FORECLOSURES: PATH TO HOMEOWNERSHIP FOR FILIPINOS

 MANILA, 7 November 2016: As the Philippine real estate industry continues to flourish, more and more properties are being developed especially in all vibrant and emerging cities of the country. Although this progress means success to the sector and to the economy, it affects the purchasing power of common Filipinos toward home ownership, as it means more expensive homes.

To address this problem, other viable means to own a property are being explored. One option that continues to gain popularity is the acquisition of foreclosed properties. Lamudi Philippines and partner My Saving Grace Realty & Development Corporation (MSGRDC) will showcase some of the 15,000 foreclosed properties that they manage and will offer it for auction to the public at the Lamudi Housing Fair on November 18–20 at the SM Megamall.

MSGRDC is a brokerage owned by Ramil Alquileta that specializes in foreclosed properties. In the process, the real estate firm also educates Filipinos about the advantages of foreclosures. The foreclosed properties handled by MSGRDC are owned by different banks and Special Purpose Asset Vehicles Companies (SPAV).

Alquileta believes that with proper education, foreclosures can indeed be a smart way to put a real estate asset under your name. To further help people who are eyeing their first investment, Alquileta also enumerated some of the advantages of buying foreclosed properties: (a) Buyers can use regular mortgage financing; (b) Properties are clean and named under reputable owners such as banks; (c) and most especially, property is sold for outstanding mortgage balance, which means it is priced way lower than the market standard.

Know more about foreclosed properties acquisition and take advantage of the property auction only at the biggest housing event in the country this 2016. Apart from the auction, the Lamudi fair will also feature the widest selection of properties and offer exclusive discounts to home buyers and property investors. Investment and homebuying seminars and virtual reality application in real estate can also be learned and enjoyed at the fair.

For more information visit www.lamudi.com.ph/housing_fair/