Unionbank will be having another special public auction of foreclosed properties on July 11, 2009 (Saturday), 9:00 AM, at the Delas Alas Room, 2nd floor, Philippine Columbian Sports Club, Plaza Dilao, Paco, Manila, Philippines. This is the 140th special public auction of Unionbank.
If you are interested in joining the auction, just bring Php20,000 show money in the form of cash or MC to qualify to bid for each property. Do take note that Creditable Withholding Tax (CWT) is for the buyer’s account. You may read my post about CWT for more information and sample computations. Don’t forget to do your due diligence before you even consider bidding on a property.
Only 10% downpayment is required, with the balance payable up to a maximum of 15 years, at an interest rate of 13% per annum for the first three (3) years, and 15% per annum for the next twelve (12) years. The interest rates are fixed throughout the loan term.
I noticed that there are properties that indicate “TCT is under consolidation”, and “W/ Lis Pendens”, and I would like to briefly explain what these terms mean for the benefit of those new to foreclosure buying. The term “TCT under consolidation” means that the title of the property is still in the process of being transferred to the name of the bank. Depending on at what stage the transfer is in, the consolidation could take a few weeks up to a number of months. As far as I know, you can’t sell a property until the title has been consolidated.
The term “lis pendens” on the other hand means that the property has a pending lawsuit. A “lis pendens” recorded on the title of a property is meant to alert a potential buyer(s) that the property’s title is in question. Personally, I would avoid properties that have a “lis pendens” and I advice you to do the same.
This Unionbank listings of foreclosed properties include properties from Cainta Rizal, Rodriguez Rizal, Binangonan Rizal, Meycauayan Bulacan, Plaridel Bulacan, Calamba Laguna, Tagaytay City, batangas City, Nasugbu Batangas, Calatagan Batangas, Laurel Batangas, Manila, Makati, Quezon City, San Juan, Mandaluyong, Las Pinas, Paranaque, Antipolo, San Simon Pampanga, Bacoor Cavite, Caloocan, Pasay., Gen. Trias cavite, Bauan Batangas, Lian Batangas, and Pasig.
Happy hunting!
To our financial freedom!
Jay Castillo
Real Estate Investor
REBL#: 20056
Blog: www.foreclosurephilippines.com
Social Network: foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: [email protected]
Foreclosed properties like the ones being auctioned by Unionbank can turn out to be real gems. Research and a ton of leg work must be made before even venturing into this territory as mentioned by Jay. Do be cautious and informed.
hi,what is the best solution for the property that were planning to buy but still have balanced to to the bank,and 2nd he did not pay the realty tax for 10 years.but the title is under her name already
Hi Ms. Bhing, you can ask the bank if it would be possible for you to just assume the loan balance. Of course the loan balance should be less than the selling price. You can just pay the difference to the seller. As for the real property tax, I suggest you make the updating of this as a condition before you will agree to buy the property. Just let me know if you need anymore clarifications. Thanks for the question!
Hi Mr.jay castillo,
i already check the unpaid realty tax and i agree to the seller to pay it less to the amount of the property.But as i check it in details the house that im dealing with will do a lot of renovation,the house is old and didnt maintain ,the partition maybe need to change.therefore il think of it first.thanks for the reply
Hi sir! I’m a newbie and an OFW who wants to invest in foreclosed properties.I just want to know sir how to deal in a property that the title is still under the name of the previous owner, title is not yet being transferred under the name of the bank. What are the legal documents that i should check and things to do. And also, can you give me idea sir how much will cost me for a broker’s assistance? Thank you very much in advance sir. Mabuhay po!
Thank you so much Jay.
By the way, I can now reply even with a proxy set up.
That’s great! Thanks to Akismet which I think is a better anti-spam for comments.
Really nice info Jay.
What happen to the taxes applied during this immediate sale? Do all (CGT, CWT, DST, etc) of them get to be applied again? I guess it’s probably the transfer tax that you can probably avoid and immediately pass to the next buyer? So everytime this propery transfer from one owner to another, same type taxes were being applied?
Thanks! The rule of thumb is as long as there is a transfer of ownership, all applicable taxes are to be paid.
@Roj, Yes, you can sell a property even if it is under the name of the bank, you just have to let the buyer know that you have a valid CTS between you and the bank. If your buyer will be paying in cash, the property can be transferred to their name directly from the bank. It will be like a double closing where your buyer pays you and you in turn will pay the bank. Another way would be to assign the CTS to your buyer where the buyer assumes your loan balance. You would have to get your profit from the buyer’s downpayment. Another way would be through a loan take-out where the buyer’s bank will issue a letter of guarantee to your bank. It would be best to ask your bank what you need to do if you decide to sell your property.
@Miriam, I will be sending you an e-mail shortly, thanks!
Hi Jay,
I’m from Bahay Financial Services, hope we can meet. please email me your contact infos so i can give you update on our foreclosed properties. Thanks.
Can i ask if i can sell immediately the property that i acquired thru auction (after rehab)? Usually the buyer always ask if the title is in the name of the seller but in this case the title is in the bank name. What is usually the procedure for closing the deal like this?