Comments on: Real Estate Property Investment Tips

By: meynard

meynard — Fri, 30 Dec 2011 16:56:22 +0000

salamat po dito… at naliwanagan ako just like yung mga articles dito.

http://www.pesorepublic.com/db/property-and-real-estate/

By: Lloyd

Lloyd — Sat, 13 Aug 2011 16:38:32 +0000

Hi, I read the books of Robert Kiyosaki andd for those who had read this especially in his cashflow game. Ask ko lng po kung yung style nya ay applicable sa sa atin? lalo na yung Downpayment tapos after a year pa young full payment. Or sana mapaliwanagan nyo ako dito.thanks

By: Tyrone

Tyrone — Tue, 19 Apr 2011 18:14:10 +0000

Hi Marj, yes you should start to go to banks to get the latest copy of foreclosed properties. Yes, you’re right, you can also go to the city hall as they regularly conduct an auction for those properties with delinquent tax payments. I can refer you to my friend, Jay Castillo as he is the expert when it comes to foreclosed properties. He is the owner of foreclosurephilippines.com

By: Marj

Marj — Tue, 19 Apr 2011 16:11:11 +0000

hi, i’m seriously considering purchasing a foreclosed residential lot somewhere in pasig or mandaluyong. how do i go about this? should i start in banks? or the city halls? thanks for your inputs

By: mutuelle

mutuelle — Sun, 01 Nov 2009 21:08:36 +0000

Thanks for your post !

By: admin

admin — Sat, 27 Dec 2008 09:10:53 +0000

You’re correct Jay. The Sheriff handles the foreclosure proceedings. He will gather as much bids as possible for the auction. Then the winning bidder will receive a “Certificate of Sale” as a proof that he indeed won the bid. I’ve been involved in a foreclosure proceeding before when I was tasked to foreclose chattels.

By: ph_investor

ph_investor — Sat, 27 Dec 2008 01:43:41 +0000

@John, you might be referring to the first auction before a property becomes a bank acquired property. I’m not exactly sure what they call this auction though. What I do know is that if there are no other bids higher than the first bid set by the bank, the property becomes a bank acquired asset and these are the properties they auction later. Notices for these types of foreclosure auctions are normally posted at the registry of deeds and at the RTC’s usually beside the city halls. I got this info from a lawyer who used to handle foreclosure proceedings for a certain bank.

By: admin

admin — Wed, 24 Dec 2008 01:05:09 +0000

Hi John, no. The foreclosure of properties is done by the bank and not by the register of deeds if it’s a BANK LOAN since the property was mortgaged to the bank. The Municipal Hall does not forecloses property but instead it would be subject for auction just in case the property taxes were unpaid for several years. For the foreclosure of properties done by the bank, yes, a commission will be paid to the auction officer depending on the winning bid amount.

By: john m. ortiz

john m. ortiz — Wed, 24 Dec 2008 00:56:51 +0000

thanks Admin for your response… I have another question about foreclosed properties: before foreclosure of collaterals to bank loans, the Register of Deeds normally do an auction sale somewhere. How do I participate in the auction sale? Is it true that a commission rate is paid to the auction officer for the property before it is awarded to lucky bidder? Thanks again.

By: admin

admin — Fri, 19 Dec 2008 00:31:01 +0000

Yup, I agree ph_investor.

By: ph_investor

ph_investor — Thu, 18 Dec 2008 15:45:42 +0000

Banks maybe shrewed and clever, but as investors, we should be more shrewed and more clever. Don’t settle for the discount given by banks. Dictate your discount by making offers at 60% to 50% off their selling price. You’ll be surprised, try it!

By: admin

admin — Mon, 15 Dec 2008 11:45:13 +0000

Hi John, first of all you should check if the foreclosed property is still subject for redemption. In my experience, the internal appraisal of the bank is lower than most of the external appraisers. This is because they are conservative. If the property was bought thru a bank loan, then the lower the bank’s internal appraisal, the lower will be it’s loan value. Usually, they give 70-80% loan value based on their internal appraisal. They could be selling it at 20-30% discount but take note also that the property may need some major renovation which is why they are giving it at that discount. In my experience, banks are shrewd and clever. They won’t give it at a loss unless they are experiencing a major liquidity issue on their balance sheets.

By: john m. ortiz

john m. ortiz — Mon, 15 Dec 2008 11:19:22 +0000

Is there a way to determine the fairest value of a foreclosed property? If the buyer considers the loan value of the property of the bank’s appraised value, their selling price could be at the 40%-up discount.

By: admin

admin — Sun, 07 Dec 2008 05:23:09 +0000

@Angel Cuala: Thanks.

@ph_investor: Yup, a personal property inspection should also be included in the list. Although, this might be already included in the appraisal report, however, some minute details might be left unnoticed by the appraiser.

By: ph_investor

ph_investor — Sat, 06 Dec 2008 16:17:11 +0000

This is a very comprehensive list. I would like to add that you should also check the condition of the property well. For example, water stains could indicate a major repair that could cost a lot. A recent foreclosed townhouse I inspected had water stains that turned out to be a major repair that would have cost me at least half a million pesos. Thank God my contractor spotted this and I didn’t buy the property, though it seemed like a bargain.