Benefits of Buying Foreclosed Properties

Huge Discounts – Foreclosures are more affordable priced with some foreclosed properties being sold for as low as 80% discount from their current fair market values.  Banks need only to recover their outstanding loan exposure from these soured mortgages.

Easy Payment Terms – Foreclosures are currently being sold for low down payments, low interest rates and longer repayment periods.

Low Down payment – Banks sell foreclosures for down payments as low as 10% to 25% of the bank’s actual gross selling price.

Low Interest Rate – Banks sell foreclosures not only on cash but also on installment basis with the balance amount subject to interest rates as low as 8% to 10% per annum.

Longer Repayment Period – Banks sell foreclosures not only on cash but also on installment basis with the balance amount payable for as long as 10 to 15 years.

Seal of Good Housekeeping – By virtue of the fiduciary nature of their business, Philippine law requires banks to deal with their clients with the highest degree of trust and care.  Buyers can thus feel secure dealing with banks as the seller of foreclosures.

Extensive Due Diligence – By virtue of the banking law, buyers can thus be rest assured that foreclosures are good collateral that had undergone strict scrutiny by way of stringent bank appraisal and audit processes and technical verification procedures.