When we started buying and selling foreclosed properties, we learned that it can get quite complicated. Worse, it can actually become problematic, very costly, and full of regrets. Because of this, we decided to share what we learned to help people avoid the common problems and mistakes related to foreclosed properties in the Philippines.
We document our experiences and lessons learned from the foreclosed properties we purchased, and also the real estate transactions of our friends and clients (when we were still active real estate brokers) where we were involved as partners and/or brokers.
Jay Castillo
Hi, I’m Jay Castillo. I experienced a lot of challenges when I started with foreclosed property investing. Thanks to mentors, friends, and a lot of patience, I was able to overcome most of those challenges.
Because of real estate, I was able to quit my job from the corporate world (I was an I.T. professional back then).
The journey continues, and through this blog, I’ll share the lessons I have learned along the way.
How I got started
Here’s a short video of how I got started with investing in foreclosed properties (and my first foreclosed property purchase):
~~~
Why I got started with foreclosed real estate investing
I was an Information Technology professional before I decided to go full-time with real estate investing and internet marketing.
Way back in 2006, a year after reading the book “Rich Dad Poor Dad” by Robert Kiyosaki, I wanted to quit my job. However, it took me 4 more years before I actually did. I decided to get out of the rat race when I suddenly realized that my job was literally killing me. At such an early age, I was diagnosed with hypertension with no underlying reason. I believe it was caused by severe stress from my work.
Recommended reading: How I Started With Real Estate Investing (And Retired From Being An Employee)
I was an I.T. Manager back then, but by default, I was also the Oracle Database administrator/developer, Information Security Manager/Network Specialist/Server administrator, and Helpdesk Staff (we lacked manpower pretty bad, and this actually lasted for more than 3 years).
This image from richgrad.com best describes how I felt back in the rat race!
With the scenario above, is it any wonder why I wanted to get out of the rat race?! At the back of my mind, I knew that there was more to life than just being an employee that was grossly overworked… for what?! This sustained my passion and desire to venture into real estate investing, and later into internet marketing.
My real estate broker credentials
I reviewed for and passed the November 2007 Real Estate Brokers Exam which was still under the Department of Trade and Industry (DTI) back then. My DTI Real Estate Broker License # is REB-NCR20056(N)-08.
As of March 29, 2011, my application for registration without examination has been approved by the PRBRES and I am now a PRC licensed real estate broker with Real Estate Broker License No. 3194.
To verify that I am a PRC licensed real estate broker, you may use the following procedure:
- Visit the “Verification of Professional Licenses” page at PRC’s website: https://online.prc.gov.ph/Verification
- Use the “Search by name” option
- From the list in the “Profession” box, select REAL ESTATE BROKER
- On the “First Name” box, enter JOSE DIONISIO
- On the “Last Name” box, enter CASTILLO
- Click on the orange “Verify” button
- The verification result will be displayed
You should see something like this:
Tip: You can also use the same procedure above to verify the license of other real estate brokers!
I started this blog last October 31, 2008
When I started this blog, I was more focused on acquiring investment properties that generate passive income through foreclosed real estate investing. My goal then was to surpass my passive income goal before the end of 2009, and then I shall “retire” from active employment and go full-time with my advocacy.
This was exactly what I did, although it came a bit late. I was only able to “retire” from active employment by the end of January 2010. I was late by about a month but I don’t mind that one bit!
Now I’m more active as a real estate broker, although I’m still on the lookout for good deals and opportunities.
I’m currently focusing on buying foreclosed properties for myself, which means I have stopped with brokering properties for now.
The journey continues…
Financial Literacy
I advocate financial literacy as a means to a worthwhile end: becoming financially free!
After one becomes financially literate, the next logical step would be to find other income streams, ideally, the passive ones.
Obviously, one way to do this would be through investing in foreclosed properties in the Philippines.
Why bother to become financially free? To live life to the fullest! Ask yourself, what would you do if money was no longer an issue? Think about it!
Real estate investing for real in the Philippine setting
Another advocacy of mine is to help fellow beginning or newbie real estate investors to succeed with real estate investing here in the Philippines. I do this by sharing what I have learned based on actual experience.
My Goal
In a nutshell, my mission is to be financially free with the ultimate purpose of helping people and my community. My goal is to make a positive difference in the lives of people around me, no matter how small that may be.
The only way I can do this is to share the lessons I myself have learned in my journey to financial freedom. After all, one cannot give what he does not have. I hope to help as much people as I can who are in the same journey.
My Vision
In the perfect world that I envision, I can see a lot of people who are truly rich and financially free. Would you want to be part of that world?
Cherry Castillo
Atty. Cherry Vi M. Saldua-Castillo
Cherry handles the legal aspects and taxation of our real estate transactions. She combines her vast experience gained during her stay at SGV & Co. and expertise from more than a decade of hands-on real estate experience.
She is a Licensed Real Estate Broker (PRC Real Estate Broker License No. 3187) who placed 4th in the March 2011 Real Estate Brokers Licensure Exam. She’s also a Licensed Real Estate Appraiser (PRC Real Estate Appraiser License No. 6918) who placed 8th in the August 2015 Real Estate Appraisers Licensure Exam.
