Get ready for the coolest price-offs this summer as Star Properties Inc, conducts another auction of foreclosed properties in the May 15, 2010 edition of The Star Auction 2010! The venue for this auction will be Max’s Star Mall in Mandaluyong City, Philippines. Registration starts at 9:00AM and the auction proper starts at 10:00AM. More details after the jump…
Show money
Show money of Php 10,000.00 cash or Manager’s Check per property payable to STAR ASSET MANAGEMENT ROPOAS, INC. is required to participate in the auction.
Payment terms
Only 10% Downpayment is required with the balance payable up to 5 years at 15% fixed interest rate per annum. I wish they made the payment term up to 10 years to pay to attract real estate investors who intend to go for financing and have positive cashflow. With such a short payment term, it would be hard to find such deals unless investors looked at other means to finance their deals.
Knock out option
Knock out option is available where one only has to add 5% on top of the list price to reserve a property before the auction. This would avoid what usually happens where prices get higher and higher as bidders try to outbid each other. I’m sure however that a lot of people might find the additional 5% quite high.
Locations of foreclosed properties
The locations of the foreclosed properties for sale include the Greater Manila Area, Luzon, Visayas, and Mindanao, and these include a mix of residential, commercial, agricultural, industrial, and mixed-use types of foreclosed properties .
They even have memorial lots but the payment terms for these are 10% Downpayment with the balance payable up to 6 months at 0% interest.
Just download the complete listing of foreclosed properties below for more details.
Source: Manila Bulletin, May 2, 2010 edition, Page 4 of main section
If you are interested on any of the foreclosed properties on the list, please contact Star Properties Inc. directly using the contact details on the listing which you can download by clicking on the link/thumbnail above.
Disclosure: I am not accredited with Star Properties Inc. and I am just posting this listing as a public service to readers and subscribers of foreclosurephilippines.com. Do take note that if I do get accredited in the future, I may no longer be able to share listings of Star Properties like this, depending on the terms and conditions of accreditation, which I am evaluating at the moment.
The fine print
All properties are offered on an “As-is, Where-is” basis. Titles of properties are either under seller’s name or under various stages of consolidation in the seller’s name. Interested parties are therefore advised to check the title, the physical and legal condition of the property prior to the scheduled auction. Property details, prices, and terms are subject to change without prior notice. The seller reserves the right to pull-out any property anytime. Changes in prices are subject to the sole discretion of the seller.
Happy hunting!
To our success and financial freedom!
Jay Castillo
Real Estate Investor
Real Estate Broker License #: 3194
Blog: https://www.foreclosurephilippines.com
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Text by Jay Castillo. Copyright © 2010 All rights reserved.
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