Purchase Foreclosed Properties in Metro Manila at Profitable Price

Posted by CLAIRISSA LAURETA on April 5th, 2018

Experienced investors make a lot of money by investing in foreclosed properties in Metro Manila. They understand the potential value of these properties once renovated and repackaged. They know how to spot foreclosures that require minimum repairs and maintenance and have the knowledge and skills necessary to flip them for a profit later. Are you interested in doing the same? How do you choose the right foreclosed properties in Metro Manila?

Here are some tips to keep in mind: 

Look for potential properties 

Foreclosed properties are owned by financial institutions, such as banks, and they typically do not maintain them. That’s why foreclosures are often described as ‘take-it-as-it-is’ properties. Banks sell them at discounted prices because they are not in pristine condition. But don’t let this scare you. Successful investors can see beyond the scruffiness of foreclosed properties in Metro Manila—they can see potential. In some cases, a fresh coat of paint and some TLC is all that’s needed to resell a foreclosed home at a higher price. 

Search in the right places 

To look for foreclosed properties in Metro Manila you can visit lending institutions, banks, Social Security System (SSS), Home Development Mutual Fund or PAG-IBIG, and National Housing Authority (NHA). For convenience, you can look at popular websites that offer a list of foreclosed properties based on the area that you are interested in. You can get great deals listed? in these brokerage service websites. 

Pre-qualification is key

Buying foreclosed properties has become popular with investors, so be ready for some tough competition. Have all your finances in place to avoid heartaches later on. You don’t want to fall in love with a property only to find out that someone has beaten you to it because they are paying cash. If you intend to borrow money, seek pre-qualification from banks or other lending institutions to ensure a quicker purchase process. 

Always visit the property before purchasing 

Do not depend on the photos and plans of the property. You should always evaluate it in person. Since most foreclosed properties in Metro Manila are on an as-is-where-is basis, you need to know exactly what you are getting yourself into. This is your chance to estimate the costs of repair and maintenance of the property until it is sold off to another buyer. 

Buying foreclosed properties in Metro Manila and selling it later can be profitable. You just have to know what to do and where to look. Be quick to decide, but also be extensive when evaluating properties. 

About the Author: 

This article is written by Kimberly Khia, working as an Executive Assistant at Housal Inc., is an online platform for real estate, addresses 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 process - empowering the real estate industry for the future.