Unionbank shall be having a special public auction of foreclosed properties on January 24, 2009, Saturday, 9:00am, at the Delas Alas Room, 2nd floor, Philippine Columbian Sports Club, Plaza Dilao, Paco, Manila, Philippines. This is the first public auction of foreclosed properties for the coming new year. I also see one bargain property no longer has a lis pendens. More on this below.
Areas covered are Pasig, Makati, Quezon City, Manila , Mandaluyong, Las Pinas, Paranaque, Caloocan, Pasay, Antipolo, Bulacan, Cavite, Tagaytay, Laguna, and Rizal.
Download the Unionbank Special Public Auction Listing Here!
Only 10% Downpayment is required and payment terms can be as long as 15 years.
Interest rates are at 13% per annum fixed for the first 3 years, and 15% per annum fixed for the next 12 years.
If you are concerned with the high interest rates, don’t be! You can always refinance your loan with another bank with lower interest rates after 3 years. Furthermore, Unionbank uses a contract-to-sell which means loan requirements are less stringent than mortgage loans.
If you look at the list as closely as I did, you will notice one particular property has finally got a court decision in favor of Unionbank, finally! Anyway, I already tried to ask if this property can be acquired prior to the auction through a knockout or pre-auction bid but the bank officer told me that all properties shall have to undergo public auction to give all interested parties a fair chance in acquiring the properties they are interested in. I can see as early as now that the bids for this particular property will end up pretty high.
Anyway, I’ll definitely be attending this auction. If you want to attend, just leave a comment here, maybe we can come as a group.
Happy New Year and Happy Investing to all!
