Fool-Proof Tips to Buy Foreclosed Properties in the Philippines

1. Do your search carefully.

Start by looking for legitimate sellers of foreclosed properties. Some real estate brokers and brokerage firms are accredited to offer foreclosed assets and may offer you the best deals. Other common places to look for foreclosed properties in the Philippines include:

• Banks

• Lending institutions

• SPAV companies (Special Purpose Vehicle Act of 2002)

• Government financial institutions (SSS, Pag-IBIG Fund, National Housing Authority).

2. Consider property auctions.

Another venue where you may find foreclosed properties is through property auctions. These events are organized by banks or real estate brokerages. The properties included in auctions are not usually listed on property listings. Aside from finding more options, property auctions are a chance to personally talk to an agent so you can ask questions, get their advice, and be guided about the buying process.

TIP: Prepare extra cash when attending property auctions. You’ll have a better chance to acquire the foreclosed property you’re eyeing if you can make an attractive offer or provide the downpayment on the spot.

3. Prequalify for a housing loan.

Another edge that you can have over other buyers of foreclosed properties is if you are already prequalified for a housing loan either by a bank or financial company. This will create the impression of a good credit rating and the readiness to buy a property anytime. Aside from getting greater seller preference, your pre-approved loan will also help you stick to a certain budget.

4. Seek professional help.

As an ordinary property buyer or investor, it would be possible to miss out on important factors that you need to look into. Some things may also require professional judgment to ensure that you’ll get the best value from your money. Seek professional help to check the title and other documents or to assess the actual condition of the unit. Getting the help you need will prevent the risk of acquiring a problematic asset.

5. Schedule an inspection.

It is a must to check the actual property. Take a look at the condition of the unit, the feel of the location, and the overall atmosphere in the neighborhood. A transaction as huge as buying a property is worthy of your time and effort so make sure that you’ll schedule an inspection.

6. Research its market value.

Real estate properties have the potential to turn in huge profits. However, you also have to do your part to ensure that its cost isn’t more than its actual value. Here are some of the steps that will help you find the market value of a property:

• Head to the BIR’s website to check for the zonal values of your area per square meter

• Get an estimate by checking the prices of the properties in the same location

• Check property listings in your location

Bank Foreclosed Condominiums

There are advantages to buying foreclosed properties in the Philippines. But along with those are some potential issues that you need to keep an eye on. You may get the best deal from a foreclosed property but it will require a good deal of effort and due diligence to stay away from problems.

Whether you’ll buy a foreclosed property for personal use or to sell it at a higher price, a real estate investment promises huge profit. As always, it is best to transact with legitimate sellers or trusted real estate developers to make sure that you will reap the fruits of your hard work.

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