LIST: Where to Find Foreclosed Properties in the Philippines

(SPOT.ph) Buying a property is no joke—especially when it comes to affordability. Thankfully, foreclosed properties are always an option for those who want to own a home or invest in real estate at a lower price, but where to even start?

The true key to success is knowing where to look. In this guide, we’ll show you exactly where to find the best websites for foreclosed property listings out there, so you can score big on your next purchase.

Also read: I'm Looking to Buy a Home, Should I Consider Foreclosed Properties?

Where to buy foreclosed properties in the Philippines

Bank listings

Websites of major banks are good starting points in your search. To purchase foreclosed assets for sale, just email the bank with details of the asset you intend to buy.

Another option is to visit your bank branch to request a copy of the latest listings.

UnionBank

UnionBank is one of the first banks that will pop up when you search for foreclosed properties. It’s also fairly easy to navigate. You can filter the property you want on type (agriculture, commercial, industrial, residential), location, and price segment (budget, mid, high end, prime).

It also has an amortization calculator for each listing, so you wouldn’t have to spend time making complex equations.

To buy, fill out the bid form and submit it to ARGBids@unionbankph.com along with your personal information sheet, signature card, and two valid IDs. Be prepared to deposit P20,000 per property as part of the bidding process.

Metrobank

If transparency is the most important thing for you, then head over to Metrobank.

You’ll find the updated list of foreclosed properties upon clicking the “List of Assets for Sale.” The usual categories are there: price, location... and problem. That’s right—Metrobank does half the dirty work for you in figuring out what’s the catch for each property. It looks at whether it has a document problem, a physical problem, or a legal problem without the frills.

Initial requirements for buying a foreclosed property include the offer to buy form, a buyer's profile, and a valid ID.

RobinsonsBank

RobinsonsBank has some of the most comprehensive guides on buying foreclosed properties out there to make sure you fully understand what you’re planning to do.

Foreclosed properties come in three main types: condominium, house and lot, and vacant lot. The listings are presented in data tables, so it’s pretty easy to shift through various properties without having to click the next page or open a new tab.

BDO

BDO can be challenging to navigate, but have enough patience to look through the listings—there are a ton to choose from! After all, BDO is the largest bank in the country so it only follows that it would have a wide selection of foreclosed properties under its belt.

You can filter the property you want on the type (commercial, residential, subdivision, industrial, agricultural), area (Metro Manila, Luzon, Visayas, Mindanao), and price. You can also sort the listings by lot area, floor area, price, and vicinity.

To inquire, email retailsales@bdo.com.ph for retail properties, sitchon.mylene@bdo.com.ph for subdivision properties, and drm@bdo.ph for lease assets.

Philippine National Bank

Philippine National Bank is as straightforward as it gets. Each month, the bank provides an updated list of foreclosed properties in PDF form with over a hundred pages. The list includes the usual information along with the number of titles, status (if there are issues), and most importantly, the contact person for each property.

You can also check out when the next public sealed bidding for foreclosed properties is scheduled as it’s regularly updated on the website, too! This public sealed bidding is open to individuals, sole proprietorships, partnerships or corporations. However, the event is only open to direct buyers—no brokers, agents or referrers will be entertained.

Do note that clean properties are prioritized for sale, while properties with ownership issues are not readily available for sale. You can access the purchase proposal form here.

Government listings

Next to banks, government institutions are also highly reliable when it comes to foreclosed property listings.

Pag-IBIG

Pag-IBIG is one of the best places to purchase foreclosed properties. On top of having a number of listings, Pag-IBIG offers special discounts: 20% discount for purchased properties from P10 million to P50 million, 22% discount from P50 million to P150 million, and 25% discount for more than P150 million.

Both Pag-IBIG members and non-members can participate in the purchase of these properties, but financing options are usually reserved for member. Interested buyers may submit the offer to bid and other requirements at selected Pag-IBIG branches nationwide.

Do note that real estate brokers are prohibited from selling foreclosed assets under Pag-IBIG Circular No. 430. Buyers may just transact with Pag-IBIG directly, while salespersons can still get accredited with other sellers of foreclosed properties like banks and other government institutions—just not Pag-IBIG.

Bangko Sentral Ng Pilipinas

Bangko Sentral Ng Pilipinas has no shortage of foreclosed properties, but it isn’t the best place to shop due to limited information and pictures for each listing. From time to time, BSP will also release a list of properties available for auction sale.

Offers will be accepted on a first-come, first-served basis, from 8:00 a.m. to 5:00 p.m., Mondays to Fridays. However, offers received for the same property within the same day will be evaluated for the best offer.

A complete description of the properties is available at the Asset Management Department in Room 211, 2nd Floor, Five-Storey Building. You may also call the following numbers: 5306-3417, 5306-2911, 5306-2912, 5306-3415.

Government Service Insurance System

Looking to bid in an auction instead? The GSIS holds public bidding on an “as is where is” basis. It regularly updates the website to show when the next bidding is.

Dropping of bid envelopes will be on the date of bidding from 8:30 a.m. to 10:00 a.m. Opening of Bids will immediately follow. Take note of the other general guidelines for the bidding process.

Real estate portals

Online real estate portals have dedicated sections covering all things foreclosed properties because, hey, there’s clearly a market demand for it. Keep an eye out for auction announcements too, as they are often collated on these websites.

Lamudi

Lamudi is more chaotic than the rest, but there’s a reason why it’s such a popular place to browse for properties. Here, you’ll get a mix of listings from banks, governments, and even real estate brokers in one place. The bright orange contact button also makes it so much easier to get in touch with the property you’re interested in.

What’s nice about Lamudi is it includes nice-to-know information about each property such as nearby landmarks and neighborhood ratings. A mobile app is also available for download on the App Store or Google Play for a seamless browsing experience no matter where you are.

Foreclosure Philippines

Everything you need to know about the latest news in foreclosed properties can be found in Foreclosure Philippines, a website dedicated to “smarter real estate investing.”

Searching for a certain kind of property is also easier here. Instead of selecting from present options in the search filter, you can enter your own budget and specify the minimum lot and floor area you’re looking for.

Also read: What Aspiring Homeowners Should Know Before Buying a House in the Philippines