If you are looking to buy a home for yourself or to invest in, consider foreclosed properties sold in Metro Manila for their lower prices. Banks and lending institutions offer foreclosed properties that they would like to be sold quickly, so they are willing to negotiate the prices with prospective buyers like yourself, too. In some cases, you can find these homes through the listings of real estate portals being run by established and reputable brokerage firms. But before you buy any of them, be sure to consider the following things about foreclosed properties:
Not all foreclosed properties are in poor state – A foreclosure is the legal process where the lender attempts to recover a loan's balance from the homeowner who has ceased making payments to them. So, the property becomes an asset of the lender to serve as collateral for the loan. A lot of foreclosed properties have already been occupied by its previous owners for quite some time, but that does not mean they are low-quality properties and that you are taking advantage of another homeowner's misfortune when you buy their house.
You may need to conduct some repairs – Because the home has been previously occupied, you need to consider inspecting it for wear and tear and make the necessary refurbishments or repairs. Consider buying a foreclosed property in Metro Manila that will be easy to repair in less than a month. That way, you can be sure that you will not be spending more than you should.
Consider the location of the foreclosed property – Location will affect a property's profitability, especially if you are planning to rent it out. So, if it is in a bustling and fast-developing area, with proximity to transportation hubs, its value is likely to appreciate. Other points to consider are proximity to educational institutions, entertainment hubs, shopping areas, business districts, and health facilities. Consider the safety of the area, too, such as zero to low crime rate and flood-free zone.
Prepare your financing – Get pre-approved for a loan to increase your chances of being able to find the right foreclosed property that will fit your needs. It should help draw sellers to you, too, as it will make you seem credit-worthy to them, and they will see you as a serious buyer.
About the Author:
This article is written by Kimberly Khia, working as an Executive Assistant at Housal Inc. Housal Inc. is a real estate brokerage firm based in West Bonifacio Global City, Taguig, Philippines. They offer brokerage services to investors, property owners, and even landlords who are willing to invest in the real estate sector in the Philippines. They are in partnership with some of the best real estate developers in the Philippines like Century Properties Group, Megaworld, Rockwell Land, Ayala Land, Ayala Land Premier, Robinsons Land, Federal Land, Avida Land, Alveo Land and DMCI.
