Foreclosed House and Lot for Sale in Baguio City - Things to Know Before Buying

Posted by CLAIRISSA LAURETA on April 5th, 2018

Because of its cool weather, friendly communities, and picturesque mountain views, Baguio City remains a top tourist destination in the Philippines. A lot of people are purchasing properties in the city because they want to enjoy the comforts of living in a provincial town and the convenience of life in a bustling city. 

Those who want to buy properties can take advantage of a foreclosed house and lot for sale in Baguio City because it is cheaper and can typically yielda high return on investment. Banks and lenders that want to sell these kinds of properties faster often list them at prices that are lower than their actual values. This means that buyers like you can benefit from the huge discount, low down payment, and low monthly payment. However, you might need to invest some money for repairs and renovations, especially if you are planning to sell or rent it out. Be sure to factor this into the equation when you make a bid. 

A foreclosed house and lot for sale in Baguio City can yield you a hefty profit because many home seekers are looking to buy in this area. However, not every foreclosed property makes a great deal. To ensure that the house or lot you are considering is worth buying, here are some tips. 

1. Go directly to banks and lenders - 

There is no better way to find foreclosed properties than to ask the owners themselves, which are the banks and insurance firms. You can also go to Social Security System, National Housing Authority, and other government financial institutions that offers loans for these kinds of assets, too.

2. Look at trusted property portals – 

For starters, you can try searching online. Make sure that the listings you are checking are trusted brokerage companies that have reliable partners in the real estate industry. Simply search for foreclosed properties in Baguio using their search bar to see your choices. 

3. Do property inspection – 

When owners sell foreclosures, they do not do upgrades or repairs. Chances are, the property you are considering buying has been neglected for several years. It’s always prudent to inspect the sewerage system, wirings and electricals, and other important amenities in the house. 

About the Author: 

This article is written by Kimberly Khia, working as an Executive Assistant at Housal Inc. Housal Inc., is an online platform for real estate, addressing the unfulfilled needs by harnessing technology and bringing all-related solutions under one roof. For buyers, tenants, sellers, brokers, agencies or developers, it encompasses all their answers from property matching, listings, management, analytics and even more. Housal Inc. is the evolution of the real estate business process - empowering the real estate industry for the future.