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Live in the Philippines Forum » Living in the Philippines

Buying foreclosed Property

(6 posts)
  • Started 10 months ago by richard90027
  • Latest reply from AlexB

  1. richard90027
    Member

    We are considering buying property or even a house in the PI but I have heard so many horror stories about Titles and Tax debts on the properties and the risk of buying. I was thinking that maybe buying a foreclosed property from a bank or bank auction may be a good way to go. Seems like the bank would have a clear title.
    Anyone have any experience or ideas with this?

    Posted 10 months ago #

  2. AlexB
    Member

    Here's a link that might help:
    http://www.docstoc.com/docs/7697053/Tips-Before-Buying-Real-Estate-in-the-Philippines

    As for foreclosed properties, I'm looking at possibilities as well.

    Posted 10 months ago #

  3. richard90027
    Member

    Thanks, here is another great Link

    http://www.globalpropertyguide.com/Asia/Philippines/Buying-Guide

    Posted 10 months ago #

  4. bangkaboat
    Member

    Things may have changed, but the best place to buy leveraged properties used to be pawnshops! No kidding, many borrow from the pawnshops, using their properties for collateral.

    My #1 rule when buying properties in the Philippines is to ensure that one is dealing with the actual title holder. This can be more challenging than it seems, but will save one having to "buy out other interests", not an uncommon situation. Best of luck!
    Mike

    Posted 9 months ago #

  5. glimer
    Member

    Hi there i bought a new condo from DMCI in Manila

    I waited more than a year for my Title - They keep on saying its the
    Certificate Authorizing Registration (CAR) they are waiting for before
    they can finish the Title.

    Can someone explain what this CAR in Phil is about and why it takes so long time ?

    (I learned that here You need to be very very patient !!! In Europe I never waited more than 8 weeks for a Title.)

    Chris

    Posted 9 months ago #

  6. AlexB
    Member

    Glimer:

    re CAR, something to do with the BIR, payment of capital gains and documentary stamps. Here is a link where the steps are outlined. I understand that once they've received the CAR it only takes days. I bought mine last year, from the time of the deed of sale, to completion/fit out of the unit (7 months), another 5 months to finally get my title.

    http://www.realestatephilippinesblog.com/complete-steps-procedures-of-documenting-and-registering-sale-of-property-in-philippine-real-estate/

    Posted 9 months ago #

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