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  1. Join Date
    Oct 2005
    Posts
    12
    #1
    advisable ba bumili ng mga lupa na 'repossessed' ng bank? kapag bumibili sa bank, di ba yung tunay na amount ang nilalagay sa mga deed of sales, hence mataas ang capital gains na babayaran and pati na yung yearly real property tax na babayaran sa city hall malaki rin?

  2. Join Date
    Oct 2002
    Posts
    3,872
    #2
    Quote Originally Posted by rafad
    advisable ba bumili ng mga lupa na 'repossessed' ng bank? kapag bumibili sa bank, di ba yung tunay na amount ang nilalagay sa mga deed of sales, hence mataas ang capital gains na babayaran and pati na yung yearly real property tax na babayaran sa city hall malaki rin?
    Just do your due diligence, dude. Foreclosed properties are sold on an "as-is, where-is" basis, so go visit the property and inspect it so you can see for yourself if its a good deal for the price. Also, be sure to get a certified true copy of the TCT and check for any liens or encumbrances.

    AFAIK, there are two (2) ways by which you can buy foreclosed real property from the bank.

    One is through foreclosure sale which is usually done by public auction. And, second is through negotiated sale --- which means, the bank has previously foreclosed the property and was the winning bidder at the foreclosure sale.

    Usually, the banks would offer financing for the purchase of the foreclosed property with deals of 10-20% down and up to 12% interest per annum.

    The downside to this is that the banks usually sell the property for more than the value of the amount originally owed to them, so you're still buying close to the fair market value. Capital gains and doc. stamp taxes are also applicable.

  3. Join Date
    Feb 2003
    Posts
    690
    #3
    wait, diba capital gains tax is paid by the seller? bec. as defined by the BIR, this is the tax for the profit that the seller gains from selling a property.

  4. Join Date
    Oct 2002
    Posts
    10,808
    #4
    and most foreclosed properties will be in very bad shape. the previous owners most of the time will trash the property before leaving, taking everything with them that they can carry. so if we're talking houses here expect the worst - all broken windows, blocked sewers (they pour cement down the toilet!), missing doors, holes deliberately made on the roof, raked floor tiles, missing electrical cables and breakers, etc. i suggest for you to check the property thoroughly with a complete check list in hand (remember the condition of sale is "as is" basis) before commiting your hard earned mullah. example of an item that should be in your check list - flush the toilet at least 50 times. if you only tried flushing it once and ok na sa iyo yun, patay kang bata ka!

  5. Join Date
    Oct 2002
    Posts
    10,808
    #5
    Quote Originally Posted by wrecker
    wait, diba capital gains tax is paid by the seller? bec. as defined by the BIR, this is the tax for the profit that the seller gains from selling a property.
    capital gains tax and value added tax can be passed on to the buyer, depends on the contact of sale. some buyers opt to pay the capital gains tax and vat themselves in exchange for a lower price (may kilala sa bir, alam mo na), and some sellers do not want to bother with the paper work so they opt for a lower selling price but the buyer handle all the legalities.

  6. Join Date
    Jul 2005
    Posts
    494
    #6
    Most major banks have disposed most of their foreclosed assets through special purpose vehicles and public auctions. And it seems that despite the political atmosphere, the property sector is inching out of the rut. However, a lot of middle class homeowners are leaving for abroad and are trying to sell off their houses quickly. This presents a lot opportunities for property seekers.

Buying real properties acquired by banks