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Ilovecebu

A Much cheaper Way to Buy Property Here?

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A friend of mine spoke to a Bank manager in cebu city yesterday.

 

When they talked about buying properties, the manager said they have lots of foreclosed properties for sale.

 

He gave a specific example of a house worth 9 million pesos, that the bank would consider a 3 million pesos offer! WOW

 

I will try to meet with him next week and get a copy of all the foreclosed properties the bank has on the market now and the price they want, if available

 

Sounds good in theory !

Edited by Ilovecebu

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A friend of mine spoke to a Bank manager in cebu city yesterday.

 

When they talked about buying properties, the manager said they have lots of foreclosed properties for sale.

 

He gave a specific example of a house worth 9 million pesos, that the bank would consider a 3 million pesos offer! WOW

 

 

 

When me and the wife were looking for lots the one we decided on unknown to us was a foreclosed property held by one of the leading institutions in Cebu City. We got the lot for 2,200 peso's per square meter. The lots surronding ours were all going for 2,500 and above and now nearly double that, for the simple reason these empty lots are half a kilometer from the newly built Coastal Road. So yes, you can get a deal on foreclosed properties from my experience.

Edited by Terp

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When me and the wife were looking for lots the one we decided on unknown to us was a foreclosed property held by one of the leading institutions in Cebu City. We got the lot for 2,200 peso's per square meter. The lots surronding ours were all going for 2,500 and above and now nearly double that, for the simple reason these empty lots are half a kilometer from the newly built Coastal Road. So yes, you can get a deal on foreclosed properties from my experience.

 

My wife Jenny, and I also considered buying a foreclosed property, we managed to get lists of foreclosed properties from the following establishments: D.B.P., Land bank, P.N.B. and Pag-ibig Housing corporation[HMDF]. in fact most if not all Banks, will provide you with such a list if you simply ask.

 

For example our Bank, "Metro Bank "[ Manalili Branch] has a folder hanging on the wall just inside the door displaying all there foreclosed properties and lots.

 

The reason we did not pursue this option was simply time scale, we had been looking for a property here for sometime prior to our funds becoming available from the UK.

 

The procedure for applying to purchase a foreclosed property was a blind bid, the bid was made against a figure provided by the bank as the minimum amount that they would accept.

You were then required to provide a 10% deposit of your bid to the bank and await there decision.....this was the point that I pulled out, we were told that all bids were then sent to the Banks HQ, where they would be assesed at the next foreclosure meeting, now this meeting could be 3 months away..... so effectivly, you are on hold during this entire period.should you find another property during this period you cant pull out, and if your not succesful with your bid you have wasted 3 months. so the idea is great if you can afford to wait.There certainlyare some terrific deals,

 

John

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There is another option, Bank Auctions. I went to one by Union Bank here at the cebu Country Club about 6 months ago

 

You must take 25000 pesos show money to bid and they give you 30 days to come up with the 10% downpayment for lots.

 

So at least with Bank auctions, you know if you bought the property as the highest bidder that day and they do not hold your money. Even teh 25000 I took I showed it and they gave me a bidders number. Stayed in my pocket throughout the auction.

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One potential problem is that when you buy forclosed property, it is often still occupied by the former owners. It can be quite difficult to take possession.

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I also investigated this route and found that with the major banks the deal was a good one but not mind blowing. You are generally looking at a 10 to 15% discount on the property and if the price is really cheap, there is a very good reason for it to be so cheap. The banks make very sure that no 9 million peso house is given away for 3.

The process for Metrobank (and i think most of the others) is that the property is listed in the foreclosure book. You get to make an offer but the 'recommended price' is in the book for the property and the offer is likely to be refused unless it is close to that. The offer you make is passed over to a department in Manila for approval. If the offer is approved then you are good to go and they usually include financing also.

The best thing is that the title is completely clear and clean as the bank has had it assigned to them via the courts during the foreclosure process.

Edited by billten

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It was mentioned some time ago, on the old board, about the online availability of listings. Specifically, PNB has a site listing many properties(under Asset Management Group). I have no way of knowing how up-to-date the info is, or how accurate. For those of us not lucky enough to be in PI now, this at least gives us something to look at.