She’s also a CPA-Lawyer (Roll of Attorneys No. 55239, PRC CPA License No. 0102054).
She is the president of the Real Estate Brokers Association of the Philippines, Inc.-Las Pinas, Muntinlupa, and Paranaque Chapter (REBAP-LMP) for 2021-2022. She was awarded “Most Outstanding Chapter President” for 2021.
About the blog
I started this blog as a tool to help me in my real estate investing activities. In this blog, I have all my foreclosed property listings and important websites online, so I have no more clutter and lost clippings of foreclosed properties at home. Old listings are archived and can be accessed as needed … Click here to learn more how the blog started…
Why did I choose the domain foreclosurephilippines.com?
I often get the question “Why foreclosurephilippines.com”? It sounds too negative! It’s like I want to foreclose the whole Philippines. This of course is not true.
I simply chose the domain foreclosurephilippines.com for search engine optimization (SEO) purposes. A lot of people are actually searching for these keywords using Google, which is probably why a lot of people end up on this site!
ForeclosurePhilippines.com runs on the self-hosted Wordpress blog platform and is powered by the Generatepress wordpress theme. Our hosting is provided by Dreamhost Hostgator Siteground Kinsta and I got the domain from GoDaddy.
By the way, I was able to register foreclosurephilippines.com last April 1, 2009, although it took a day before everything got transferred successfully from foreclosedrealestate.blogspot.com.
What we do, why do we do it?
My goal here is to make investing in real estate in the Philippines a bit easier for fellow real estate investors out there. At the very least I want to help make it easier for people to find all available listings of foreclosed properties out there.
At the same time, I want to share real life lessons learned from the trenches, the things you will learn for yourself if you do decide to go out there and invest in foreclosed properties here in the Philippines.
I am not a real estate guru!
I still see myself as a newbie real estate investor, believe it or not, and I don’t claim to be a guru! I still have a lot to learn, who doesn’t?
Without the hype and B.S.
I would like to paint a realistic picture of how this can be done without the hype and B.S… period! After all, investing in foreclosed properties is not a get rich quick scheme!
Raising hope without giving false hope
I keep on saying that real estate investing might be simple, but it is not easy. No, I am not trying to discourage anyone out there, I just want everyone to manage their expectations. It can be done but it would take a lot of hard work and perseverance, at least at the very start.
Even if one is able to create passive income streams, there is still such a thing called maintenance and management of one’s business, which in this case is real estate investing.
I would like to point out that there really is hope that real estate investing can lead to financial freedom, but you have to pay the price. I would not want to give any false hopes that you can achieve success in real estate investing overnight. You need to plant before you can harvest, there are no shortcuts.
Investing in real estate ethically, morally, and legally
I truly believe that we can all invest in real estate in an ethical, morally upright, and legal way. We can do this without taking advantage of other people, and this is the only way for long term success.
Paying it forward
I simply believe that this is the right thing to do. I guess this is my way of paying it forward to all newbie real estate investors out there. A lot of people helped me along the way, and I want to do the same.
You are not alone
If you are new to real estate investing in the Philippines, I just want to let you know that yes, it can be done, and you don’t have to do it alone, because you are not. You are welcome here, enjoy your stay!
Here’s to our success and financial freedom!
Jay Castillo
Real Estate Investor
PRC Real Estate Broker License # 3194
Text by Jay Castillo. Copyright © 2008 – 2022 All rights reserved.
Image source: Richgrad.com
PS. If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.
PPS. If you feel that anyone else you know might benefit from the contents of ForclosurePhilippines.com, please do share this to them and don’t forget to remind them to subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips.
ForeclosurePhilippines.com is owned and operated by Jay Castillo under True North Online Marketing Services.
Good eve po sir, meron po bang possibility next year na pwede e allow mag take ng brokerage exam eventhough hindi graduate ng BS REM but a four year degree holder of other course since I am planning to take brokerage exam next year but not a BS REM graduate. Hopefully maibalik po yong kagaya nuon. Thank you and hoping for your response
Hello po! Pa notify naman po kung nadisapprove yung comment ko. Thanks po
Good day po Sir Jay! Paano ko po malaman if licensed po ang isang real estate?
Good day Irene. If you are referring to the “License To Sell” ng isang real estate project, you can check sa HLURB, through their online inquiries page. Here’s the direct link:
http://hlurb.gov.ph/online-inquiries/
And I am confused of the requirements before taking the licensure examination, do you need to have a relevant bachelor degree(4yrs) or for the minimum you have to take a 120 credit seminar of real estate service providers. Or you should have both?
Hi Franz, at the moment you need to be a B.S. degree holder of a real estate course. The 120-unit CRESR requirement is no longer applicable.
How about having only real estate courses on my 4 year degree but not having a degree related to real estate(Ex:Business Management). Having a bachelor then taking 120 unit CRESR is no longer allowed as a resort? Technically you need to graduate in a school offering Real Estate Management degrees?
