Foreclosed Assets and Home Loans by Robinsons Bank
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  • Quick Guide by Robinsons Bank
    Loren Encarnacion
    in General Discussion
    Posted Nov 12, 2019
    1. 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

    Look for foreclosed condo listings

    Consider auctions or negotiated sales

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

    Make a refundable deposit

    Wait for the bid results

    Complete your documentation and title transfer

    1. What Do I Need Before I Can Buy Or Lease Vacant Lots

    Leasing or buying repossessed vacant lots and other foreclosed properties can be summarized into three steps.

    1. Find the property you want to buy and contact the seller to make an agreement.

    2. Prepare all necessary documents and pay all fees and taxes.

    3. Pay the full amount or agree upon the payment terms with the seller.

    Of the three, the second one requires the most effort. You’ll need all documents sorted out in order to proceed, including the transfer certificate title or TCT, deed of absolute sale or DOAS, and other documents. You also have to pay transfer taxes and other applicable fees. Note that in the Philippines, foreigners cannot own land but can own condo and apartment units. The most viable option here is to lease the land, which can last up to 50 years and is renewable for another 25.

    It’s not required for you to work with a broker, but it can make the process much smoother. They’ll help you every step of the way, especially with acquiring the legal requirements that might take up much of your time. In addition, they’ll be able to explain to you any legal jargon in much simpler terms.

    1. How To Acquire A Foreclosed House And Lot In The Philippines

    There are two (2) main avenues for purchasing foreclosed house and lots in the Philippines. The first is through lenders like private banks. These lenders list foreclosed house and lots on their website, and interested buyers can get in touch with them to negotiate the price of the property. The second is through government agencies or banks like Home Development Mutual Fund (HDMF or Pag-IBIG Fund), SSS, Bangko Sentral ng Pilipinas (BSP), or Land Bank, which hold auctions for foreclosed properties.

    The process for acquiring a foreclosed house and lot vary depending on the bank or agency you are planning to buy from.

    Lenders typically post an updated list of foreclosed house and lots on their website. This list often includes the following information: the general location of the property, its exact address, lot area, floor area, and the suggested price of the house and lot. Foreclosed properties are sold on an “as is where is” basis.

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