I have here a certified list of tax delinquent real properties from the city of San Juan. This list is updated as of September 2008.
If ever they do push through with a public auction, I hope it would be as organized as the recent Marikina Public Auction of Real Properties with Tax Delinquencies . I’ll be saving my 13th month pay and other savings for this just in case they schedule it this December or January next year. For those not familiar with tax foreclosures, they normally give a return of 2% per month or 24% per year on top of the amount of your winning bid .
Lets say your bid for a property for Php100,000 won, you will receive an additional 2% per month on top of the Php100,000 when the property is redeemed by the owner of the property. If it takes the owner the maximum 1 year to redeem the property, you earn 24% or Php24,000 on top of the Php100,000.
If in case the owner does not redeem it, then the property is yours! For tax foreclosures however, you have to pay your entire bid amount on the day of the auction. At 24% per annum however, that beats any mutual fund out there right now and this is guaranteed by the government and secured by a real estate asset. For specific details, better read the Marikina City rules, regulations, and conduct of the public auction as reference. Other local governments like San Juan should have similar guidelines.
I have yet to find any information on the schedule for a public auction, if any. Please do post a comment or send me an e-mail at [email protected] if anyone finds any information about this so I can post the information here as well. Thanks!
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