Resale, Repossessed and Foreclosed Properties

smokingunmanila · February 7th, 2007, 05:04 AM

I will start this thread for condos that are repossess or mortgage...In this way we can help the seller, whose property might be just repossess by the bank or the developer and thus helping the buyer with a baragin price...

Thanks...

smokingunmanila · February 7th, 2007, 05:06 AM

Moderator..nagkamali nanaman ako....help...dapat ito..asa projects on the rise...ata...

smokingunmanila · February 7th, 2007, 05:08 AM

I'll start with one from megaworld..

GREENBELT PARK PLACE 18th floor 38.5 sq meters..nice view..ready for occupancy...walking distance to greenbelt..

Owner equity 1.2 M...(payable cash and negotiable to the owner)

Megaworld balance 2M ( can be converted 24 months..lease to own without interest)...

Please call me 0917-536-8638 if there are interested buyers..Michael here.

Dvorak · February 7th, 2007, 12:01 PM

ayos yan ahh.. teka si boolateh yata naghahanap nang unit dyan..

Quote:

Originally Posted by smokingunmanila

I'll start with one from megaworld..

GREENBELT PARK PLACE 18th floor 38.5 sq meters..nice view..ready for occupancy...walking distance to greenbelt..

Owner equity 1.2 M...(payable cash and negotiable to the owner)

Megaworld balance 2M ( can be converted 24 months..lease to own without interest)...

Please call me 0917-536-8638 if there are interested buyers..Michael here.

***Sinjin P.*** · February 7th, 2007, 10:53 AM

Moved

smokingunmanila · February 8th, 2007, 06:19 AM

Quote:

Originally Posted by Jhaelnis

Moved

Thanks....always my savior...

sugarboy · February 7th, 2007, 04:59 PM

ok to na thread a. this is where i belong. i have always been buying sa foreclosed. last year i got 2 from the metrobank list. 1 office. 1 residential condo.

smokingun, will call you tom.

boolateh · February 8th, 2007, 04:27 AM

Thanks, but not greenbelt park place. Yung joya studio or greenbelt residences sana. But this thread is great!

smokingunmanila · February 8th, 2007, 06:21 AM

meron pa din...not sure kung may nakabili na..kasi pabilisan....I know..may cheke na naka antay...

Forbestown
59 sq meters..2nd floor...2 bathrooms ..1 bedroom 1 maid...
4.3 M....already repossess by Mega....2 years...lease to own...

queetz@home · February 8th, 2007, 06:32 AM

I'm not that familiar with the banking or repossesing laws here in Phils so I'm curious since I have not explored that field yet...

So if a buyer has their unit paid by in-house financing, say in the case of that Forbestown unit, then the developer repossesses it and sells it?

And for that Greenbelt Park Place, since the owner already has some equity on it, when the unit gets repossesed, he is still entitled to the equity he put in?

Also, what is the deal with buying repossesed properties? Is there something from the deal we have to be extra careful about?

smokingunmanila · February 8th, 2007, 06:43 AM

@queetz...What I had been advertising here for now is not a bank repossession...it is from megaworld projects wherein buyers did not fullfill their obligations for the full payment with the turnover...

Megaworld tries to help buyers who cannot pay..either they transfer their funds to another new project or we try to sell it (brokers) to interested parties with the same price as the owner bought it during pre-selling...

Repossess properties are the best buy, because you get it in a bargain price and at the same time, you don't have to wait for your unit...it's already delivered..and you can earn from renting it out...so you can divert your rental income in paying the creditor..either megaworld or other banks....

Right now,Megaworld is affiliated with security bank with a low yearly ineterest starting at 5% per annum...

for the greenbelt park place...the owner has a certain time period...for him to sell it or transfer his fund with another project or hold his fund with megaworld...but it cannot be refunded...he can only hold it or divert it to other new projects...so for example...the owner is trying to sell it...if somebody from here buys that unit...the owner will be paid with his equity in cash or terms...depending on the negotiation of the owner and the buyer..plus the remaining balance at megaworld for 2 years without interest...

I hope I answered all your questions...btw..the banks has a different scheme...most of them offers cash sales....

queetz@home · February 8th, 2007, 01:49 PM

Sheesh! That's terrible. I better make sure that someone that I know has the funds to cover her recent purchase (she does have assets which she plans to sell to pay for it but has not yet done so).

Quote:

Originally Posted by smokingunmanila

@queetz...What I had been advertising here for now is not a bank repossession...it is from megaworld projects wherein buyers did not fullfill their obligations for the full payment with the turnover...

