Here is the RCBC Savings Bank listings of foreclosed properties for their latest Dream Buys Auction which will be held on June 27, 2009, 9:00 AM, at the Development Academy of Philippines (DAP) Building, San Miguel Avenue, Pasig City, Philippines. Take note that the auction is only three days away as I write this post. Again, I apologize for the delay.
As mentioned by Lei in her comment on my post about the Subastahan ni Papa auction which also happens to be on the same date, RCBC has again reduced by another 5% the minimum bid price (MBP) for foreclosed properties that were not sold during their previous dream buys auction held last May 23, 2009. I attended that auction last month but decided not to bid on any of the properties I was considering at the last minute due to other more pressing matters that had to be taken cared of.
This month’s Dream Buys Auction by RCBC Savings Bank still has the same payment terms where 20% downpayment is required and the balance is payable in 10 years. Based on the example on the listing that states that the monthly amortization will be Php1,435.00/mo for every Php100,000.oo that is to be financed, the annual interest rate is 12%. Some would say that the 20% downpayment and 12% annual interest rates are quite steep as compared to other banks, but do take note that RCBC Savings Bank is the only bank I know that automatically reduces their MBP by 5% each month for foreclosed properties that remain unsold during previous auctions. This is one big reason why I keep an eye out for bank listings of foreclosed properties from RCBC Savings Bank.
Included in this month’s Dream Buys Auction are foreclosed properties from Paranaque, Las Pinas, Muntinlupa, Quezon City, San Juan, Marikina, Antipolo, Caloocan, Cainta, Rizal, Valenzuela, Laguna, Cavite, Bulacan, Bataan, Pampanga, Tarlac, Pangasinan, Batangas, Quezon Province, and Cabanatuan.
Click here to download the RCBC Savings Bank listing of foreclosed properties for public auction on June 27, 2009 (Source: Manila Bulletin, June 14, 2009)
As usual, the foreclosed properties are for sale on an “as-is, where-is” basis and Php25,000 show money in the form of cash or MC per property is required. Please refer to the listing for more information.
Happy hunting!
To our financial freedom!
Jay Castillo
Real Estate Investor
REBL#: 20056
Blog: www.foreclosurephilippines.com
Social Network: foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: [email protected]
Hi Jay,
We went to this RCBC Savings auction and was able to get a good bargain for a big lot in Laguna. We were the only ones who bid for the lot and so the broker said, it was now an offer. We went to the property the next day, the broker showed computations. Come Monday, we submitted our documents. Just this monday morning, the bank told us that based on the CI, our bank loan for 5 years at 12% is good. We were asked to go on Wednesday to sign some documents. That same aftrnoon, the broker called us and told us that our papers are on hold. It seems that the bank official who supposed to sign the papers, wont sign becuase the published price quoted on the auction was too low. So now, our papers are on hold, the banks wouldn’t give us a definite answer and they’re dilly-dallying and even broached the idea that the price will be higher. This is making us angry because we did everything by the book and just because they made a mistake in the price, we are the ones going to suffer. Technically, a “SALE” was already involved because there was already a “meeting of the mind” in terms of price. I’m thinking of making a legal action. Sometimes, it made me think that probably the old wive’s tale regarding buying foreclosed items are true. That somehow, there’s bad luck/omen attached to it.
Thanks. Just venting out.
Hi Fraulein,
Sorry for the late reply, what’s the status right now? I’ve heard of something similar before where there was a typo error on the list price for a property and somehow the error in the price was discovered only after the auction, after it got sold. When the bank eventually learned about this, they just returned the money of the buyer and let-go or fired the person responsible for error. I guess these things do happen which is why you’ll often notice that the fine print for foreclosed listings/auction announcements often include “MISPRINTS ARE NOT MISREPRENTATION OF ANY PROPERTY…”.
Anyway, my opinion on this is that errors in pricing should never make it through auctions as they should be able to catch it before the property gets sold(which in my opinion makes it final). I suggest you keep the communication lines open to come up with a win-win solution for all parties. I’m sure the bank would not want to lose their credibility as well as this might discourage buyers like us.
As for the old wive’s tale which says buying foreclosed properties have bad luck/omen attached to them, they are just that, old wives tales, which might become self fulfilling prophecies if we believe them. 😉
Hi Mr. Castillo
where do you get feeds on list of biddings? I have been hunting for good real estate deals this past few months. Finding one is not an easy task but I am sure that i will be worth it, specially if it will bring you income for the rest of your life.
I bookmarked your page. Hope you can email me new tips on good leads regarding foreclosed properties and where to know upcoming biddings. Thank you very much.
JC
Hi JC, my sources of listings are e-mails from banks, from classified ads, and from my family/friends who send me listings that they happen to see. It really is a numbers game and you just have to be persistent in looking for and analyzing the numbers for the foreclosed properties you get. If you keep at it, you will begin to see good and great deals that you never thought existed! The key really is to be doing this consistently.
As for the tips, I have a lot in my mind, I just need to write them down and share them through this blog. One challenge I currently have is I am still working full-time and most often than not, by the time I get home, I am already too tired and fall asleep. I look forward to getting out of the rat-race as I believe I can share more information and tips to everyone!
If you subscribed through e-mail, you’ll surely receive these tips in your inbox. Thanks for visiting and I wish you successful investing!
Hi Snow, thanks for dropping by. I really like reading your blog! I just have to set aside some time to come up with my list of my top 10 emerging influential blogs. Yaiks, I only have 4 weeks to write it. Thanks for making it easier for me to come up with the list. 😉
Interesting read. Would love to have a new property soon if I have enough money.
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I blog the news, the bloggers, commentaries and everything in between. If you have time, please visit my blog.
Sincerely yours,
Snow
http://dearbloggery.com