Philippines Insider" The Ultimate Philippines Travel Guide for Tourists and Expats
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Author Topic: Have I missed the best deals ??  (Read 3905 times)

Offline jonnyivy

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Have I missed the best deals ??
« on: May 04, 2008, 02:53:58 AM »
As every week passes, I sit at home here in UK and think to myself I,m going to miss out on the best deals for buying either a lot or a house and lot in Cebu.† I,m starting to think if I hadn,t been so fussy, so eager to get a better \"white man price\" , then I would probably have my land now. There was an element of being scared to lose all my money to fake papers etc., but thanks to this forum, I know now what to look out for.
My fears now are that the UK pound to Peso exchange rate has dropped almost 20% sinse I started looking, and that adds up to a lot of extra funding when you talk big money for property. Also in my mind is the fact that house prices in UK are tumbling fast, and I could be looking at a drop of 1 million Peso from this time last year for a sale on my house.
I curse myself for turning down a few good sites, thinking that the seller would give in before I did, but the opposite happened, it sold for more money to a differant foriegner looking for the same as me.
I do hope I,m not too late to invest in a property over there for my wife and I, even if we don,t need to live there for a year or two.

What do you think is going to happen in the next few years ? ( difficult question I know )

John
A True Friend Is Someone Who Sees the Pain in Your Eyes While Everyone Else Believes the Smile on Your Face

Offline coutts00

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Re: Have I missed the best deals ??
« Reply #1 on: May 04, 2008, 05:43:29 AM »
John,

Send the wife over by herself whilst you are still in the UK, you are nowhere around, she carries out the transaction and gets the ball rolling, no white guy around to balls it up, and keep the fam out of the transaction, send her over and she can visit the family after she has found land and executed a transaction, attorney etc.

Wayne
Wayne† ;D ;D

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Re: Have I missed the best deals ??
« Reply #2 on: May 04, 2008, 08:42:40 AM »
As every week passes, I sit at home here in UK and think to myself I,m going to miss out on the best deals for buying either a lot or a house and lot in Cebu.† I,m starting to think if I hadn,t been so fussy, so eager to get a better \"white man price\" , then I would probably have my land now. There was an element of being scared to lose all my money to fake papers etc., but thanks to this forum, I know now what to look out for.
My fears now are that the UK pound to Peso exchange rate has dropped almost 20% sinse I started looking, and that adds up to a lot of extra funding when you talk big money for property. Also in my mind is the fact that house prices in UK are tumbling fast, and I could be looking at a drop of 1 million Peso from this time last year for a sale on my house.
I curse myself for turning down a few good sites, thinking that the seller would give in before I did, but the opposite happened, it sold for more money to a differant foriegner looking for the same as me.
I do hope I,m not too late to invest in a property over there for my wife and I, even if we don,t need to live there for a year or two.

What do you think is going to happen in the next few years ? ( difficult question I know )

John

I don\'t think you have necessarily missed out on the best deals, there is so much empty land here and most Filipinos are still in need of money and eager to sell. While it is true that some of them are hoping to make a their fortune from a lot they inherited, there are not that many buyers and if they need the money the prices have to drop. It is a good idea to get your wife to make the initial approach, but I found that my presence did not seem to make too much difference. If the price is too high then just walk away. I would suggest that you approach the banks for their lists of foreclosed property. They may not have what you want but the prices are usually very good. We looked at a number of foreclosed properties and eventually bought one in a very good location.
 
I have been renting my bungalow in the UK and have now decided to sell it, and have been caught in the reducing value of properties.† :(

Colin

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Re: Have I missed the best deals ??
« Reply #3 on: June 19, 2008, 10:05:32 AM »
It doesn\'t matter how conditions are, it take a whole lot of leg work to find what your willing to pay at any given time!!

Worrying isn\'t going to help and may cause you to jump before you totally evaluate. Know what you have in hand and how much of it your willing to invest. Then, have fun seeing what can be had.† ;D

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Re: Have I missed the best deals ??
« Reply #4 on: June 19, 2008, 12:21:19 PM »
We looked at many lots before we settled on the one we bought, and I noticed that nobody ever put any pressure on us to buy. It was almost as though they either didn\'t want to, or expect to sell. I guess it was just the Philippine way of showing respect.

Colin

Offline samatm

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Re: Have I missed the best deals ??
« Reply #5 on: July 11, 2008, 10:31:20 PM »
Collin,

Whats the process of checking on foreclosures there?†  Do the Banks keep a list of Foreclosures throughout the province / country?†

best,

sm

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Re: Have I missed the best deals ??
« Reply #6 on: July 12, 2008, 07:00:49 AM »
Collin,

Whats the process of checking on foreclosures there?† †Do the Banks keep a list of Foreclosures throughout the province / country?†

best,

sm

If you go to the bank websites you will often find a list of foreclosures, PNB had a large list for all around the country. However we found it better to call in the local banks in the area you are interested in, their lists are more up to date and they we take you to the sites to see them.

Colin (spelled with one \'l\'† ;D)

Offline cogon88

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Re: Have I missed the best deals ??
« Reply #7 on: July 12, 2008, 10:28:53 AM »
SM, Here are some websites of some of the banks that have foreclosures of property as well as vechicles they list location etc

Be careful when dealing on these properties as many of the properties will have squatters, encroachment of neighbors fences etc the bank usually will not help you to remove squatters or reestablish the correct property boundaries† so beware of the problems you may encounter

On most of the foreclosed properties I have looked at over the years offered no substantial savings many times infact these properties are more then clear titled properties for sale in the same area

Good luck you may get lucky and find a deal

Tom


 
Collin,

Whats the process of checking on foreclosures there?† †Do the Banks keep a list of Foreclosures throughout the province / country?†

best,

sm


If you go to the bank websites you will often find a list of foreclosures, PNB had a large list for all around the country. However we found it better to call in the local banks in the area you are interested in, their lists are more up to date and they we take you to the sites to see them.

Colin (spelled with one \'l\'† ;D)




http://www.devbankphil.com.ph/acquiredassets.php     http://www.metrobank.com.ph/   http://www.bdo.com.ph/index.asp

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Re: Have I missed the best deals ??
« Reply #8 on: July 12, 2008, 12:39:44 PM »

On most of the foreclosed properties I have looked at over the years offered no substantial savings many times infact these properties are more then clear titled properties for sale in the same area


We paid P900,000 for a 1500 square metre† (P600 per Sq Metre) lot in a very good location, when similar lots were going for well over P1000 per sq Metre. There were other lots at similar prices, but they sold very quickly.

If you are taken to see the property you can see if there are squatters and check the boundary markers. PNB would not offer us a lot that they knew had a dispute.

Colin

Offline stillbilly2002

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Re: Have I missed the best deals ??
« Reply #9 on: July 16, 2008, 03:49:33 AM »
 :)Thanks to Wayne we looked more deeply,( my Mother -in-law was our on site scout) and
 found a lot for 700p per sq. meter† 500 sq.meters lot ( 5,380sq.ft.) . on the outskirts of
 Virac, just down the road from a nursing college.Virac, capital city of the island province of Catanduance.† other lots were 1500p,2000p, but smaller . Anyway we have our own bit of paradise.
† good luck.stillbilly-san. ;D