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.
To our financial freedom!