Sir jay! What are the qualifications now before taking the brokership exam? I read some posts that says you need to be a degree holder of real estate management. What if I have a full time job? Is the path of studying and earning the license viable and possible for me? And how many years would it take?
nadisapprove po ba yung question ko? ng refresh lang ako ng desktop then nawala na po yung comment ko? 😐 Anyway thank you na lang po ulit.
Ay sorry po, pag hindi ko pa po nasasagot, naka pending po ang comment, yun po ang paraan ko para mas marami ako masagot.
Good day po sir Jay. Nkabasa po ako ng article nyo about tax sa real estate. Pwede ho bang pa advise? OFW po ako and may hinuhulugan po kasi akong bahay for almost two years na rin po, then nagsbi po yung nanay ko na need ko daw po bayaran yung Tax Real estate kasi d daw po ako nagbayad, di po ba automatic na included yung sa monthyl amortization na binabayaran ko po? Pa advise po sana kasi clueless talaga po and gusto ko din talagng maintindihan. Thank you po in advance and God bless.
Kung real property tax/amilyar po ang sinasabi ng nanay niyo, yes po, iba pa po yon sa monthly amortization. Ang amilyar po ay binabayaran yearly or quarterly sa City Treasurer’s office kung saan located ang property.
Ah yun pla yung amilyar. May idea po ba kayo yung range kung magkano po yung binabayaran po? So ibig pong sabihin, responsibility ko rin po na bayadan yun – choice ko po ba kng quarterly or yearly po yung bayad? Salamat po and pasensya na po sa daming questions..
Depende po sa fair market value na nasa tax declaration yung amilyar, eh iba-iba po depende sa lugar. Yes po, yearly po dapat bayaran, pero choice niyo kung quarterly or yearly. May discount po pag early kayo nagbayad ng yearly.
Maraming salamat po sa mga information! Laking tulong po sken. At least my idea na po ako ngayon. Thank u po ulit! God bless!
You’re welcome po!
Sir Jay! Random question po: meron po b kau email address pra masendan ko po ng question?
Hi! Sir Jay, Posible po ba akong makuha ng Foreclosed House And Lot sa San Mateo, Rizal thru pag-ibig na hinde na po ako maglalabas ng Cash? Nang makapag-inquire po ako sa pag-ibig at makita ko po ang site na ito, yung maximum amount na pwedeng ko pong i-loan sa pag-ibig ay labis pa po sa amount ng foreclosure?
Salamat po,
Lito
Malabo po Mr. Benito kasi sa pagkakaalam ko hindi sila nagbibigay ng loan na covered 100% ang appraised value or selling price, kahit yung loanable amount niyo ay sobra sobra. Kung sakali na mababa ang selling price, pero mataas ang appraised value, tapos papayag sila na ang maximum loanable ay iba-base sa appraised value lang, baka po pwede… KUNG papayag ang Pag-IBIG.
Hello po. Pano po mag invest dito?
Good afternoon po, eto po ang pinaka overview kung paano:
https://www.foreclosurephilippines.com/how-to-make-money-by-investing-in/
Good day sa lahat ng visitors ng site n toh..sir jay..ask ko lng..i have an agent kc n ngsell smen ng house..and he told us n ung subdivision eh last 3yrs ago lng..kea kampante kame na bago and good condition ung property n kinuha namen..and nka 8mo n kme na hulog pra sa mo amortization..tinanong ng father ko sa developer nung house kng gaano n ktagal ung bahay..sbi nya 11yrs n daw ung bahay dun..kea ngulat kme..kc different po un sa snbi nung agent..altough hindi p tlga xa natirahan..pero sobrang tagal n po nung bahay..pde po kea namen ireklamo ung agent n ngbenta samen nung bahay..kc di nya snbi samen ung totoo..waiting for ur response sir jay..tnx po..
Naku, hindi po maganda pag hindi nagsasabi ng totoo. Diretso po kayo sa HLURB para makahingi ng advice. Eto po website ng hlurb, paki check na lang po contact details nila: http://hlurb.gov.ph/
Hi Jay, I’m Filipino-Australian living in Abu Dhabi and planning to re-apply for my Philippine passport so I can start investing in the Philippines. I’ve just recently found out about an Australian barrister & solicitor/ debt expert named Dominique Grubisa who is teaching Aussies to buy foreclosed properties because this is a new thing in Australia. Fortunately I’m heading to Sydney next month and attending one of the free seminars she’s holding. She’s taken the US foreclosure model and adapted it to Australian properties. I was wondering if your own foreclosure research has allowed you to be able to compare the US and Australian models with Philippine foreclosures. I would be interested to know if the Aussie way is similar to the Philippine way so that I can apply the knowledge. Here’s some info on Dominique, if you’re interested http://www.realestaterescueintensive.com.au/
Hi Jennifer, unfortunately, I cannot compare the foreclosure process in the Philippines to those in the US and Australia at the moment. Frankly, real estate transactions in general in the Philippines is quite complicated in my opinion. I was hoping I can find any online version of Ms. Grubisa’s seminars, but it seems they are all done live/face-to-face. Please let us know how it goes. Thanks.
