Home » Foreclosed Properties » Star foreclosed property auctions (GMA and North Luzon) slated on May 17, 2011

Star foreclosed property auctions (GMA and North Luzon) slated on May 17, 2011

Star Properties will be having two simultaneous public auctions of foreclosed properties on May 17, 2011. Metro Manila foreclosed properties will be up for grabs at Max’s Jupiter in Makati City, while North Luzon foreclosed properties will be available at the Kulinarya Ng Tisa At The Cabanas in Bulacan. Registration for both auctions start at 9:00am and the auction proper starts at 10:00am.

Now with improved auction terms

According to the auction announcement below, these auctions are “NOW WITH IMPROVED AUCTION TERMS”.

In addition, it also states that “SELLER TO SETTLE OUTSTANDING PROPERTY EXPENSES OWING ON THE PROPERTY UP TO AUCTION DATE”. This can be referring to any arrears for property taxes, utilities, homeowner association dues, etc. Sounds good right?!

But does this mean you can already ignore question no. 13 and also questions 15 to 21 in the 31 questions you need to ask when inquiring about foreclosed properties? Of course not! You still need to double check these as part of your due diligence.

Although only 10% down-payment is needed, they only offer two (2) years of in-house financing. If you believe this is too short for you and may cause a cash-flow problem, you need to check if bank financing can be arranged.

As usual, all the foreclosed properties for sale in these public auctions are to be sold on an “AS-IS, WHERE-IS” basis.

Complete listing of foreclosed properties

The complete listing of foreclosed properties for sale through public auction on May 17, 2011 can be found below. Just click on the following links:

To get more details, please address your inquiries to the following

Contact Star Properties

Manila Office Address:
Unit 1502 15th Floor Accralaw Tower, 2nd Ave., corner 30th St. Crescent Park West,
Bonifacio Global City, Taguig City, 0399 Philippines

Trunkline Nos.: +(63)2-651-7200
Fax Number: +(63)2-856-2250
Contact Persons:
Name Direct Line Wireless Mobile No. Email
Hazel (02)651-7226 (02)577-6848 0917-8595212 [email protected]
Jenny (02)651-7231 (02)577-6838 0917-8562270 [email protected]
Ronald (02)651-7235 (02)577-6847 0917-8562267 [email protected]
Jaimie (02)651-7225 (02)577-6844 0917-8534157 [email protected]
Jovey (02)651-7229 (02)577-6833 0917-8532257 [email protected]
Dulce (02)651-7217 (02)577-6842 0917-8534162 [email protected]
Davao Office Address:
Units 57 5/F Landco Corporate Center, J.P. Laurel Ave., Bajada,
Davao City, 8000 Philippines
Direct Nos.: +(63)82-221-8661, 225-3643
Fax Number: +(63)82-221-4367
Contact Persons:
Name Direct Line Wireless Mobile No. Email
Cecille (082)221-8661 0917-8592261 [email protected]
Javy (082)225-3643 (02)697-8519 0917-9581366 [email protected]
Bham (082)225-3643 0917-9752394 [email protected]

Website:
www.stargroupph.com

The “fine print”

Show money in the form of MANAGER’S CHECK OR CASH in the amount of Php 10,000 (where selling price is below Php 500,000), MANAGER’S CHECK ONLY in the amount of Php 50,000 (where selling price is between Php 500,000 to Php 999,999) and Php 100,000 (where selling price is Php 1,000,000 and above) per property payable to STAR ASSET MANAGEMENT ROPOAS, INC.

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. Vicinity maps, lot and floor areas are approximates only. Property details ( including the lot plans and pictures ), prices, and terms are subject to change without prior notice. The Seller reserves the right to pull-out any property anytime. Change in prices are subject to the sole discretion of the Seller.

Happy hunting!

To our success and financial freedom!

Jay Castillo

Real Estate Investor

PRC Real Estate Broker Registration No. 3194
Blog: https://www.foreclosurephilippines.com
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Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.

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7 thoughts on “Star foreclosed property auctions (GMA and North Luzon) slated on May 17, 2011”

  1. Pingback: Star’s South Luzon and Mindanao foreclosed properties auction slated on May 19, 2011

  2. Sir Jay,

    Can I ask a question? I bought a condo unit during pre-selling. The unit is fully paid and is ready for turn-over, but the title is not yet transfered. Now I have a buyer who wants to buy the unit. The question: Can I sell the unit with only the deed of assignment and ask the developer to transfer the title to the name of the new owner? Do I have pay capital gain tax or any other taxes?

    Thanks!

    1. Hi RC,

      Based on our experience where we ALMOST bought a condo(not foreclosed) from a motivated seller, no, you don’t have to pay CGT and other real estate related taxes(DST, transfer tax), if you will use a deed of assignment. In our case, the developer allowed their buyers (lets call him Mr. A) to use a deed of assignment so a buyer like Mr. A can sell their unit to a third party(that was us in this case). Mr. A would only need to pay the assignment fee to the developer. If the deal had pushed through, I would have been the one to pay CGT and DST, etc. and the developer will transfer the title to me directly when I am fully paid, Mr. A would be out of the picture.

      The only caveat here is you need to check with the developer if they allow a deed of assignment and how much assignment fee would they charge, if any.

      One last thing, it would be best to visit the local BIR office and consult with the officer of the day at the ONETT(One Time transaction) queue to confirm you don’t need to pay CGT and other taxes as the one who doing the assignment, which means your buyer will be the one to do so.

        1. You’re welcome RC. I almost forgot, you will have to pay income tax for the difference between how much you bought the unit and how much you are going to assign it for. For example, if you bought the condo unit for Php 1 million, and you are going to assign it for Php1.2 million, you will have to pay income tax for the Php200k markup. You will have to declare this when you file your income tax return.

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