Unionbank shall be having a special public auction of foreclosed properties on January 24, 2009, Saturday, 9:00am, at the Delas Alas Room, 2nd floor, Philippine Columbian Sports Club, Plaza Dilao, Paco, Manila, Philippines. This is the first public auction of foreclosed properties for the coming new year. I also see one bargain property no longer has a lis pendens. More on this below.
Areas covered are Pasig, Makati, Quezon City, Manila , Mandaluyong, Las Pinas, Paranaque, Caloocan, Pasay, Antipolo, Bulacan, Cavite, Tagaytay, Laguna, and Rizal.
Download the Unionbank Special Public Auction Listing Here!
Only 10% Downpayment is required and payment terms can be as long as 15 years.
Interest rates are at 13% per annum fixed for the first 3 years, and 15% per annum fixed for the next 12 years.
If you are concerned with the high interest rates, don’t be! You can always refinance your loan with another bank with lower interest rates after 3 years. Furthermore, Unionbank uses a contract-to-sell which means loan requirements are less stringent than mortgage loans.
If you look at the list as closely as I did, you will notice one particular property has finally got a court decision in favor of Unionbank, finally! Anyway, I already tried to ask if this property can be acquired prior to the auction through a knockout or pre-auction bid but the bank officer told me that all properties shall have to undergo public auction to give all interested parties a fair chance in acquiring the properties they are interested in. I can see as early as now that the bids for this particular property will end up pretty high.
Anyway, I’ll definitely be attending this auction. If you want to attend, just leave a comment here, maybe we can come as a group.
Happy New Year and Happy Investing to all!
Hi Jay,
I am interested to buy a foreclosed property but I’m not so familiar with the procedures in buying and I hv here some of my question,
Is the title of the house and lot from the foreclosed property can be transferred from the real owner to my name if I will buy the property ?
Pls reply as I am really interested in investing a property. Thank you very much for your prompt reply. You can email on the email address above…
Hi Ann, yes, if you buy a foreclosed property, the title should be transferred to you immediately if purchased in cash or through a mortgage contract. IF through a contract to sell(CTS), the transfer will happen once you are fully paid. I also sent you an e-mail. Thanks for visiting and let me know if you have more questions.
Hi, are there any other public auction scheduled in the coming days? I am interested to watch how it goes, I’m also new in the real estate business. Thanks.
Hi Lora, these are the upcoming public auctions:
July 11, 2009 – Unionbank Special Public Auction
July 31, 2009 – CBRE Public Auction
However, I won’t be attending these auctions. I am currently focusing on other properties… 🙂
One of the advantage of real estate business is that we can enter to it without any capital cost.
Hi Jey, you can browse the Foreclosed Property Listings per Bank / Institution / Auctioneer at the middle row to the left, just above the Tags. You can also browse the Public Auction Schedules of Foreclosed Properties just below the Recent Posts. I have also subscribed you to my mailing list so that you’ll be notified when I post new listings, you just have to confirm your subscription. Thanks for dropping by.
hi jay may i ask where i can find the listing of banks latest forclosed properties? ty my email is [email protected]. ty appreciate it. jey
You welcome teamchi, and thanks for dropping by, glad to be of help! For Unionbank, they usually set another auction for the unsold properties about a month later.
For auctions conducted by CBRE, they usually come out with post auction listings where “best offers” are considered, which means interested parties can submit offers below the minimum bid price.
Hi! Thank you for sharing your knowledge via this blog. It’s really been helpful for a lot of people. I am just curious what happens to the unsold properties in the auction? Does the bank reschedule them for another auction or can buyers make an offer to the bank at the starting bid price? Thanks again and more power!
Anyone attending tomorrow’s auction? I really don’t have plans to bid on any property due to lack of preparation(had to take care of my son as he had typhoid fever, thank God he’s okay now!) but I still want to attend. If you’re coming, just text me at 09178843882 so we can meetup there at Philippine Columbian.
Hi Rochelle, thanks for the kind words, I’m really glad you found this blog helpful, and thanks for subscribing! By the way, I actually attended the August 2007 TRP seminar, not November as I have put in my previous comment. I was also present in one of Jomar’s internet marketing workshops. When did you attend? With regards to the auction, if you are not yet bidding on any property, except for an ID to enter the venue, you need not bring anything. So far there’s William, you, and myself who are attending the auction. Anyone else?
hello mr. jay,
im interested to attend this unionbank public auction. im also a TRP attendee and a jomar hilario internet marketing student but im not yet active doing the business. i need more counselling and guidance. may i ask what are the requirements that i should bring to the auction?
i will subscribe to your blog because i find it so helpful to newbie like me. thanks and more power!
Hi Will, of course you are welcome to come. Congratulations on your decision to take action.I also attended the TRP seminar way back Nov 2007. See you at the auction!
Hi Jay,
I was browsing the internet and I saw your blog. I am starting to invest in real estate and I am looking for foreclosed properties. I am interested to attend the auction and it would be my first time. The reason also I would like to attend is to really experience how auction goes; this would be a learning experience for me as newbie in real estate business. If it is OK and if you don’t mind, can I come along with you on the auction day?
By the way, I am one of the attendees in Think Rich Pinoy Seminar. I really would like to apply what I have learned in the seminar and to succeed on this endeavor.
Thank you very much.
William Abriza
[email protected]
+63 917 8580064