Tama po kayo,napaka hirap makipagtransaction sa Pinas. Kamaganak ko pinahiram ko sya ng P500K dahil tinangay ng bagyo daw ang bobong at wasak mga dingding so umutang ako sa banko to help them, nakapaghulog ng few months tapos hinto na. nagreklamo ako ang ibinayad 8000 sq meters of land for rice plantation akalako buo yon sa akin yon pala may dalawang strip na tig 1000 sq m na ipinangalan sa 2 nyang anak the day na natanggap nila ang loan sa akin. Noong tapos ang kaso granted by the court na iyong lupa ang pambayad nya sa utang nya at gumastospa ako sa abogado litigation which lasted fro nearly a year samantalang PAO lawyer ginamit nya dahil wala daw syang bahay pero on the market for P1.5m! Attys are always absent so sabeko its better than nothing. To my horror 11 yrs na palang hindi nya binayaran ang tax so ako pa ang nagbayad mahigit na P10K. Hanggang ngayon hindi pa naitransfer sa pangalanko dahil doon sa 2 strip na reklamoko which walang pakialam dako pinapansin. 2 ta 3 taon ng hindiko nababayaran ang tax ng lupa magkanona kaya ang penalty ko doon. Kung ipagbibili ko yong canon na 6 cavans of palay canon galing sa magsasaka na ayaw bitawan ang lupa dahil 30 yrs na daw na syang sinasaka kulang pa sigurong pambayad sa tax. Ipinagbibiliko wala namang gustong bumili dahil doon sa 2 strip na nakapangalan sa mga anak nya. Kaya I am incurring more loss, what a life!
Good day,
Hi, just want to inquire about the “assistance” you guys are providing for a possible home loan from a bank. Me and my partner got an offer for a house and lot for only Php 600k, and we are eager to purchase the said house and lot thru a home loan, it’s just we don’t have any time to check banks and to apply as well, my partner is currently a supervisor at a bpo company with a monthly net pay of php 33k, and for my self, it is php 18k. So we are just simply asking if you guys can help us on this, and if it’s not much too ask, what are the steps we need to do or to procure before we apply for a home loan on any bank.
You can also contact me thru my mobile number +639273147049.
Your response will be highly appreciated.
Thank you,
Germie Tosco
Hi Germie, sorry but we currently can’t provide loan assistance as we are busy with our own projects, and one of them is setting up a way to provide the assistance you mentioned. For now, please contact any of the big banks (BPI, BDO, PSBANK, SECURITY BANK) directly and they should be able to assign someone who can assist you so you can do this with your busy schedule. Good luck.
Hello Sir Jay,
Can I ask where can i find the contact number of the Premier Bank for the inquiry of Lot for sale?
Thank you
Sorry Darlene, I’m not familiar with Premier Bank, although I see a lot of their branches. Just go to one and ask for their contact numbers, or do a google search for their official website.
Hi Sir Jay,
RE: DST Computation on Loan and Mortgage Agreement
Good Evenining po.
In line with subject po, The undersigned would like to ask the following questions, viz:
1.) In computing DST on Loan and Mortgage Agreements where there is only One (1) Promissory Note is this Revenue Regualtions No. 9-94 dtd. March 8, 1994 which provides: “SEC.8. Loan Agreements/Promissory Notes Secured by a Pledged/Mortgage. — Where only one instrument was prepared, made, signed and executed to cover a loan agreement/promissory note, pledge/mortgage, the documentary stamp tax prescribed in Section 195 of the Tax Code, as amended, shall be paid and computed on the full amount of the loan or credit granted. In this regard, the instrument shall be treated as covering only one taxable transaction, subject to the higher documentary stamp tax.” – is the basis?
2.) Thus, in computing DST on Loan and Mortgage Agreements where there is only one PN or via stagerred release of PN the basis on computing is amount of loan divided by P200 (based on SEC. 179). Am I right po?
3.) If given that the computation being used is the (b) On each Five thousan pesos (P5,000.00), or fractional part thereof in the excess of Five thousan pesos (P5,000.000, an additonal tax of Ten pesos (P10.00) as stated in SEC. 195. What are the implications/effects?page2image8544 Will the PN will be collected with DST? If so, what will be the basis in its computation? S
4.) We presented to BIR the Loan and Mortgage Agreement and ask for a DST computation and they’ve used as basis is the stipulations on SEC. 179. and not based on SEC. 8 of the RR No. 9-94.? For your comments please.
Please apprise me on this matter.
Thank you very much and God bless.
Hi Cedric, my suggestion for you is to go to any BIR officer of the day as they would be in the best position to answer your questions. Thanks.
Hello Sir Jay,
2 years ago, I brought up the topic of having a real estate exchange platform within your existing blog and you mentioned that you are actually considering that in your pipeline. May I know if you have set up the system and, if so, how we can be linked. Thanks and regards, Sir.
