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Jkat

MLS system Philippines

26 posts in this topic

I can't seem to be able to find a source for used condo's in the Philippines. I'm thinking there should be some distress sales with the amount of units sold recently. Is there any kind of mls service available in the Philippines?

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Is there any kind of mls service available in the Philippines?

No... You can find foreclosures at banks sites.

https://www.metrobank.com.ph/assets_for_sale.asp#

 

http://www.rcbcsavings.com/?p=44

 

https://www.psbank.com.ph/propertiesforsale?AspxAutoDetectCookieSupport=1

 

or by going directly to the banks for those not listed online.

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Good question Jkat,

 

Wife and I have been searching the market for about 8 months now. MLS would be nice but their realors don't even work the same as we are used to.

 

There is a lot to learn here and expensive mistakes to dodge...

 

I will start a thread on the New Members forum about Buying Philippine Real Estate. Go to the Forums button and we can chat there with some members that have tons of experiance.

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I second what Lee says.. There's no central MLS -- everything is all over the place and you have to learn where to look.

 

There are a couple other 3rd party companies. One I've recently become aware of is called "Saving Grace". I've been seeing them list some rather large properties for relatively low prices. I couldn't seem to find a website for them but they have a facebook. I also spend a lot of time on OLX, you can find some good deals. But as always, you'll get better deals by sending out a local scout to look for properties in a rush sale.

 

For the banks, Metrobank at least publishes current status of the foreclosures. When I checked their page recently every single property had some sort of ongoing dispute. So be careful. A couple examples.. I saw one that had an annulment and as a result the bank only owned 50% of the property. I saw a few where they had squatters. And others with various documentary issues.

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I second what Lee says.. There's no central MLS -- everything is all over the place and you have to learn where to look.

 

There are a couple other 3rd party companies. One I've recently become aware of is called "Saving Grace". I've been seeing them list some rather large properties for relatively low prices. I couldn't seem to find a website for them but they have a facebook. I also spend a lot of time on OLX, you can find some good deals. But as always, you'll get better deals by sending out a local scout to look for properties in a rush sale.

 

For the banks, Metrobank at least publishes current status of the foreclosures. When I checked their page recently every single property had some sort of ongoing dispute. So be careful. A couple examples.. I saw one that had an annulment and as a result the bank only owned 50% of the property. I saw a few where they had squatters. And others with various documentary issues.

this is reality and way more dangerous then buying a car with shaky paperwork.... 

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Good question Jkat,

 

Wife and I have been searching the market for about 8 months now. MLS would be nice but their realors don't even work the same as we are used to.

 

There is a lot to learn here and expensive mistakes to dodge...

 

I will start a thread on the New Members forum about Buying Philippine Real Estate. Go to the Forums button and we can chat there with some members that have tons of experiance.

But most of those experienced members don't have access to that forum to share their knowledge.

 

Sent from my SM-T817V using Tapatalk

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I know Dawg,

 

But it's still a good place to start a thread for the newbies to view and learn basics. Like agents vs. Realtors and who can who can't. The thread is started for anyone that has simple basics for someone just starting to think about it.

 

Its also a safe place to share personal objectives situation.

 

Thread is started for anyone that has access to add basic knowlege to it. If anyone feels they have something productive to add, check with OzTony, Paul or myself and we'd be happy to get that knowlege in front of new Members.

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I second what Lee says.. There's no central MLS -- everything is all over the place and you have to learn where to look.

 

There are a couple other 3rd party companies. One I've recently become aware of is called "Saving Grace". I've been seeing them list some rather large properties for relatively low prices. I couldn't seem to find a website for them but they have a facebook. I also spend a lot of time on OLX, you can find some good deals. But as always, you'll get better deals by sending out a local scout to look for properties in a rush sale.

 

For the banks, Metrobank at least publishes current status of the foreclosures. When I checked their page recently every single property had some sort of ongoing dispute. So be careful. A couple examples.. I saw one that had an annulment and as a result the bank only owned 50% of the property. I saw a few where they had squatters. And others with various documentary issues.

Thanks for the link..

 

Where are the listings of properties with relatively low prices..

 

Ive looked on a few similar sites ( just out of interest ) and cant believe some of the asking prices - most of them are similar to first world pricing..

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Avoid agents like the plague. They act only in their own interests and will be looking for a commission from the seller AND the buyer, which makes negotiation very hard.

 

I'm afraid it's really down to boots on the ground, go look in the area you are interested in, talk to sari sari owners, trike pilots and the like. For higher end, go into Condos and speak to the staff, they usually know what's going on. Always negotiate with the owner.

 

I would certainly recommend that you use a Filipino to search for you, make sure you can trust that person mind you.

 

If you see something you like, make a low offer, remember you can't go down. If you can't get the price you want, move onto the next one.

 

Remember this, buying is the easy bit. If you decide the place you bought isn't right for you, it could take you years to sell it. Renting is your friend.

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To answer the original question, there is no MLS in the Philippines. That has some far-reaching effects for buying and selling real estate in this country.

 

First, not having an MLS makes it much more difficult to find properties. It is easy to give advice that you should avoid agents (and brokers I suppose), but the truth is that it is very difficult to find properties that actually meet the criteria you are looking for without them. Brokers and agents do NOT share information (or commissions) with other brokers or agents (they are actually quite secretive about their listings).

 

Therefore, if you aren't talking with a person who knows about whatever properties you might be interested in, you may never find them. Avoiding agents and brokers can severely limit your options. There are online advertising options for real estate, but surprisingly few properties are listed in them (compared t the number of properties that are actually for sale). Not using every resource available severely limits the possibility that you will find the property that best fits what you really want.

 

Second, the same is true if you are trying to sell a property in the Philippines. Not having an MLS makes selling even more difficult than buying a property. How do you advertise a property without an MLS? The answer to that probably has as many answers as there are sellers.

 

A lot of sellers choose just one or two ways to get the word out. I suspect that most properties advertised like that normally take a long time to sell (as in years) ... or the sellers end up selling for fire sale prices because they set impossible time limits on the sale without giving themselves the greatest chance of selling, and they eventually get discouraged and sell the property for much less than it is worth.

 

So, you have a choice. You can either choose to get the word out through as many avenues as possible, or you can resign yourself to the sale moving VERY slowly. This isn't the real estate market you knew in your home country.

Edited by Headshot
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