Pag Ibig Fund Foreclosed Properties
As housing prices continue to rise every year, homeownership feels more and more like a distant dream. But it doesn’t need to be. With Pag-IBIG Fund foreclosed properties, you can purchase an affordable property with ease and even avail of lower monthly amortizations if you finance your purchase with a Pag-IBIG housing loan.
Pag-IBIG foreclosures are properties acquired from delinquent borrowers who failed to settle their monthly loan repayments. These properties become foreclosures, which Pag-IBIG then sells through three different methods to generate income.
The first method is by giving owners a grace period to buy back their property. If they fail to repurchase it within the specified period set by Pag-IBIG, then the property will go up for public bidding. If the property remains unsold after the auction, then it’s arranged for a negotiated sale where potential buyers can expect a considerable discount of almost 30% off the purchase price.
Should you buy a Pag-IBIG Fund foreclosed property?
Since Pag-IBIG fund foreclosed properties sell below market value, they’re much more affordable than new properties on the market. Buyers are sometimes eligible for significant discounts that slash prices even further. You’ll benefit most from purchasing these properties if you can’t afford to buy a house under traditional circumstances or if you’re committed to purchasing a property in a prime location, which is usually quite expensive.
These properties aren’t just advantageous for aspiring homeowners; they’re also a worthwhile asset for investors. Investing in a Pag-IBIG foreclosure allows you to buy low and sell high, or lease the property to make a steady income. You can also maximize your investment by purchasing real estate in a strategic location since you can look forward to appreciating property values before you decide to sell.
Median price of the foreclosed properties
The median price for Pag-IBIG Fund foreclosed properties is roughly Php 5,000,000. You’ll find reasonably-priced foreclosures in the Php 1,000,000 to Php 3,000,000 range in provincial areas like Cavite and Rizal or the far south of Metro Manila in Paranaque. More expensive luxury properties that cost upwards of Php 12,000,000 are usually situated in the city center, in significant commercial and business districts like Quezon City, Makati, Pasig, and Taguig.
Available offer types
Whether you want a compact condominium unit or a spacious house-and-lot, there’s a Pag-IBIG Fund foreclosed property for your every need and preference. You may also find foreclosed commercial buildings, parking lots, and residential and commercial land for sale through this method.
Purchasing Pag-IBIG Fund foreclosed properties is the perfect way to make your homeownership dreams a reality, but it’s important to remember that this method isn’t risk-free. Since these properties are sold on an “as is, where is” basis, you might end up with a property that costs more money to repair than it was to buy. In some cases, the previous tenants may not even want to vacate the property, so you might encounter difficulties under these circumstances.
Doing your homework and ensuring that you’re getting your money’s worth ensures that you acquire the best possible home for you and your family.