Hi Gil! I am developing that website, but I’m doing it in spurts (the website is http://www.pinoymls.com/). It was briefly live but I had to take it offline. You can imagine how hard it is to get people who will actually do what is necessary and are in it for the long term. I gave that project 6 months to work through a partnership, but from the looks of it, it was going nowhere because it turns out I will have to do most of the work (kinda defeats the purpose of getting a partner right?).
Hi Sir Jay, thank you for this very informative site and your diligence in answering all (or mostly) inquiries. I am checking this site for quite sometimes now but I cannot locate answers to my question. I hope you can shed light to my inquiry.
I am planning to buy a lot. The seller and I will meet late this month to finalize the contract to sell. Based from the seller, he purchased the lot complete with deed of sale and TCT. Unfortunately, he didn’t transfer the title to his own name. Now, he will issue to me deed of sale, and will give also the deed of sale he got from the previous owner. The seller will also give to me the tax clearance under his name na binabarayan daw nia annually.
I asked RD but they advised not to transact with him. We know the seller since he is living within the town, and he is willing to help me transfer the title under my name.
I advised the seller if he can still find the previous owner and make another deed of sale (from previous owner to me) so that we can start the process again. Would this work?
The TCT date is 1980 pa, hopefully buhay pa ang dating mayari. What if the previous owner is already dead? Would it be best if the seller will do the transfer and I will just add extra and how much possibly po? Our agreed price is Php 850k.
Thank you and looking forward for your kind advise.
Hi Lordi, your welcome and thanks. Sorry, I simply cannot answer ALL inquiries as I’m only human. Anyway, the RD was right in their advice. You should not transact with the seller because of the huge back-taxes that have to be shouldered. If the previous owner is already dead, then estate taxes would also have to be settled and the heirs will have to transfer the title to them, before any other transaction can happen. This is very complicated and if you don’t want any headaches (and to lose money), then just move on to another property.
Hi, Jay! I just want to share with you my bad experience reg my transaction with this developer. This company is affiliated with big player in the industry. We offered properties to this developer, lucky for us, this company got interested with the property we offered. Then, we go with the process, like client reg, providing docs for evaluation, etc… However, after we submitted all documents they needed, this developer pala has a broker daw named Mr. M[edited by admin], (according to Business Dev’t. Dep’t. this broker is very close to the president of the company), na ina-underground na pala kami. This company and the broker named Mr. M[edited by admin], went straight to the seller. So, to cut the long story short, this Mr. M[edited by admin], a veteran and old timer broker stole the sale from us. Too bad that in this industry, because it involves huge amount of money, we have unprofessional brokers like this one named Mr. M[edited by admin].
Hi Henry, I feel your pain, because I myself have been victimized by a broker who did something similar to the one you described.
By the way, because of the anti-cybercrime law and risk for online libel, I had to edit the name of the broker you mentioned to just Mr. M.
Anyway, you are right, we have so many unprofessional brokers out there… tsk tsk. I caught one broker who sold more than Php17M from one bank through this blog, but never gave me my share… bwisit talaga, and from stories of other people in the industry, he is still at it, victimizing other brokers out there.
oh no you have been gazumped!
Hello Sir, Ako po ay isa ng PRC ACCREDIT SALESPERSON AT HLURB REG. AT LUMABAS NA DIN PO ANG AKING PRC I.D. ETONG TAON LANG PO NA ETO. MULA NG AKO AY MAG APPLY LAST OCT. 25, 2011. SIR TANONG LANG PO? KATULAD PO NAG MGA NAKA IN HOUSE NA MGA AHENTE NAG IBANG MGA DEVELOPER. SILA PO MULA SA SIMULA NA IBINABA ANG RESA LAW. AY DI PO SILA NAG PURSEGI. NA MAG ASIKASO AT MAG APPLY NAG PRC/HLURB. KAHIT NA NGA PO NAG KAROON NA NG DEADLINE OF FILLING LAST APRIL 15, 2015. AT SILA PO AY MGA NAG MA MANNING SA MGA MALLS. KATULAD NG SM. NAG WALANG DALANG ANUMANG PAPELES. AT SILA PA PO ANG MALAKAS NA MAG OFFER SA MGA BUYER. NAG BUYER AGENT. YON PO BANG MONITORING TEAM NG PRC/HLURB AY WALA PA PO BANG HAKBANG NA GAGAWIN? KASI PO TALO PO KAMI NA SUMUSUNOD SA BATAS. SA MGA AHENTE NAG IN HOUSE AGENT. NAG DEVELOPER. SALAMAT PO
Hi Jay,
I came across your website while I was searching for forums about how I could possibly sell the rights of the condo unit whose turnover wil be this December 2015. I can’t seem to get any helpful forums about my dilemma.
Your website seems to be very helpful and you seem to be very accomodating towards people so I decided to ask. I am not based in the Philippines and so it is quite hard for me to find a buyer to the rights of the condo unit that I have been paying for 20 months now. I have spoken with my agent about possibly helping me find a buyer to the rights, but she keeps pushing I carry on with the bank financing loan as the condo is a very good investment. I have even suggested to her to charge me a reasonable commission if she finds a buyer to the rights, but she still keeps recommending bank loan. I can’t deny that Jazz Residences is a very good investment, but I’ve weighed the pros and cons plus the fact that I’m not in the Philippines anyway, the thought of having to pay out for the condo for another possibly 20 years is not something I want to do anymore. I know that I should have not got into this in the first place, but selling the rights was an option she gave me from the start if I changed my mind and now that it is the case, it does not seem so simple. The only thing is, I’ve already put in a lot of my hard earned money and don’t want to lose it. What would your advice be on a situation like this? I really hope you can enlighten me.
