One of the biggest dreams of OFWs is to buy their very own house and lot in the Philippines. However, seeing that not everyone could afford getting a brand new one, they could still achieve this by opting for foreclosed properties instead.
Considering the fact that foreclosed properties are usually available in affordable deals, OFWs can acquire property and/or expand their portfolio. A 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 of these assets as soon as they can. Thus, OFWs can expect banks to offer these properties at a discount.
Then again, 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.
Repairs. Check the condition of the property. Does it need a lot of maintenance and upkeep when the keys are handed over to you?
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?
Loan requirements. What are the terms of the bank on selling the foreclosed property to you? How much interest would you be paying? What forms of paperwork are required and what other related fees are you expected to pay?
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.
