Foreclosed properties offer opportunities for investors to spend their money, overseas Filipinos to fulfill their dream house or just about anyone who simply want to be in the market for reasonably priced properties.
A foreclosure, by definition, is the instance when an owner of a mortgaged property is unable to pay full principal and interest payments, pompting the lender to seize the property, evict the homeowner and sell the property assuming its full ownership in the process.
While it’s definitely devastating to those who are forced to vacate their homes in favor of the creditor or lender in a state of foreclosure, it also presents an opportunity for would be buyers especially if the lender is looking to dispose the property sooner despite at lower than market rates.
In the Philippines, banks are usually involved in financing for home buyers, helping them acquire the property from a developer through mortgage terms. So naturally, when these buyers fail to honor their mortgage obligations, banks are at the forefront of foreclosure properties market.
Here are the banks, and their website links, that offer foreclosed properties in the Philippines.
PNB Asset Management
Properties listed include residential and commercial, with corresponding price, description, address and property size.
Landbank Properties for Sale
Properties listed include a wide variety of types (residential, agricultural, commercial, industrial, etc). Has easy to navigate search form with multiple options such as location, price, floor and lot area.
Veterans Bank Acquired Assets
A simple downloadble PDF listing of residential and commercial properties with corresponding price and property address. Uncertain how frequently this list is updated.
Metrobank Properties for Sale
A simple search form that allows users to search for property type, location (region, city or province), selling price, lot and floor area as well as Transfer Certificate of Title number.
BDO Properties for Sale
Includes listing of vehicles (model and brief description), chattels (product description) and properties (location and property type) that do not have sufficient information — several listings have no photos.