Foreclosed properties can be purchased for as low as 20% downpayment , with the balance payable in 10 years, at an annual interest rate of 12%. To give you an idea of the monthly amortization for the properties you may want to bid on, the ad stated that for every Php100,000.00 that is to be financed, the amortization will be Php1,435.00/month. So if you are buying a property worth Php1M, your monthly amortization will be Php14,350.00.
Included in this month’s Dream Buys Auction are foreclosed properties from Paranaque, Las Pinas, Muntinlupa, Quezon City, Marikina, Antipolo, Caloocan, Cainta, Rizal, Valenzuela, Laguna, Cavite, Bulacan, Bataan, Pampanga, Tarlac, Pangasinan, Batangas, Quezon Province, and Cabanatuan.
Click here to download the RCBC Savings Bank listing of foreclosed properties for public auction on July 25, 2009 (Source: my broker)
For other inquiries, please call 638-5032 or 687-1365. For South Properties, call or text Alex at 0918-951-1811 and for North Properties, call or text Red at 0908-885-4803.
Reminders: All transactions are subject to bank approval. Properties, rates, and prices are subject tp change without prior notice. The bank reserves the right to withdraw any property for whatever reason. Show money Php25,000 in cash or manager’s check per property. All properties are on an “as is, where is” basis. Misprints should not be construed as misrepresentation of the property.
It’s just unfortunate that this auction is to be held at the same date and time as that of the Property Forum Philippines’ Subastahan Sa Festival which is happening at the 3rd Philippine Real Estate Festival at the World Trade Center in Pasay City. I have yet to decide which event to attend, although I am hoping I can attend both.
Happy hunting!
To our financial freedom!
Jay Castillo
Real Estate Investor
REBL#: 20056
Blog: https://www.foreclosurephilippines.com
Social Network: http://foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: [email protected]
Hi Jay,
I always check out your post and luckily I saw property around Tarlac City through RCBC. I called one of the numbers yesterday and luckily he said it’s still available. Based on your experience, I’m curious to find out if the minimum bid price is the current value of the property or is it always below the market value. Also, if the properties they auctioned are under their possesion and titles are ready for transfer.
Thanks alot and Godbless!
-Lyn
Hi Lyn, for RCBC Savings Bank, usually the MBP is lower or just about equal to the current market value of the property at its present state(needing repairs, etc.). However, I noticed that the MBP is usually significantly lower than the “After repair value” or the market value at move-in or ready for occupancy condition. Most are also under the possession of the bank and the titles have already been consolidated. However, you should still check and confirm by doing your due diligence. You’re welcome and thank you also for the excellent question!
Hi Jay,
I just read from another forum that you won another property in the RCBC bidding. Congratulations! Care to share which is that from the list so that we can also study why or how did you came to a conclusion that the property is a candidate?
Hello nightwatch! Thanks! Actually, this property was just listed as one of those under “3 other H & L available” in this listing. Good thing my broker gave me the details. Frankly, I also “missed” this property when I first looked at the listing. As to how I arrived at the conclusion that it was a good deal, I just used the “Cost approach” to determine its market value. Its lot area is 120sqm and floor area is 80 sqm. Using a conservative cost of 8000/sqm for the lot and 15k for the improvement less 150K for repairs, the market value I got was 120×8,000 + 15,000×80 – 150,000 = 2,010,000. I got it for less than half of this amount. =)
Of course there are a lot of other expenses to consider but still, the numbers made sense. Better check the post on how to estimate market values for more info.
Hi Jay,
The property was not part of the list but was part of the auction? Did you got it at the MBP?
Thanks.
Gary
Hello nightwatch, it’s part of the list but it was listed as part of a multiple listing as mentioned in my previous comment hence there were no details for each property. Yes, I got it at MBP. 🙂
I was really looking forward to this post. thanks!
Hi Ghunzel, you’re welcome, glad to be of help!