Affordable foreclosed properties abound outside MM – Lamudi

MANILA, Philippines – Filipino homebuyers can get more affordable houses in Bulacan, Laguna and Rizal through foreclosed properties, according to global real estate website Lamudi Philippines.  

In its latest data analysis, Lamudi found that the cities of San Jose Del Monte (Bulacan), Dasmariñas (Cavite), San Mateo (Rizal), Bacoor (Cavite), and Santa Rosa (Laguna) have the most number of listed foreclosed houses in the website.

These are followed by Antipolo (Rizal), Imus (Cavite), Caloocan (Metro Manila), San Pedro (Laguna), and Quezon City (Metro Manila).

In Metro Manila, only Caloocan and Quezon City made it to the top 10.  

Together, these cities comprise 51 percent of all foreclosed houses listed in the Lamudi website.

According to the real estate company, in terms of prices, San Jose Del Monte offers the most affordable foreclosed houses among the top 10 cities wherein buyers can own a foreclosed house for P336,000.

Quezon City, meanwhile, offers much pricier foreclosed houses, averaging P5.33 million.

Between the two cities, Quezon City is the most-searched city for foreclosed properties in the Lamudi website from Jan. 1 to March 31, 2016.

Filipinos’ interest for foreclosed properties has also been increasing every quarter, at least according to Lamudi data.

For instance, the property website noted that search volume for foreclosed properties increased to 75 percent in the period covering the fourth quarter of 2015 and first quarter of 2016 from only five percent in the period covering the second quarter of 2015 to the third quarter of 2015.

Foreclosed properties offer homebuyers that best affordable option in order for them to finally afford a home, said Ramil Arquileta, CEO of My Saving Grace Realty and Development Corp., a firm that specializes in foreclosed properties.

He said Filipinos buying foreclosed homes have an advantage.

“For one, the buyer can use regular housing loan or mortgage financing to acquire the property.”

Buyers can also get the property at a lower price because the property will also be sold for the outstanding mortgage balance owed by the previous owner to the foreclosing mortgage holder. 

The titles will also be clear, eliminating the risk for homebuyers to get scammed, because these are in the names of the banks.  

According to Lamudi, there are almost 19,500 foreclosed properties listed on the website. These range from houses and condos to parking spaces and residential lots.