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The bank manager I was going to meet was the one that got shoot and killed in Mandaue, while changing a flat tire

 

 

here is a list of properties in cebu, allied bank has on their website. some are a deal IMO

 

CEBU < VISAYAS < PROPERTIES FOR SALE < PRODUCTS & SERVICES

 

TCT/CCT LOT IMPRV. INDICATIVE

LOCATION/DESCRIPTION Nos. (SQ. M.) (SQ. M.) BID PRICE (PHP)

 

CEBU

 

CEBU CITY

 

1) Along Humabon Avenue, 4th Street, Cebu Port 9774 850.50 11,000,000.00

Center, Cebu City, Cebu (as-is, where-is)

(vacant commecial lot)

 

2) Along Mindanao Avenue, Cebu Business Park, 162887 1,141.00 35,000,000.00

Barangay Hipodromo, Cebu City

(vacant commercial lot)

 

 

3) Busay, Lahug, Cebu City, Cebu 85788 1,024.00 Sq M 307,200.00 (I paid 525000 for a 150 sq meter lot in South Hills 3 years ago

(vacant agricultural lot)

 

4) 2nd Street, North Reclamation Area , Cebu City, Cebu 1647 830.00

(reclaimed area)

Lease: Ps30,000.00 per month

 

5) Singson Blvd., Guadalupe, Cebu City, Cebu 55707 379.00 1,800,000.00

(vacant residential lot) (GBTC) (as-is, where-is)

 

6) 22nd Floor, Unit 5, Tower A, Winland Towers C-4149 127.00 3,000,000.00

Condominium, Capitol Site, Cebu City

(three-bedroom condominium unit)

 

 

LAPU-LAPU CITY

 

 

7) Dapdap Road, Barangay Mactan, Lapu-lapu City, 52932 321.00 1,600,000.00

Cebu 52933 321.00

(residential lots)

Lease: Ps1,500.00 per month

 

MANDAUE CITY

 

8) P. Remedios Street, Brgy. Banilad, Mandaue City, 45742 820.00 125,000,000.00

Cebu 45743 174.00

(commercial lots with 9-storey building, 3-storey 45744 174.00

and single-storey warehouse) 45745 1,692.00

45746 900.00

45747 838.00

45748 2,278.00

45749 170.00

7,046.00

 

9) Lot 548 Barangay Opao, Mandaue City, Cebu T-53265 732.00 750,000.00

(vacant residential lot) (I paid 525000 for a 150 sq meter lot in South Hills 3 years ago

Edited by Ilovecebu

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When me and the wife were looking for lots the one we decided on unknown to us was a foreclosed property held by one of the leading institutions in Cebu City. We got the lot for 2,200 peso's per square meter. The lots surronding ours were all going for 2,500 and above and now nearly double that, for the simple reason these empty lots are half a kilometer from the newly built Coastal Road. So yes, you can get a deal on foreclosed properties from my experience.

 

 

 

Sir can you give me the contact number of that bank manager please?

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My wife Jenny, and I also considered buying a foreclosed property, we managed to get lists of foreclosed properties from the following establishments: D.B.P., Land bank, P.N.B. and Pag-ibig Housing corporation[HMDF]. in fact most if not all Banks, will provide you with such a list if you simply ask.

 

For example our Bank, "Metro Bank "[ Manalili Branch] has a folder hanging on the wall just inside the door displaying all there foreclosed properties and lots.

 

The reason we did not pursue this option was simply time scale, we had been looking for a property here for sometime prior to our funds becoming available from the UK.

 

The procedure for applying to purchase a foreclosed property was a blind bid, the bid was made against a figure provided by the bank as the minimum amount that they would accept.

You were then required to provide a 10% deposit of your bid to the bank and await there decision.....this was the point that I pulled out, we were told that all bids were then sent to the Banks HQ, where they would be assesed at the next foreclosure meeting, now this meeting could be 3 months away..... so effectivly, you are on hold during this entire period.should you find another property during this period you cant pull out, and if your not succesful with your bid you have wasted 3 months. so the idea is great if you can afford to wait.There certainlyare some terrific deals,

 

 

 

Hello sir John,

 

There are a lot of properties for sale. like our own overlooking to the marigondon and mactan channel. If you will consider my proposal you can call me at 236-6055 for details.

 

Regards,

 

Jenny Castillo

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