I just want to share this listing from the Social Security System (SSS) of their acquired assets for sale which was published in the March 20, 2009 issue of the Philippine Daily Inquirer. Credit goes to my Mom who gave me a copy of the ad. Thanks Ma!
The properties included in this listing of acquired assets are from Bulacan, Antipolo, Laguna, Las Pinas, Cavite, Tarlac, Pampanga, and Pasig City.
I already made an inquiry by phone and found out that except for the condo units, all properties on the list are just residential lots. I also asked about rental rates for the condo units and I was advised that these are around php5,000 per month, according to Marife from the SSS Asset Management Department. By the way, the properties on the list are not foreclosed properties. These became acquired assets of the SSS when they were used as payment for a loan through a dacion en pago(payment in kind), most probably as a means to stop foreclosure.
Take note that most of the condo units are currently occupied by lessees or tenants and they shall be given priority to purchase the units they occupy. For units whose occupants are not interested in buying them, they shall be available to interested parties but buyers are required to honor the existing lease contracts. Real estate investors might find this favorable as there would no longer be a need to look for tenants.
Payment terms are very attractive as cash sales will get an additional 5% discount while installment sales only require 5% as down payment. Interest rates are also hard to beat at only 6% per annum for properties with selling prices of Php500,000 and below while those priced above Php500,000 are at 9% per annum. The maximum payment period of the loan balance is 10 years.
You may refer to the complete terms and conditions and requirements below:
Terms and conditions:
5% Discount on Selling Price
Downpayment: 5% of Selling Price
Repayment Period of Balance: 10 years maximum
Interest Rates :
- 6% per annum for Php500,000 & below
- 9% per annum for over Php500,000
Mode of Payment: Issuance of Postdated Checks
*Present Lessees shall be given priority to purchase the units.
*Buyer shall honor the existing lease contract
- Letter of Intent to Buy
- Certification of Employment & Compensation
- Accomplished Buyer’s Information Sheet
Note: This offer is for direct buyer/s only and valid until October 31, 2009