Great deals may sometimes come in unexpected forms, said renowned financial literacy advocate Randell Tiongson who noted that foreclosed properties can save the day.
Citing MyProperty.ph, Tiongson said foreclosed property is a good money-saving option for its below-market-value price.
“The reason foreclosed properties have relatively low selling price is that banks are often swift in disposing these assets. You can expect them, therefore, to offer surprising discounts,” he explained.
Tiongson advised that there are a few things you need to consider, however, as not all foreclosures are worth the money.
“First, inspect the condition of the property. Does it need a lot of repairs? Where is it located? Can you flip the property to make it marketable again? Additionally, you also have to know the terms in which the bank would sell the said property,” he said.
Tiongson said that in some cases, you might find diamonds in the rough that just need a little bit of flipping to turn into a true gem.
However, there are still considerations to ponder on such as location, accessibility, and price tag, he said.
“If the slightly debilitated property is in a major city, check if it has an attractive neighborhood. You should also make an effort to see if the location is easily accessible. Regarding the price tag, you would have to discuss with the seller and bargain if you must,” Tiongson said.
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