Looking for a new home? A bank’s acquired asset may just be the right option for you. See the latest prices of foreclosed house and lot properties offered by banks.
Here is a list of properties that you can purchase directly from the bank of your choice in the Philippines.
BPI (BuenaMano)
Types of Available Properties
Banks may offer different types of assets. You may select from any of the following foreclosed property types:
- House and lot
- Lot only (lots are usually designated as repossessed property)
- Condominium
- Apartment building
- Commercial complex building
Average Prices
Foreclosed properties usually have a price range of Php 700,000 to Php 7 million. However, prime locations as well as property sizes will predict that actual price. Re-appraisal may be done for properties that were not sold in a specific time frame.
The usual sizes of properties range from 12 square meters to 1,200 square meters depending on type. Some may be as small as a condominium parking lot while other are big farm lots.
Requirements
Buying a foreclosed property will entail the similar document requirements. For example, you will need to pay based on cash or thru bank loans. You must submit identification documents such as valid IDs as well.
Benefits of Foreclosed Properties
House and lot properties may be regarded as a good investment. Getting a foreclosed property from the bank has the following benefits:
- Cheaper price (compared to market value)
- Less paper work with the bank’s assistance
- The purchase is also legitimate because it is secured by a banking institution.
- Taxes and other requirements are updated
References: Investopedia
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