Megaworld tries to help buyers who cannot pay..either they transfer their funds to another new project or we try to sell it (brokers) to interested parties with the same price as the owner bought it during pre-selling...

Repossess properties are the best buy, because you get it in a bargain price and at the same time, you don't have to wait for your unit...it's already delivered..and you can earn from renting it out...so you can divert your rental income in paying the creditor..either megaworld or other banks....

Right now,Megaworld is affiliated with security bank with a low yearly ineterest starting at 5% per annum...

By some coincidence, the purchase in question is from a Megaworld Project. At least I know who I can refer her too in SSC to seek help just in case.

Also I'll be watching this thread closely for properties I may want to buy myself since my pending deal with another condo doesn't seem to be happening since they have not responded to my offer as I wrote this post...

smokingunmanila · February 8th, 2007, 06:45 AM

Megaworld should pay me for being their PR in SSC....hmmf!!

laquacherra · February 8th, 2007, 07:21 AM

i'm curious though... what the percentage of units sold gets repossessed?

smokingunmanila · February 8th, 2007, 10:30 AM

Quote:

Originally Posted by laquacherra

i'm curious though... what the percentage of units sold gets repossessed?

Honestly, they don't declare it...because repossessed will benefit the developer..and it will be so easy to resell the condo which is already ready for occupancy....but I know..there's like a 10% rate....

Dvorak · February 8th, 2007, 11:02 AM

and if a buyer defaults payment.. they don't get refund.. so dyan talaga kumikita ang developers.. imagine they can still sell the property and still have the original buyer's money.. tapos the 2nd buyer will default again.. tiba tiba lalo!

smokingunmanila · February 9th, 2007, 07:38 PM

I hope the others can also share some listings...medyo in demand talaga...right now the greenbelt park place I advertised...there's like 2 people interested already...

Also, we can help people here recover their money....of course I get my commissions...

queetz@home · February 10th, 2007, 02:49 AM

Given a situation where a buyer who is unable to pay due to financial constraints and is desperate to sell his or her unit, your commissions are reasonable, right?

smokingunmanila · February 10th, 2007, 01:41 PM

just the same...I just get tips from the seller...like a brand new BMW...hahahaha....I wish

tigidig14 · February 10th, 2007, 05:23 PM

nice thread

oh ye how bout nice cars too include them here hahaha

February 7th, 2007, 05:04 AM	#1
smokingunmanila Senior Member Join Date: Jan 2007 Posts: 289 Likes (Received): 0	Resale, Repossessed and Foreclosed Properties I will start this thread for condos that are repossess or mortgage...In this way we can help the seller, whose property might be just repossess by the bank or the developer and thus helping the buyer with a baragin price... Thanks... __________________ Kung may party kayo, ikakahiya nyo ba ako?

February 7th, 2007, 05:06 AM	#2
smokingunmanila Senior Member Join Date: Jan 2007 Posts: 289 Likes (Received): 0	Moderator..nagkamali nanaman ako....help...dapat ito..asa projects on the rise...ata... __________________ Kung may party kayo, ikakahiya nyo ba ako?

February 7th, 2007, 05:08 AM	#3
smokingunmanila Senior Member Join Date: Jan 2007 Posts: 289 Likes (Received): 0	I'll start with one from megaworld.. GREENBELT PARK PLACE 18th floor 38.5 sq meters..nice view..ready for occupancy...walking distance to greenbelt.. Owner equity 1.2 M...(payable cash and negotiable to the owner) Megaworld balance 2M ( can be converted 24 months..lease to own without interest)... Please call me 0917-536-8638 if there are interested buyers..Michael here. __________________ Kung may party kayo, ikakahiya nyo ba ako?

February 7th, 2007, 10:53 AM	#5
*Sinjin P.* Lingkod-Bayan Join Date: Jul 2005 Location: CEB, SIN Posts: 10,405 Likes (Received): 161	Moved __________________ Helpful links: Cebu Pacific \| Zest Air \| Airphil Express \| Philippines' Air Asia \| Libotero

February 8th, 2007, 04:27 AM	#8
boolateh D'Lizard Join Date: Jan 2007 Location: Manhattan, NY and Ortigas Center, MM Posts: 397 Likes (Received): 0	Thanks, but not greenbelt park place. Yung joya studio or greenbelt residences sana. But this thread is great! __________________ Warning is given for violation of the ffg. user signature rules: - Signature lines may be up to 5 lines of default sized (vBulletin size 2) text, spaces included (at 1024x768 resolution, default IE or Firefox font) - Signature lines may be up to 3 lines of vBulletin size 3 text, spaces included. - No text over vBulletin size 3 is allowed, even if your signature line uses only one line. Please follow the SSC-Phil Forum Rules for User Signatures. Thank you for your cooperation.

