INVESTING ON FORECLOSED PROPERTIES

             

            There are many ways to look for properties as a viable investment. However, if you are planning to invest on some foreclosed properties, there are some issues that you need to consider.

The crux of the matter.  Many foreclosed properties have little equity. Since equity is the difference between the fair market value of the property and the outstanding balance of all its liens, a property’s equity increases whenever the debtor makes payment on his mortgage balance. However, with low downpayment schemes stretched over a long period of time, it is no wonder why equity on mortgaged properties may take some time to be realized. Also, since the bidder in an auction sale is oftentimes the lender, the bid offer is usually lower than or exactly the amount of what is owed, leaving no surplus from the sale proceeds to the advantage of the homeowner. Consequently, the homeowner is left with little or no equity at all. Finally, if the property goes out in a sheriff sale, the lender usually imposes late fees, interests, court costs, attorney’s fees on top of the amount owed, thus, eating up a large amount of the equity.

Raw emotions.  A lot of foreclosed properties have been damaged, smashed, or trashed as a form of revenge of its owner against the party foreclosing it. I have seen a mortgaged property deliberately destroyed by its occupant who lost a court battle; smashed glass windows, broken tiled floorings, wrecked concrete walls, damaged gates and fences, leaving the place in total disarray and uninhabitable. Ultimately, the mortgagee had no choice but to accept the condition of the premises in its dilapidated form.

Failed expectations.  Since most of the occupants of a foreclosed property are under some financial distress, expect the property to be poorly maintained due to lack of funds.

Caveat Emptor.  There may be some hidden liens in the foreclosed property that you failed to assess. My husband and I are a living case in point. Learning about a foreclosed property, my husband and I got pretty excited about it that we rushed to purchase it. To wade off the competition, we made our decision hastily without even doing some background check on the premises. Satisfied by merely looking at the title, we assumed that everything was fine. Little did we know that the said property have tax liens dating years back. Ultimately, the problem was resolved, but the experience cost us many a sleepless nights.

While generally, foreclosed properties attract investors for its incredible deals, it never hurts to do some background research to give you more room for options.

Venturealty Services

venturealtyservices@yahoo.com

+63 0922- 8190122

+63 0917- 4439772

+63 0922- 8152583

Move to the Green City! Las Pinas Houses For Sale

The City of Las Pinas used to be a small fishing port and a salt-making center during the Spanish era. Given its place as a major fish and salt trade hub, the residents were mostly fisher folks and salt makers. 

Fast forward to 2011, the City of Las Pinas has become an important residential, commercial, and  industrial suburb of Metro Manila. Las Pinas, as it stands now, is a farcry from the Las Pinas of yesteryears. If progress had a poster city, it would be Las Pinas.

Thanks to the city government, the sleepy fisherfolk village has transformed into a real estate powerhouse that competes head on with bigger cities like Makati, Davao City, Cebu City, and Marikina City, among others.

One only has to look around to see how the city has progressed over the years. Shopping malls, restaurants, and commercial establishments line up the long stretch of the Alabang-Zapote Road, providing residents and travellers more choices and more reasons to stay in the city.

In the residential front, Las Pinas is considered a pioneer in providing affordable housing to Filipinos. Villages, townhouses, condominiums, subdivisions, and commercial properties - name it and Las Pinas has it.

Las Pinas does not forget its culture and heritage; in fact, the city is home to the world famous Bamboo Organ, housed inside the St. Joseph Parish Church. Built in the 19th century, the fully working (and in pristine condition) Bamboo Organ was declared a National Cultural Treasure.

It would be hard not to include the City of Las Pinas in the list of cities to live in, and even harder to resist once you experience life in the Green City. 

If you are seriously considering living in the City of Las Pinas, check out the list of Houses for Sale in the area. 

Venturealty Services
venturealtyservices@yahoo.com
+63 0922- 8190122
+63 0917- 4439772
+63 0922- 8152583

Photo credits: Wikipedia and Bestphilippineattractions.com

CONDOMINIUM vs. HOUSE

While the choice of purchasing either a condominium unit or a traditional house lies solely upon one’s needs and preferences, here are some of the reasons that can help you make a wiser choice:

PRICE:          

•  Condominiums are cheaper since their price per square foot are lesser.

•  House prices are higher since the value of the land appreciate faster than the value of its improvements by a large margin.

SPACE

• Condominium units have a limited space making cleaning and maintenance easier.

• Houses with bigger spaces are more difficult to maintain, but are more flexible to expansion.

EXTERIORS

• Condominium units provide only minimal extensions such as balcony, windowpanes for plants, or provisions for clotheslines.

• Houses have lawns, yards, backyards, landscapes.

PRIVACY

• Condominium units have lesser privacy due to their proximity and sometimes poor soundproofing materials. 

• Houses are apt to enjoy more privacy primarily due to their distance to adjacent dwellings.

AMENITIES

• Condominium owners have the luxury of having amenities they can use anytime (pool, gym, park, playground) without having to maintain them themselves. 

• House owners do not have these luxuries, unless they shell out a huge budget to build one.

PARKING

• Condominium parking is at a common area far from your condo unit with which you need to pay a monthly fee.

• Parking is provided in your garage or at any appropriate space near your home, for free.

.MAINTENANCE

• Condominium owners have to pay maintenance costs for common amenities (pool, gym, park, playground) whether they make use of it or not. 

• Home owners only pay for costs corresponding to usage.

SECURITY 

• Condominiums have a higher level of security since part of the fees paid is for amenities that include a 24/7 security and high-tech security surveillance. Also, you can leave your condo unit for an extended period of time without being noticed by other tenants or even burglars.

• You are responsible for making your house secure. An empty house for a long period of time makes it prone to burglary and graffiti.

LOCATION 

• Condominiums are a top choice for young employees, professionals, and executives since  they offer closer proximity to commercial and business establishments cutting down on travel time and costs.

• House prices depend on location. While houses far from the central district may cost less, it is a drawback considering the travel time and fuel expenses it may entail. Inversely, houses located near places of interests, such as schools, hospitals and malls will command a higher price.

INVESTMENT

• Since condominiums are the preferred choice of the business community comprising the bulk of the Philippines’ population, target market is extensive. 

• A house is a good investment choice since it has a higher re-sale value. As the house may depreciate due to wear and tear, the land, however continues to appreciate, thus, command a better price. 

         Venturealty  Services

          venturealtyservices@yahoo.com

          +63 0922- 8190122

          +63 0917- 4439772

          +63 0922- 8152583

 

Affordable Properties in Las Pinas and Paranaque

South of Metro Manila is considered a haven for property hunters - and for good reason! The Las Pinas area alone is home to a number of villages, subdivisions, and townhouses, which makes the city a perfect destination for families looking for a permanent place to settle in.

Foremost in the minds of buyers is the affordability of the property. Compared to other cities in Metro Manila, Las Pinas and Paranaque offer much more affordable houses and properties. These two cities have built not just houses, but communities conducive for family living.

But with so many options, buyers tend to be overwhelmed by the information overload. 

Venturealty Services understands the needs of families and investors alike and is working to match up the right property to the right buyer. 

Owning a property in Las Pinas and Paranaque is just a text away. Know your options, text or send us an e-mail at: 

Venturealty Services
venturealtyservices@yahoo.com
+63 0922- 8190122
+63 0917- 4439772
+63 0922- 8152583