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Buying foreclosed property


Hi all,  my wife and I are thinking of retiring to the country town where she is from, so we are looking for property to buy and come across Foreclosed Properties, has anyone had any experience buying  a foreclosed property, pit falls?
Any info would be very much appreciated.

Many Thanks

Welcome to this forum.   

Assume you are talking about some province city in the Philippines ?

First thing that comes to mind is that you might want to rent first and live in that city before shopping for house and or property.  The Pit falls possible are just endless.  Imagine all the same possible problems that would exist from other places,  times two or times three. 

In the US(not sure what country your from)  it is possible to shop remotely for bargain property and get a great deal.   Never ever heard of the same thing working out in the Philippines.  However if living in a small city and integrated with them some,  can get much better deals than usually possible in other places. 

I have no experience with foreclosures in the Philippines but I can suggest you make sure anything you buy has a deed and not just a tax declaration and you only buy foreclosures from well known banks.


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