February 7th, 2007, 04:59 PM	#7
sugarboy Talonggo gid ya! Join Date: Dec 2004 Posts: 722 Likes (Received): 0	ok to na thread a. this is where i belong. i have always been buying sa foreclosed. last year i got 2 from the metrobank list. 1 office. 1 residential condo. smokingun, will call you tom.

February 8th, 2007, 06:21 AM	#9
smokingunmanila Senior Member Join Date: Jan 2007 Posts: 289 Likes (Received): 0	meron pa din...not sure kung may nakabili na..kasi pabilisan....I know..may cheke na naka antay... Forbestown 59 sq meters..2nd floor...2 bathrooms ..1 bedroom 1 maid... 4.3 M....already repossess by Mega....2 years...lease to own... __________________ Kung may party kayo, ikakahiya nyo ba ako?

February 8th, 2007, 06:43 AM	#11
smokingunmanila Senior Member Join Date: Jan 2007 Posts: 289 Likes (Received): 0	@queetz...What I had been advertising here for now is not a bank repossession...it is from megaworld projects wherein buyers did not fullfill their obligations for the full payment with the turnover... Megaworld tries to help buyers who cannot pay..either they transfer their funds to another new project or we try to sell it (brokers) to interested parties with the same price as the owner bought it during pre-selling... Repossess properties are the best buy, because you get it in a bargain price and at the same time, you don't have to wait for your unit...it's already delivered..and you can earn from renting it out...so you can divert your rental income in paying the creditor..either megaworld or other banks.... Right now,Megaworld is affiliated with security bank with a low yearly ineterest starting at 5% per annum... for the greenbelt park place...the owner has a certain time period...for him to sell it or transfer his fund with another project or hold his fund with megaworld...but it cannot be refunded...he can only hold it or divert it to other new projects...so for example...the owner is trying to sell it...if somebody from here buys that unit...the owner will be paid with his equity in cash or terms...depending on the negotiation of the owner and the buyer..plus the remaining balance at megaworld for 2 years without interest... I hope I answered all your questions...btw..the banks has a different scheme...most of them offers cash sales.... __________________ Kung may party kayo, ikakahiya nyo ba ako?

February 8th, 2007, 06:45 AM	#13
smokingunmanila Senior Member Join Date: Jan 2007 Posts: 289 Likes (Received): 0	Megaworld should pay me for being their PR in SSC....hmmf!! __________________ Kung may party kayo, ikakahiya nyo ba ako?

February 8th, 2007, 07:21 AM	#14
laquacherra Registered User Join Date: Jul 2006 Location: bgc Posts: 1,723 Likes (Received): 0	i'm curious though... what the percentage of units sold gets repossessed?

February 8th, 2007, 11:02 AM	#16
Dvorak COO - Child of Owner Join Date: Jul 2004 Location: Makati / Mandaluyong Posts: 1,924 Likes (Received): 0	and if a buyer defaults payment.. they don't get refund.. so dyan talaga kumikita ang developers.. imagine they can still sell the property and still have the original buyer's money.. tapos the 2nd buyer will default again.. tiba tiba lalo! __________________ True love doesn't end happily ever after.. coz' it NEVER ends! www.avanzaclub.ph

February 9th, 2007, 07:38 PM	#17
smokingunmanila Senior Member Join Date: Jan 2007 Posts: 289 Likes (Received): 0	I hope the others can also share some listings...medyo in demand talaga...right now the greenbelt park place I advertised...there's like 2 people interested already... Also, we can help people here recover their money....of course I get my commissions... __________________ Kung may party kayo, ikakahiya nyo ba ako?

February 10th, 2007, 01:41 PM	#19
smokingunmanila Senior Member Join Date: Jan 2007 Posts: 289 Likes (Received): 0	just the same...I just get tips from the seller...like a brand new BMW...hahahaha....I wish __________________ Kung may party kayo, ikakahiya nyo ba ako?

February 10th, 2007, 05:23 PM	#20
tigidig14 --- Join Date: Mar 2005 Location: Baseko Co. Posts: 5,658	nice thread oh ye how bout nice cars too include them here hahaha

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