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House prices


stevewool

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17 hours ago, Clermont said:

There are some nice houses repossessed and if you keep your wits about you you'll get a bargain. 

Get yourself a couple of repo cars to go with the house. :tiphat:

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On 10/8/2021 at 5:26 AM, Clermont said:

Yeah Dave what I wrote is based on cash sale, as long as you are reasonable with your offer they'll buckle. :thumbsup:

Care is also needed here. I can remember reading some time ago that buying a foreclosed mortgage home from a bank comes with conditions attached.

Sorry not recall 100%, was to do with the original owner being able to reclaim the property within a certain period if he had funds. 12 months comes to mind.

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14 hours ago, RBM said:

Care is also needed here. I can remember reading some time ago that buying a foreclosed mortgage home from a bank comes with conditions attached.

Sorry not recall 100%, was to do with the original owner being able to reclaim the property within a certain period if he had funds. 12 months comes to mind.

If thats the case it would be a very risky and unfair, you would think once a property is sold it becomes the property of the new owner as the bank got back as much as they could and normally you are given the deed to something you have bought outright.

Philippines moves in mysterious ways. 

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16 minutes ago, Jollygoodfellow said:

If thats the case it would be a very risky and unfair, you would think once a property is sold it becomes the property of the new owner

Nope.  RBM is right

Quote

The mortgagor may redeem the foreclosed property within one (1) year from the date of the sale (see Act No. 3135, as amended).

https://www.divinalaw.com/dose-of-law/getting-back-mortgagors-right-redemption/

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2 minutes ago, Dave Hounddriver said:

Nope.  RBM is right

Not doubting that he was right, just saying its too risky to bother.

The law lnk you posted was kind hard to follow without any beer.

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6 hours ago, Dave Hounddriver said:

Sort of right.  Three months if the mortgage is a bank or other financial institution.  Snip is from same source as Dave's post.  As slow as things move here in the Philippines I expect those repo property/homes on the bank books would all past the three months.  The 12 months would still apply for a private mortgage i.e. seller to buyer under an installment contract.

<snip>

The General Banking law reduced the redemption period to three months from registration of the certificate of foreclosure sale or three months after foreclosure, whichever is earlier, if the following elements are cumulatively present: a) the mortgagor is a juridical person; b ) the mortgagee is a banking or credit institution; and, c ) the mode of foreclosure is extra-judicial under Act 3135, as amended. (Section 47 of RA 8791, otherwise known as the new General Banking Law). Only after the lapse of the redemption period shall the buyer at the auction sale may consolidate its ownership over the foreclosed property.

<end snip>

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