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Foreclosed Properties For Sale in the Philippines

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Lamudi features just about every type and price of foreclosed properties for sale in the Philippines, from an 80-square meter foreclosed residential lot in Bacolod City for less than Php500,000 to an 8.1-hectare industrial lot in Cavite at around Php 650 million.

As of July 2021, Lamudi has over 14,500 listings of foreclosed properties for sale. Within Metro Manila, Quezon City is among the areas with the most number of foreclosures. Outside the metro, Cavite, Rizal, and Laguna are the hotspots for foreclosed properties.

Commonly sold on an “as is, where is” basis, a foreclosed property has a lower-than-average price, not necessarily because the property is not good, but mostly because it may need a little bit of work which the buyer will eventually have to spend on.

Foreclosed properties for sale in the Philippines are not limited to lots. In different parts of the country, these assets may take the form of houses and lots, lots with existing structures, and condominium units.

 

 

The Philippines Foreclosed Property Market - Overview on The Foreclosed House and Lot

Pag IBIG Foreclosed Properties for Sale

Foreclosed properties are commonly acquired by banks in the event that the prior owner has failed to pay the mortgage on the property. The financial institutions will then sell these “non-performing assets” at lower-than-average prices to earn profit as soon as possible and avoid the cost of maintenance and repairs.

That said, Filipino buyers are sometimes apprehensive of buying foreclosed properties. Some feel a certain degree of guilt over taking advantage of the prior owner’s financial misfortunes. Others think that “unbelievably affordable” properties are tied to a number of issues.

On the contrary, when looked into diligently, foreclosures can be a smart investment for buyers looking for an affordable place to live in or profit from. These properties are available in just about every part of the Philippines. Most of them are located in places like Cavite, Rizal, and Laguna, but you will also find a fair number of options in Metro Manila and provincial cities like Bacolod.

Various types of foreclosed properties for sale in the Philippines can be seen online. Some of the most affordable ones are vacant residential lots, followed by houses and lots for sale in provincial areas and condo units in the metro.

 

Considerations to Make When Buying Foreclosed Properties

Include Improvements and Repairs in Your Budget

As mentioned, foreclosed properties are sold on an “as is, where is” basis. Meaning, the buyers accept these properties “with all their faults.” Since these properties will likely require fixes here and there, it’s ideal to buy a foreclosed real estate that costs a little less than your buying budget. This ensures that you will have extra cash for possible repairs and improvements.

Do Your Research

When dealing with foreclosures, and real estate in general, it is also important to practice due diligence. Ideally, you would want the help of a trusted real estate professional for this endeavor. Apart from checking the property’s physical features, it is also crucial to look into its history and learn how it went into foreclosure in the first place. This can help you uncover underlying issues that may be present, including legal matters related to the property.

Buy from Banks and Accredited Brokers

To avoid the risks associated with foreclosed properties, buying from known financial institutions and their accredited brokers is worth considering. Clean titles and complete property histories are available from the aforementioned sellers. If the buyer needs to get a property loan to complete the purchase, banks can readily offer this as well. However, note that this does not lead to a discounted property price or any changes to the loan terms.

Buying from financial institutions also ensures that you will have a number of options to look into. Meanwhile, working with real estate professionals could help you find a foreclosed property that best fits your budget or the one that requires minor fixes.

 

Foreclosed Properties for Sale in the Philippines

BPI Foreclosed Properties for Sale

As a fast-growing economy in Asia, the Philippines remains a prime destination for property investments. While seasoned investors focus on high-quality real estate, starting and savvy investors look into foreclosed properties for sale in the Philippines. Whichever one buys today, the possibility for value appreciation is already there. Foreclosures, in particular, can be an affordable way to fix and flip, buy and hold, and execute other real estate investment strategies.

Tapping into the foreclosure market is also an alternate route for Filipinos to own a house in a popular area. Without paying a huge amount of money, it is possible to own a residential lot, a house and lot, or a condo unit within the bustling metro or a developing provincial city.  

Location-wise, these are some of the areas with foreclosed properties worth investing in:

Quezon City: As one of the largest and most developed cities in Metro Manila, Quezon City features a great supply of real estate properties, including foreclosures. Foreclosed condo units are prominent in Cubao, New Manila, and South Triangle, with prices starting at Php 1.1 million.

Meanwhile, the Novaliches area has foreclosed houses suitable for families and expansive land properties ideal for commercial or residential use. Prices for Novaliches foreclosures range from Php3.4 million to Php60 million.

Cavite: Dasmariñas in Cavite has an abundance of foreclosed properties for sale, particularly residential lots and houses and lots. With prices starting at approximately Php350,000, foreclosed houses here are some of the most affordable outside Metro Manila. General Trias and Tagaytay also present several foreclosed properties, including industrial and commercial lots.

Cavite, in general, is a popular location for real estate properties because of its improving infrastructure and proximity to Metro Manila cities. The same can be said for other provinces in Luzon like Rizal and Laguna.

Bacolod City: For less than Php250,000, it is possible to own a piece of land in Bacolod City, Negros Occidental. Properties at this price point are foreclosed lots measuring at least 80 sqm, located within subdivisions. There are also commercial foreclosures in Bacolod, priced around Php7 million to Php35.5 million.

Foreclosed properties for sale are indeed spread across different cities and provinces in the Philippines. To ensure high investment returns, take the old real estate adage to heart: location, location, location.