Reasons You Should Get Foreclosed Condos

The Philippine real estate market is currently experiencing a boom, and this has led to increased property prices in most cities. This has made it difficult for some people to find a condo unit that will suit their needs.

The foreclosed condo market, in contrast, gives several different benefits that you couldn’t always get by buying new. Here are some of the different benefits of buying foreclosed condominiums:

• Affordable prices

  As we mentioned earlier, the Philippine real estate market is on a boom which has priced most condominiums too high and away from the reach of many Filipinos. Foreclosed condos tend to be priced substantially lower, which makes them accessible to many who dream of owning their own home. Those who already have homes and need to move elsewhere may also find that the lower prices of foreclosed units are the perfect way to simplify their move to a different area.

• More transparency

  A high level of transparency is expected from financial institutions such as Robinsons Bank, which means you can expect bank officers to be open about the state of the foreclosed units. This level of transparency is not always expected of real estate businesses or individual property sellers. This means it’s usually easier to trust a bank’s assessment of a property compared to assessments made by other parties.

• Solid investment opportunities

  Everyone wants to earn a passive income, and renting out condominiums has proven a popular way to do this in recent years. Many are also now in the business of buying and improving units so they can be sold at a profit. Unfortunately, the initial cost of purchase can be a heavy burden that prevents many from making these investments.

  Foreclosed condos, on the other hand, greatly reduce the barrier for entry for would-be investors due to their relatively low prices. By looking into Robinsons Bank’s collection of foreclosed condominiums, you may be setting yourself up for an investment that will pay off for years to come.

• Properties from all over the country

  The current economic boom has greatly expanded major urban centers throughout the country with thousands of job opportunities being created in different cities each day. If you’re planning to permanently move to a different city, you might find that a foreclosed condominium might just be the thing to get you settled in a different part of the Philippines.

  Check out Robinsons Bank’s listings to find all the best foreclosed properties in the country.

• Simple payment terms

  Payment plans for foreclosed condos are typically more straightforward than they are for brand new units. It’s also possible to negotiate lower prices or easier payment schedules. While negotiations with real estate companies are possible when buying new condos, you’re less likely to get a generous an offer as you would from a bank selling a foreclosed property.

• Lower down payments

  Not only are foreclosed properties usually priced lower than new ones, down payments tend to be much easier on your bank account as well. Typical down payment rates of foreclosed condos as of writing are typically at around 5-10 percent of the condo’s current selling price, which is often lower than fair market value. Compare this with the 20-30 percent down payment often needed for new condos, which are typically valued higher.

• Foreclosed condos can also be financed

  Yes, you can also finance the purchase of foreclosed condos just as you could with a brand new one. Robinsons Bank offers financing that can make already affordable foreclosed properties even easier to own. Financing can also expand your options, making it possible to own properties that you may not be able to afford immediately.

Bank Foreclosed Properties

https://www.robinsonsbank.com.ph/acquired-assets/real-estate/condominiums/#:~:text=Foreclosed%20condos%20tend%20to%20be,move%20to%20a%20different%20area.