Moving to Baguio City? There are many different properties available for sale, including house and lots—and among them are foreclosed homes. Buying a foreclosed house and lot for sale in Baguio City can be a good option whether you are a first-time buyer or looking for a new home, as the bank may be willing to provide a lower price to sell the property faster. Like buying a regular home, you are allowed to use mortgage financing, too, and it is possible for the monthly repayments to be lower. But while a foreclosed house and lot might be an attractive deal, there are things you need to know before proceeding with the transaction. Take note of these tips:
Get pre-approved for your mortgage – By knowing what you can afford, you can gain an edge over other buyers and increase your chances of acquiring the property that you want. Sellers will be more attracted to you if you have a lender’s prequalification letter, too, which will let them know that you are a serious and credit-worthy buyer.
Look for foreclosed properties in the right place – Insurance firms, banks, companies that were formed under the Special Purpose Vehicle Act of 2002, and government financial institutions like HDMF, NHA, and SSS are good sources for listings. You can also find a foreclosed house and lot for sale in Baguio City through reputable real estate portals, which are owned and managed in the Philippines.
Visit the property – Foreclosures are typically sold as is, and it is possible for the property to have some imperfections. So, it makes sense to take time to personally view the foreclosed house and lot for sale in Baguio for inspection. Inspect the sewage system, plumbing, and verify if there is any infestation. Take note that some properties may have extensive damage, which will require you to spend a lot of time and money for repairs. Consider these facts to gage whether or not the home is a worthy investment that can provide good returns in the long run. Most investors choose foreclosures that can be fixed in 30 days or less.
Get to know the location – Make sure that the foreclosed house and lot for sale you are choosing in Baguio city, is in a safe and secure area, and on stable land that is not prone to landslides and flooding.
You can negotiate for flexible payment terms – Consider talking to the seller and agree on a payment term or interest rate cap that will ensure a fixed rate for years. This way, you can have a limit on how much the rates can increase and protect yourself from interest fluctuations.
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.
