How To Buy Foreclosed Condos In The Philippines

Buying properties in the Philippines can be complicated. However, it can be somewhat easier to buy foreclosed condos than new ones, especially if you get a unit from Robinsons Bank.

Below are the steps to purchasing a foreclosed condominium in the Philippines. The steps can vary slightly from situation to situation, but you will generally need to do the following:

• (Recommended) Think about financing

  Financing can greatly expand your available options and make it easier to pay off your new purchase. Robinsons Bank offers easy payment terms that make it simple to purchase your next home or your next investment. You can start talking to a Robinsons Bank representative about financing even before you’ve decided to pick your next home.

• Look for foreclosed condo listings

  You might find foreclosure listings on newspapers as well as several places online, but these aren’t always updated. Be sure to visit Robinsons Bank’s foreclosed condominiums page for the latest listings. You can also talk to a Robinsons Bank representative to find out if there are properties that are about to be listed that are not yet online.

• Consider auctions or negotiated sales

  Not all available foreclosed condos can be bought the same way. Some are only available through negotiated sales while others can be bought at an auction.

  Auctions are a great way to purchase properties at very low prices, so this may be a good option if you’re purchasing a foreclosed condo as an investment or if you want to try saving even more on your budget.

  While there may be exceptions, auctions typically have a “buy now” price which you can pay to make an immediate purchase, as well as a “floor bid” price, which is the lowest price that will be accepted for the property at an auction.

• (If buying at an auction) Submit application and bid forms

  If you decide to make a bid for the condo, you will be asked to fill out application and bid forms. If you pay the “buy now” price, if available, bidding ends immediately and you can proceed with the rest of the paperwork, which will be facilitated by a Robinsons Bank representative.

  If you decide to bid, you will have to state the amount you want to bid on the bid form. The amount should be at the floor bid price or higher. Because the best units will be hotly contested, you will, in most cases, want to bid somewhat higher than the floor bid to ensure winning.

• Make a refundable deposit

  Before your bid will be considered, you will have to make a refundable deposit to the bank. The amount may vary depending on the property. This is meant to deter joy bidders from disrupting the auction. If you win the auction, the amount deposited will be deducted from the total amount to be paid and you can proceed with the rest of the payments. If you lose the bid, the amount will be returned to you.

• Wait for the bid results

  A set number of business days after the auction day, you will be informed by a Robinsons Bank officer over the phone or by email whether or not you have won the bid.

• Complete your documentation and title transfer

  After you have won the auction or if you have chosen to purchase the property outright, you will have to complete several documents. At this stage the Condominium Certificate of title attached to the property and other related documents will also be transferred to you.

  You will also have to visit the Register of Deeds, Land Registration Authority, and Bureau of Internal Revenue offices relevant to your newly-acquired condo. You will also need to pay registration fees, transfer fees, and taxes on your purchase. Your assigned Robinsons Bank officer will be ready to help you each step of the way.

  The process of acquiring a foreclosed condo can be a bit complex for a first-time buyer but it’s relatively straightforward. Robinsons Bank representatives will also be happy to assist you through every stage of the process, ready to answer any questions you might have.

Bank Foreclosed Condominiums

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