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Foreclosed Properties
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Has anyone actually acquired a PAGIBIG foreclosed property in the Philippines? How was the experience with the acquired property, with the neighborhood, with the previous owner of the house, any hidden fees, etc?
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Funny you should asked. My wife and I just finished up on a foreclosure this week. We did the bidding on Friday Jan 17th and was given notice the following Tuesday we won the bid. We dropped by the office to “accept the awarding of the bud" and collected the list of required paperwork. The fees you need to pay are clearly listed and you have about a week I think to pay, I think we paid 8k. Once your documents are turned in and processed you will be given the key so you can enter the property. All you do then is wait to sign the loan papers. I might add. You are not allowed to go inside the house before you bid but you can look thru the window. Talke to the neighbors, they will tell you what you need to know about the previous owners. We found out our house was owned by a older couple who bought it new, it was to be a vacation home. It's been completely finished inside but seldom used. And on top of that my bid was half of what the asking price was. I hope this help.
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I had invested in a pre-foreclosure property. At the time I was sleeping on the floor of my office until I found this property listing. It was for a townhouse in a newly built neighborhood. Long story short the developers built all the homes and their original natural water tap failed so they needed to drill and that job took a whole year. Many people already moved in and they trucked in water a few times a week. It was a huge inconvenience. I was told the problem was going to be fixed in a matter of days before I signed. With that said I’m still happy with my investment as I’ve remodeled the whole home and will surely reap rewards in the near future. The only fees was the Agent & Lawyer fees. A real estate lawyer would have been necessary either way to write up the paperwork to assume a mortgage. The Agent not so much. In all fairness they did post the ad and show me the site so that is knowledge and they got paid but I know now to just go directly to the neighborhoods direct for information about home foreclosures.