Thank you for your time.
Hi Jay,
I’m OFW here in Hongkong and i’m looking for a place to buy na titirahan namin ng anak ko.Everytime na umuuwi ako nakikitira pa ako sa bahay ng kapatid ko.I bought a lot in Rainbow Village Subdivision 3 in Deparo year 1999.Yes nagkamali ako ng pagbili siguro hindi ako wise pa noon i dont know about real estate that time pa.I want to sell this property/ lot could you please help me?Where i should post to advertise?There might be people in this/your blog na interesado.
Thanks po.
Beth
Hi Jay, do you have foreclosed units available in quezon city area?
Good day po Sir tanong lang po ako dahil kumuha po ako ng house and lot sa cebu last Nov po .if madelay ba ng payment 2 months babawiin na ba ng bangko dahil po bank financing po to sir .pero magbabayd namn ako pagmakabalik ulit ako ng australia.anu pong advise nyo sir .thanks po
Hi Jay, currently im a seaman working as chief cook, actually my job give e a good salary rather working in our own beloved country. But despite of this good income, there is sadness inside me and that is my family, I actually planning to start to invest in foreclosure property, but to tell you the truth I know nothing on it, hopefully your blogs help me to start in my new journey in real state. I am really blessed i find your blog in ANGAT PILIPINAS COALITION. God bless and more power.
hi sir..need help po. mare refund pa po ba yung nabayaran ko ng downpayment na 170k plus? una po kasi nagka problem po yung project kasi po tinamaan sya ng project ng DPWH and nagbigay po sila ng relocation area. pumayag po akong ilipat kasi po nanghihinayang ako sa mga nabayad ko at ilang buwan na din po ang lumipas. kung hindi po ako pumayag na malipat ay refund sana lahat ng binayad ko. kaso po tinuloy ko kahit malaki po yung nadagdag sa contract price. ngayon po nagka problem po kasi ako financially and hindi ko na po kayang ituloy at gusto ko na pong i cancel yung bahay. may chance pa po kayang mabalik sakin lahat ng binayad ko? sayang naman po yung 170k kung hindi maibabalik sakin. salamat po. sana matulungan nyo ako.
Could you help me acquired a property for investment. I see a property in Lucban & candelaria.
sir jay, good day. i’m boy, i came accross your nice blog. you have been a big help to us who have no knowledge at all on HOW TO SELL our property. we need your expert HELP or ADVICE on this. we (my wife) decided to SELL our residential LOT somewhere at San Pedro, Laguna. our problem is, there were some buyers, but in installment basis, thru loans etc..but honestly we want it in cash basis. Do we need really an expert real state broker (like you) to do this, can you RECOMMEND ONE. To be honest with you we need money badly this time. Can I loan it to the bank and forclosed it (worst option scenario). hoping for help. Thank you so much. Keep up your very nice blog.
hi sir,
i am in the process of applying for a home loan. I just want to know which is better, a fixed rate of 8% for 10 yrs or or 6.88% fixed for 5 yrs and repricing after 5 yrs. What are other charges or other requirement should i consider (like insurances,etc). This is my first time to apply for a housing loan from the bank. thank you
helo po tanong ku lang po dahil ang aking ama ay patay na po. ang
kapatid ng aking ama ay gusto kaming paalisin sa bahay at lupa kung saan
kami ay nakatira halos 27 years na. ang bahay po namin noon ay pinagiba
ng kapatid ng aking ama para ito ay bagahin at palakihin, giniba ito
last 2002. nagyun po na wala na ang aking ama pipaalis kami dahil hindi
daw sa amin ang bahay. ang lupa kung saan kami nakatira ai wala pa sa
pangalan ng aking ama dahil hindi naman ito na subdivide sa
magkakapatid. ANG TANONG KU LANG PO MAY KARAPATAN PO BA SILA NA KAMI AY
PAALISIN SA LUPA AT BAHAY KUNG SAAN KAMI NAKATIRA? ANO PO ANG PWEDE
NAMING GAWIN PARA KAMI AY MANATILI SA BAHAY AT LUPA ?
naghahanap po ako ng house and lot d2 sa muntinlupa or mas malapit d2 po kc ako ngwowork…thank you
Hello Jay
Good Morning! How’s your day getting along?I need your help in securing these properties for investment purposes.
BFS (AN-0818389)
BFS (AN-0552289)
And a foreclosed condo/townhouse in Paranaque.
Your assistance is greatly appreciated.
