Lamudi features just about every type and price of foreclosed properties for sale in the Philippines with prices ranging from PhP 89,000 to PhP 675,303,000.
There are over 5,000 foreclosed properties for sale in the Philippines located in different parts of the country. Within Metro Manila, Quezon City is among the areas with the most number of foreclosures. Outside the metro, Cavite, Rizal, and Laguna are the hotspots for foreclosed properties.
Commonly sold on an “as is, where is” basis, a foreclosed property has a lower-than-average price, not necessarily because the property is not good, but mostly because it may need a little bit of work which the buyer will eventually have to spend on.
Foreclosed properties for sale in the Philippines are not limited to lots. In different parts of the country, these assets may take the form of houses and lots, lots with existing structures, and condominium units.
Banks commonly acquire foreclosed properties if the prior owner has failed to pay the mortgage on the property. The financial institutions will then sell these “non-performing assets” at lower-than-average prices to earn profit as soon as possible and avoid the cost of maintenance and repairs. That said, some buyers are apprehensive of buying foreclosed properties because others think that “unbelievably affordable” properties are tied to several issues.
On the contrary, when looked into diligently, foreclosures can be a wise investment for buyers looking for an affordable place to live in or profit from. These properties are available in just about every part of the Philippines. Most of them are located in places like Cavite, Rizal, and Laguna, but you will also find many options in Metro Manila and provincial cities like Bacolod.
Various types of foreclosed properties for sale in the Philippines include some of the most affordable ones are vacant residential lots, followed by houses and lots for sale in provincial areas and condo units in the metro.
As mentioned above, you can find foreclosed properties for sale anywhere in the Philippines. Let’s say you want to purchase one in Metro Manila. Here are the landmarks and establishments that will be closer to you once you move into your new home:
SM Mall of Asia
Uptown Mall Bonifacio
Power Plant Mall
Venice Grand Canal Mall
Greenhills Shopping Center
Hospitals and Clinics:
Chinese General Hospital and Medical Center
Philippine General Hospital
Olivarez General Hospital
East Avenue Medical Center
Philippine Heart Center
Schools and Universities:
Jose Rizal University
Bloomfield Academy Center for Science and Technology
Pamantasan ng Lungsod ng Maynila
St. Paul College
Good Shepherd Cathedral School
Condominiums and Subdivisions in Metro Manila:
Green Meadows Subdivision
There are over 5,000 foreclosed properties for sale in the Philippines. These properties include lots, houses and lots, and condominium units. If you want to own one, it is best to prepare a budget of PhP 89M to PhP 675M. Of course, though foreclosed properties are sold at more affordable prices, remember that these foreclosed properties are sold on an “as is, where is” basis. Meaning the buyers accept these properties “with all their faults.” Since these properties will likely require fixes here and there, it’s ideal to buy foreclosed real estate that costs a little less than your buying budget. This ensures that you will have extra cash for possible repairs and improvements.
One of the reasons you should invest in foreclosed properties in the Philippines is that you will save money and time. Since these properties are sold at a lower price than the market value, you can be a property owner even if you have a limited budget. Suppose you can find a ready for occupancy foreclosed property in the Philippines, such as a house and lot that is in good condition. In that case, you also save time because you can move into your new home immediately instead of waiting for months or years before it is completed or repaired.
When dealing with foreclosures, and real estate in general, it is also important to practice due diligence. Ideally, you would want the help of a trusted real estate professional for this endeavor. Apart from checking the property’s physical features, it is also crucial to look into its history and learn how it went into foreclosure in the first place. This can help you uncover underlying issues that may be present, including legal matters related to the property.
To avoid the risks associated with foreclosed properties, buying from known financial institutions and their accredited brokers is worth considering. Clean titles and complete property histories are available from the aforementioned sellers. If the buyer needs to get a property loan to complete the purchase, banks can readily offer this as well. However, note that this does not lead to a discounted property price or any changes to the loan terms.
Buying from financial institutions also ensures that you will have several options to look into. Meanwhile, working with real estate professionals could help you find a foreclosed property that best fits your budget or the one that requires minor fixes.
There’s a lot you can do with foreclosed properties. For one, you can improve it and resell it at a higher price or lease if you want to move into another new home. Leasing your property is an excellent way to earn passive income, primarily if it is located in a prime spot in the metro or tourist destinations.