One of the probable options to get real estate back home in the Philippines is to secure foreclosed properties. Considering that these may be available in affordable deals, securing foreclosed properties could be an easy way for OFWs to expand their property portfolio without breaking the bank.
Foreclosed property is a good money-saving option for its below-market-value price. The reason behind this is that banks often wish to dispose these assets as soon as they can. Thus, OFWs can expect banks to offer these properties at a discount.
However, not all foreclosed properties are worth it. Here are some of the questions and things you need to check before giving in to purchasing a foreclosed property.
Inspection. Check the condition of the property. Does it need a lot of repairs?
Location. Where is this property located? Is it possible to ‘flip’ the property to make it more marketable and sellable when you decide to sell it off for a profit?
Conditions. In addition, you have to read the exact terms and conditions as to exactly how the bank would sell the property to you.
While there are several cases where OFWs can get rare finds of foreclosed properties that will be highly marketable after a bit of flipping, they should still ponder and think twice before buying the property and consider its accessibility, location, and pricing.
For instance, if it’s a slightly debilitated property but is located in a growing city – check and forecast if the neighborhood is conducive for further growth in the next five to 10 years by analyzing and reading real estate trends. You should also double check if the location is easily accessible. Finally, you should never forget to strike a bargain with the seller.
The Philippine Property and Investment Expo (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, is now on its eighth edition, which will be held this November 5-6, 2022 at the Crowne Plaza – Sheikh Zayed Road.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.