Sincerely,
George R. Sarmiento
Hi Jay,
I copied your bank factor rate, I lost mine kasi. Thanks
No problem Ivy. 🙂
Magandang Buhay po mag inquiry po ako kung may roon kayong house and lot or Foreclosure sa Puerto Prencesa City Palawan Phil. Gusto kupong bumile that Area doon po kasi ang mga relatives ko.please forward to me kung mayroon po kayo my name po is Arlene Medriano and puwede bang kunin ang Tel # ninyo kong mayroon kayo para matawagan ko maraming salamat po.
Hello Sir, nagbayad kami nang 15k na reservation tapos 22k sa first month, we decided to stop po muna kasi I got pregnant but then tumawag ang developer after 3 months na i-close daw nila account if no payment for deposit po, I asked helped po and consideration if they can give me another month but they decided to sell it without letting me know kasi daw po close na ang account. Ang sabi nila po no refund daw po kasi yun daw naka saad sa Maceda law. Can you confirm po if this is right? They let us sign po ng agreement na hindi naman po xa notarize. Is this legal po?
good day po sir nag sent na po ako ng inquiry about ,house and lot dyan po sa bacoor ineteresado po ako sa bahay wala papong sagot hanggang ngayo neeed ko po ng feed back para kung sakaling walang chance makapaghanap po sa iba .iyung bahay po kasi is foreclosed then malapit po kasi sa mga apo ko kaya lang po ako interesado my name po is arnulfo Garcia ng sent na po ako ng inquiry pati e mail add ko po t.y po
Good pm po, mas mabilis po kung tatawag kayo sa BFS. Marami po kasing inquiries ang pumapasok through the inquiry form, around 30 per day. Please call for faster response. Salamat po.
hi Sir Jay,
merun ka po bang lot lang sa lipa batangas 200sqm least?
thanks!
hi…can you give me information about excess monies related in real estate foreclosure? where this excess monies going?
Hi Sir,
First of all, thank you for sharing your time and knowledge for everyone and for free.
Is there any chance that you can also help a recovering defaulter to prevent their properties from being repossessed? I think the biggest hurdle is their negative credit score so they can’t get loans from most financial institutions even if they already have the capability to pay.
Thanks again for your time.
Best regards,
Recovering Defaulter
Good afternoon. Can we avail those foreclosed properties through Pagibig Housing Loan? Thank you very much and more power.
i’ve been looking for a property to buy somewhere pasig/ cainta for over a year now however i still have not seen the property that i can probably say good enough for my family. my loan application has already been approved by a particular bank first quarter of this year and i’m hoping to find the right property anytime soon. i hope you can help me. thank you.
Hi Sir Jay!
Question lang po, I will enter po as Lease Agent, meron din po bang parang “Authority to Sell” yun?
Paano po ba kikita as Lease Agent?
If meron po kayong sample ng “Authority to Sell” for Lease… pwede po ba akong mag request ng copy?
Ano po ba dapat malaman at gawin ko as Lease Agent?
Thanks Sir Jay.
kalako agent for lease ka lang bakit mo ipagbibili e state agent lang ang pwedeng magbenta? kawawang may ari may balak ka pala!
Hi Sir Jay Castillo!! Pwede ko po ba kayong mainvite sa event namin as speaker? We’d love to hear from you about real estate investing! I hope you could give me your email and contact no. so that I could get started with the invitation letter. Thank you so much sir Jay! More powers to your blog.. very helpful .. 🙂
I am currently looking for a house to buy – could be thru pag-ibig housing loan or possibly rent to own. Do you have any leads? I would prefer somewhere in Las Pinas/Pasay/Makati area but most likely Las Pinas area please. Do you have any leads?
Hi Sir Jay. This is Ton. I’m 21 years old and has started reading rich dad’s book on financial literacy and freedom. Since then, I’ve been interested in real estate (though he didn’t directly recommend real estate in his books). Currently, I’m still reading his books and will read some more books than his to get enough info about the industry. As he recommended, I am trying to educate myself first before playing the game though little by little I’m already investing to atleast have the courage to face the fear of losing and happiness of winning and learn from the experience.
I just like to ask if you have any advice as to what other books I can read about real estate, tax etc. and do you recommend taking short courses on both? Also as a newbie, I hope I can apply as a mentee to you if you allow that. And Maybe I can invite you over a coffee during your spare time and when I visited Manila. By the way, I am staying in Davao but I visit manila once a quarter. Thank you sir for the time reading this. God bless!
Ton
[email protected]
Hi Jay
My problem is slightly out of topic, I am just so desperate to get some answer as I am based overseas. We have two condo unit with DMCI, diffculty came and it hard for us to continue paying the in-house mortgage.
1st unit – we paid over 2 million (20% deposit + 10mos mortgage) developer only refunding us around 500k after deducting marketing cost of 177k, penalty 50k etc…
2nd unit – we paid around 2.5million (30% deposit + 9mos mortgage) developer refunds of about 720k after deducting the same + property tax.
Developer wouldnt explain what are the deductions, only told us to lodge complaint at HLRUB if we have any, so basically, what we can have for refund is like 25% of what we totally paid.Is this legit? we are searching Maceda law and it doesnt really say about deductions, it just say we are entitled 50% of what we paid regardless of the contract we signed. Patulong naman po. Thank you. Cecille
Hi Cecille, I guess you have no recourse but to lodge a complaint at the HLURB. I believe this is the only way to force them to explain the deductions.
