Purchasing foreclosed properties in the Philippines is a smart real estate investment for the modern Filipino homeowner. Foreclosed properties are an excellent real estate investment for low prices on condos, townhouses, and even house and lot packages!
Not only may foreclosed properties save you money, but they can also save you the hassle that comes with the lengthy process of purchasing real estate.
Foreclosed Properties in Metro Manila and Provinces
We already covered how a property becomes foreclosed and whether buying a foreclosed home is a good deal in our September article of Pag-IBIG Foreclosed Properties.
We’ve done the legwork for you and compiled a list of Pag-IBIG Fund foreclosed homes in Metro Manila and nearby areas.
National Capital Region
Tips for Buying Foreclosed Properties
Here are some pointers for getting the best foreclosed properties:
1. Only work with reputable brokers.
Some buyers may opt not to engage in a purchase right away. Choosing a reputable and trustworthy broker or agent can help you avoid complications during the transaction. They can check the property for you, prepare all of the necessary documentation, and ensure you get the best offer possible.
2. Have extra cash.
Prepare financing and think about the ideal payment arrangements now that you’ve decided which foreclosed property to buy. You have the option of using in-house finance, bank financing, rent-to-own, or Pag-IBIG financing.
But don’t solely rely on loans. The capability of making a down payment on the spot, especially in real estate auctions, determines who gets the property. You might also earn a bigger discount if you do this.
3. Know the auction process.
If you’re dealing with a bank or a private lender, make sure you understand the terms and have all of the necessary documents.
4. Know your fees.
Prepare extra money to cover extra fees such as notarial fees, registration fees, transfer taxes, and documentary stamps taxes, in addition to the down payment, the rest of the selling price, and the necessary repairs. You will have to pay monthly association dues if you purchase a foreclosed condominium.
5. Make sure that you can pay.
There are a variety of financing alternatives available, including mortgages and bank-to-bank sales contracts. It’s preferable to get prequalified for a loan, although contracts to sell can be more flexible for buyers. Whatever it is, be sure you’re financially prepared.
Purchasing foreclosed properties may appear risky due to the fact that they are sold “as is,” but by learning what to look for, you can easily find the property that will become your dream home.
6 Tips on Buying Foreclosed Properties. (2020, July 27). Money Sense. Retrieved November 20, 2021, from https://www.moneysense.com.ph/6-tips-on-buying-foreclosed-properties/
RadioWealth Finance. (2021, August 3). 5 Smart Tips on Buying Foreclosed Properties in the Philippines. Easy Business. Retrieved November 20, 2021, from https://blogs.rfc.com.ph/2021/08/03/5-smart-tips-on-buying-foreclosed-properties-in-the-philippines/