Sorry for the short notice, I just got this auction flyer when I visited a Unionbank branch in Makati. It has a total of 124 UnionBank foreclosed properties in the Luzon/Metro Manila areas, which are included in their 295th Special Public Auction to be held on Saturday, March 23, 2019, 9:00am. More details below.
Jump to a section
- 1 Unionbank requires credit checking
- 2 Luzon and Metro Manila – March 23, 2019 auction
- 3 Auction terms
- 4 Show money
- 5 Sample computation
- 6 How to inquire
- 7 The “fine print”
- 8 Overview of buying via auction from UnionBank
- 9 Past auctions of Unionbank foreclosed properties (Archive)
Unionbank requires credit checking
Just wanted to remind everyone that Unionbank requires credit checking for all winning bidders, as stated in the fine print.
Luzon and Metro Manila – March 23, 2019 auction
The 295th special public auction of UnionBank foreclosed properties located in Metro Manila and Luzon will be held on March 23, 2019, Saturday, 9:00am. This auction includes 124 foreclosed properties.
Venue shall be the 28th floor, Unionbank Plaza, Meralco Avenue corner Onyx Road, Ortigas Center, Pasig City, Philippines.
View/download list of foreclosed properties
The complete list is of UnionBank foreclosed properties for this auction can be viewed/downloaded below.
Note: You will need Adobe Acrobat Reader to view PDF files, which is free to download at Adobe.com
Source: Flyer was from Unionbank branch in Rada Street, Makati
UnionBank still offers very affordable payment terms as follows:
- Installment terms are as follows:
|Downpayment:||10% (minimum) 6 months to pay at zero-interest|
|Interest:||11% per annum (fixed for 15 years)|
|Term:||15 years (maximum)|
Bidders need to bring Php20,000 show money in the form of cash or manager’s checks (MC) per property to participate in the auction.
Show money is refundable if you don’t win with your bid (or if you don’t bid at all).
SELLING PRICE (SP)= Php1,000,000.00
TERM: 15 years
DOWN PAYMENT (DP) = 10% of SP = Php100,000
Down payment (6 months to pay)
Down payment per month:
- 1st month: Php16,666.67
- 2nd month: Php16,666.67
- 3rd month: Php16,666.67
- 4th month: Php16,666.67
- 5th month: Php16,666.67
- 6th month: Php16,666.67
Monthly amortization = (SP – DP) x Amortization Factor Rate
=(Php1,000,000 – Php100,000) x 0.0113659693*
*note: amortization factor rate used is for 11% interest rate at 15 year term (click here to view amortization factor rate table)
You may also use our mortgage calculator to compute for the monthly amortizations.
How to inquire
For prompt assistance when inquiring about any of the foreclosed properties on the list, please call UnionBank directly through the contact numbers in the flyers/listings which you can download above.
*Note: Please call during office hours: 8:30am to 5:30pm (Monday to Friday)
The “fine print”
Overview of buying via auction from UnionBank
Based on past Unionbank auctions we have attended, here’s a quick overview of the buying process via auction:
1. View/download list of properties and identify those you are interested in.
2. Contact Unionbank directly through the contact information included in the list of properties, and get property details, etc.
3. If you are satisfied with the details of the properties you identified earlier, you should do your due diligence (inspect the properties, verify the documents, etc.). We recommend that the buyer will do the inspection personally. Recommended reading: 31 Questions You Need To Ask When Inquiring About A Foreclosed Property
4. If the properties you are interested in pass your due diligence, you can already prepare to attend the auction. Call Unionbank to get more auction details. You should prepare requirements like the PHP 20,000 show money (cash or manager’s check), ID’s, etc. If you cannot attend the auction, it should be possible to send a representative on your behalf (check with the bank the exact requirements for this).
5. Attend the auction with the required show money.
a. If you made a bid and you won during the auction, your show money becomes part of the downpayment, and the bank will assist you with finalizing the purchase (choosing payment terms like your preferred downpayment amount/ years to pay for the balance and interest rate/ etc., signing of the contract-to-sell, when you can move-in, etc.)
b. If you made a bid and did not win during the auction, you’re show money will be returned to you.
Past auctions of Unionbank foreclosed properties (Archive)
Text by Jay Castillo and Cherry Castillo. Copyright © 2008 – 2018 All rights reserved.
Full disclosure: Nothing to disclose, we will not be able to attend this auction.