Mr. Jay, gusto ko sanang tulungan mga relatives ko sis n pamangkin na magkaroon ng sariling bahay. mahirap lng kami pero tinutulungan ko sila ng sa ganon mabago takbo ng buhay ng clan namin. yung isang kong kapatid na babae nasa KSA na nkikipagsapalaran na makaipon. me isa akong help din makaalis kahit as a DH pero gusto ko me mangyari sa paghihirap nila doon. Kung matulungan nio kami na makakuha ng foreclosed na property na murang halaga lang. Dto sa lugar namin meron kaso yung mayayaman at nasa katungkulan yun ang nakakakuha agad. sana po matulungan nio sila.
Hi Ms. Tess, napakaganda po ng hangarin niyo at saludo po ako! Ang suggestion ko po ay maging maagap po kayo sa mga property dun sa lugar na gusto niyo. Patas lang naman po ang laban, unah-unahan lang po talaga, pwera na lang po kung auction.
Hi Mr. Jay..
Good day..
I just want to consult something. I rented a commercial space in Manila since July 15, 2010 for Php 20,000.00/mo. I paid Php 100,000.00 for a 1 mo. advance and 4 mos. deposit and always supported with postdated checks in every renewal . The contract already expired this year July 15 ,2014 and we vacate the area July 28 ,2014 .
In our contract it was stated that we need to surrender all the receipts of our paid bills and we did it for the past years . For this current year 2014 the receipts were not complete there were missing OR but it was all paid , so last Sept . 11, 2014 I went to Meralco and Manila water attempting to secure clearance or any additional proof that I can present to the owner aside from the Official receipt i have but Meralco and Manila water refused to provide me a copy since I’ am not the owner. And owner po ay hindi rin makapagbigay ng authorization para sa akin para makakuha ng clearance since hindi rin po siya ang nakapangalan sa mga statement of account or bills. Although ang Meralco at Manila water ay nag provide din po ng mga print outs enough proof para makita na wala na pong current balance. I submitted all receipts to the owner last Sept. 12, 2014. Ngayon na pafollow up po ako ng payment ng remaining sa deposit ko at nahihirapan po akong makipag usap sa may ari. She is demanding us to follow the contract where in we need to submit OR of the paid bills. Tama po ba ito ? Kahit na naisubmit ko na ang pinakahuling bills at receipts na alam kong wala na po kaming Unpaid bills at hanggang August pa nga ay binayaran ko na.
Thank you..at sanay mapaliwanagan niyo po ako
Pretz
My wife is looking to become licensed as a broker and a developer here in Cebu. How can she prepare for the test? And does she just need the Real Estate Brokers license? Are there any other professional requirements?
Sir Jay Good Morning po, hindi ko po sigurado kong pumasok po ba ang unang message ko kay Ma’am Cherry,humihingi po ako ng inyong payo tungkol sa kung sakali po ba na matigil na ako ng pagbabayad sa aking balance sa hinuhulugan kong Agricultural property, Ano po ba ang dapat kong gawin? Binili ko po sa isang Bank Forclosed Property ang lupa noong 2012 as installment at may balance pa po akong 220,000.00pesos. Kinukulang po ako ng pang hulog dahil sa nagkasabaysabay ang nagaaral ko. Please lang lang po bigyan nyo ako ng advice ng hindi naman mawala ang aking napauna ng halagang 350,000.00pesos.
Salamat Po ng Marami,
Rey Salas
Hi Jay,
Hope you can help me with my problem. Currently nakamortgage yung bahay ko sa isang banko pero nakapagmintis me magbayad ng monthly payment for around 6 months na. May mga loans din kasi me sa ibang banko at yung ang prioritized ko na bayaran. Nagmintis me ng 2 buwan and did not receive any notification from them so i thought it is okay, bayaran ko n lang yung interest kung meron man. Now that i have cash to pay nagulat n lang ako n nasa processing na daw yun for Buyback sa developer. Meaning kung ano yung balanse ko sa kanila sa Developer na me magbabayad? I’m also looking for refinance this because i don’t like also the service of this bank, but one requirement of the bank for refinancing is Statement of Account from my current bank. My worry is if i ask this SOA from my current bank it will show the month that i did not pay. Baka eto pa ang maging dahilan para di ako maapprove for refinancing. I’m capable of paying and already approached other bank for refinancing and they saying na my current status is okay but still they need this SOA. I don’t want my house to be foreclosed also. And last month i just renovate my house. Hope you can give me advice immediately and what best approach to do in this situation.
Maraming salamat and waiting for your reply.
Thanks,
MSJ
Hi Sir JAy,
I would like to ask kung may bago na po bang policy ngayon ang pagibig ? almost 4 months na kasi akong past due, meron po bang maiooffer ang pagibig ng bagong mode pf payment or ung mkakagaan sa pagbabayad? Thanks,
Juna