As I have mentioned in my post about the auction highlights of the recent Unionbank Special Public Auction last January 24, Unionbank may soon hold another public auction, and true enough, they are holding another special public on February 21, 2009, Saturday, 9:00am, at the Delas Alas Room, 2nd floor, Philippine Columbian Sports Club, Plaza Dilao, Paco, Manila, Philippines.
I noticed that this listing is a mix of the unsold properties from the previous auction and a number of newly listed properties. A very few number of unsold properties from the previous auction are at reduced prices. I also noted a lot of unsold properties in the previous auction are no longer listed here in this listing, which probably means they have already been sold through negotiated bids, and have become part of the portfolio of real estate investment properties of real estate investors.
One good thing about Unionbank auctions is that Unionbank already has possession of the properties for sale, which means less complications as compared to other listings that might include properties where previous owners might still be occupying the properties and are still trying to stop the foreclosure process.
Download the Unionbank Special Public Auction Listing Here!
As usual, only 10% Downpayment is required and payment terms can be as long as 15 years, with interest rates at 13% per annum fixed for the first 3 years, and 15% per annum fixed for the next 12 years.
You need not be concerned with the high interest rates, as 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 as compared to mortgage loans.
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