It’s already the 225th Special Public Auction of UnionBank foreclosed properties, and it shall be on November 22, 2014, Saturday, 9:00am, at Function Room No. 1, 28th Floor, UnionBank Plaza, Meralco Avenue corner Onyx Road, Ortigas Center, Pasig City, Philippines.
Actually, UnionBank will have two auctions on this day. The first will be the Special Public Auction for foreclosed properties in Luzon. The other is the auction for brand new AMALFI house and lots which will follow immediately after the Luzon/Metro Manila auction.
As always, interested bidders are reminded to come early to have enough time to register and fill-out all required forms. Bidders are expected to have done proper due diligence prior to the auction.
Access the list of UnionBank foreclosed properties and view other details
To access the complete listing of Unionbank foreclosed properties and to view other details like payment terms, minimum downpayment required, interest rates, etc., just visit the following page:
UnionBank Foreclosed Properties Auctions and Listings (Metro Manila/Luzon/Amalfi)
Source: Ronald Panganiban, Asset Recovery Officer – Union Bank of the Philippines
Happy hunting!
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To our success and financial freedom!
Jay Castillo
Real Estate Investor
PRC Real Estate Broker License No. 3194
Blog: https://www.foreclosurephilippines.com
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Text by Jay Castillo and Cherry Castillo. Copyright © 2008 – 2014 All rights reserved.
Full disclosure: Nothing to disclose, we won’t be able to attend this auction as we will be attending the Kerygma Conference 2014.
P.S. Are you looking for a property to buy? In addition to foreclosed properties, are you also considering Pre-selling and Ready For Occupancy (RFO) properties? If you answered yes to any of the previous questions, help is available for you. Just click on the following link to get assistance with finding a property: Find a property
Hi Mr. Jay,
First of all, I want to thank you for sharing your experiences regarding real estate investing. Your a grea insipration. Currently I’m an employee and also seeking and considering several ways to escape from the ‘rat race’ then I landed on your site. I read(and still continuing) your articles and I learned alot.
My question is, as I started picking up some residential condo unit from Unionbank’s list that is within my budget, I noticed that all of the units that I picked seems to be expensive or of equal value as I research the property on some classified ad sites. For example, the
GA Tower 1 (Mandaluyong City) with FA 37sqm. Unionbank’s price is 2,560,000
while I could see some seller in OLX:
2,550,000.00 for FA of 45sqm
2,400,000.00 for FA of 40sqm
both are posted by different seller and fully furnished.
Another one:
QUEZONCITY-One Orchard Road Condominium
Unionbank’s price: 2.6M; FA: 36sqm; 21st floor
OLX: 2.372M; FA:36.5sqm; 33rd floor. (funished)
I thought foreclosed properties sold by banks is less cheaper or equal than market value. Can I conclude that they also sell overpriced properties? If I’m the buyer I definitely choose seller from olx.
My next question is, is it still feasible for this kind of investment since for example, I bought the One Orchard Road Condominium unit from Unionbank worth 2.6M. At 10% DP, 11.5% annual interest for 15 years, my monthly ammortization is 26,500php. Which means, I have to find a tenant that is willing to pay 30k or more (including assoc dues + taxes) in order to have positive cash flow. But upon searching some sites, I could see renting out their space with same condo building, same floor area, fully furnished renting out 18k/month. If I will be renting, I’ll definitely choose the latter because it’s way too low compared than 30k.
And also, is there an entrance fee for ‘watching’ Unionbank’s auction. Watching because I just want to see how is it inside. Sorry if my questions are many. I hope you could help me.
Thanks!
Hi Luther,
Thanks for the comment and for sharing your observations for this listing. You really can’t assume all of the properties here would be cheaper. Most would be more expensive compared to other properties for sale out there, but it would also be wrong to assume you can’t find cheap properties. If that were the case, none of the foreclosed properties will ever get sold.
Case in point, just about every time I attend Unionbank’s auctions, a number of properties do get sold, and further analysis of those that got sold would reveal that they were good buys that were below market value. So there were good deals, and a number of bidders found them.
Actually, the key is finding those few good deals which are outnumbered by those that are not so good. Simply put, not all foreclosed properties are good deals. You can read more about my article about this subject here: https://www.foreclosurephilippines.com/are-foreclosed-properties-good-deals/
The same applies for rentals, not all can produce positive cashflow, and you cannot impose rental rates above current market rates to produce positive cashflow, so you just need to keep looking, because they do exist, but they are few and often end up getting sold fast.
Lastly, you can attend the auction for free as an observer, subject to seat availability, although sometimes it depends on who you ask as some bank officers from some banks do not like entertain observers. 🙁
Thanks again for dropping by and sorry for the late reply, been busy with something. 🙂