Now you have a list of foreclosed properties but then you may be asking yourself, “Why Foreclosed Properties?” I found this very enlightening article about foreclosed real estate. Read on…
When looking for properties to buy whether for as an investment opportunity or for personal use, a great alternative to real estate developers, foreclosed bank properties or from private individuals is buying via auction. Auctioned properties are often cheaper than foreclosed properties offered by banks. But ironically, most property auctions being held are conducted by banks whose properties they were unable to dispose of.
Banks that are auctioning off their foreclosed properties are usually selling properties that they were unable to sell via normal means, which makes you think that the properties up for auction are not attractive to begin with. But there are diamonds in the rough. There a lots of reasons why the property was not able to be sold. Maybe the price being offered was too high before, or the place is located near a squatters area which is extremely not attractive to a prospective buyer but now SM is building a mall very near the property being auctioned, how can you go wrong buying a property very near SM city mall right?
But before you dive in and buy every cheap property for up auction. You must conduct and inspect the place you are planning to bid on, even if it is near Makati or other attractive cities to live in. After coming up with your list, visit the place and ask around the neighborhood about the history of the house, check and see if the property is near schools, hospitals, public roads, LRT or MRT stations which makes is a great buy. If you don’t conduct visitations, you might end up buying a property near a cemetery, one way roads or near slums and end up being neighbors with holdupers, drug dealers or carjackers.
Once you found the right property for you you are ready to bid. Most auction houses require you to bring a show money in the form of cash or cashiers check. And after winning the bid. They often offer very flexible terms on the financing of up to 25 years in most cases involving property auctions conducted by banks. Pag-ibig also has an extensive list of properties for auction and now they have lowered their loan rates makes it even more attractive to consider them in you list of finding cheap properties for auction.
http://pinoyfranchising.blogspot.com/2007/03/buying-foreclosed-properties-via.html
Article Source: http://EzineArticles.com/?expert=Mike_Go
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hello sir, good day I am a bigginers in your column I would like to ask you if you could share me some information and status of Lot#547-C-3-B-2-D-2-K from TCT No. T-219409 as entered in Register of Deeds Bacolod City Province of Negros Occidental on 19 September 2002 for reason that subject lot is for sale but the alleged owner can not show to us his original duplicate copy
Hi Spinx, I suggest you get the details directly from the Registry of deeds.
Hi Jay! Im a newbie and i’m just starting my quest about foreclosed real estate investing.
I just have a question.
If i won the auction of the property, is there is a chance that the bank will not award me the propertty and will not approve my loan for example payable of 10 years for whatever reason?
Hi Ray, if the bank will provide financing through a mortgage loan, then if you don’t qualify for a loan, they will not award the property to you. Bank’s that sell through a CTS will be a good choice for you. 🙂
Really help sir, thanks for sharing…
great article jay – keep us informed!
You sir are really the master of Foreclosures in the Philippines, keep up the good work!
Hi Jay,all topic are very interesting speccially for bigginers lik me. Hope to have more insights about real estate investing in the philippines in your website.
Thanks for sharing interesting topics, keep it up
Hi Star, thanks for dropping by. You also have a nice site!