Real Estate Investing 101

[julz2006]

Good to see the ball rolling on this thread again.Ask ko lang: meron na ba dito nakapag try mag benta ng property (say,house and lot) na under an existing PagIbig loan?How about under a Bank loan?Thanks for sharing.

[Ozzpray]

Good to see the ball rolling on this thread again.Ask ko lang: meron na ba dito nakapag try mag benta ng property (say,house and lot) na under an existing PagIbig loan?How about under a Bank loan?Thanks for sharing.

Hi Sir, i didn't sell. I bought under existing bank loan.

 

1. Submit all your Personal docs to the bank. And copy of TCT of the property you want to purchase.

2. The bank will assess if you can afford to pay the property, how much the property is worth to them.

3. They will assess the property.

4. Once assessed. They will require additional documents before releasing MOA; that the bank will pay off the said property once additional docs have been supplied/

5. Additional docs would be transfer of title, taxes etc.

6. If all docs completed they will release the funds to the seller and you will be the owner of the property and start paying off the loan.

 

This is how i remembered it. But depending of how good you/agent is at processing the documents; loan release could take between 4-6 months from experience.

 

Also most if not all the steps cost money.$$$$

[julz2006]

Hi Sir, i didn't sell. I bought under existing bank loan.

 

1. Submit all your Personal docs to the bank. And copy of TCT of the property you want to purchase.

2. The bank will assess if you can afford to pay the property, how much the property is worth to them.

3. They will assess the property.

4. Once assessed. They will require additional documents before releasing MOA; that the bank will pay off the said property once additional docs have been supplied/

5. Additional docs would be transfer of title, taxes etc.

6. If all docs completed they will release the funds to the seller and you will be the owner of the property and start paying off the loan.

 

This is how i remembered it. But depending of how good you/agent is at processing the documents; loan release could take between 4-6 months from experience.

 

Also most if not all the steps cost money.$$$$

Thank you sir Ozzpray for sharing, much appreciated.Good to hear it from the Buyer's perspective also.

 

I wonder what steps the seller took in parallel to yours, yun kasi ang magiging part ko on this scenario.Heheh

 

Some takeaways:

1. The bank will assess property - so,which price prevailed, yung asking price ni Seller or the bank's assessed value?

2. Any idea what happened to the Seller's original loan or how it was handled?

 

Thanks again sir indeed.

[MRROUGHSEX]

Thank you sir Ozzpray for sharing, much appreciated.Good to hear it from the Buyer's perspective also.

 

I wonder what steps the seller took in parallel to yours, yun kasi ang magiging part ko on this scenario.Heheh

 

Some takeaways:

1. The bank will assess property - so,which price prevailed, yung asking price ni Seller or the bank's assessed value?

2. Any idea what happened to the Seller's original loan or how it was handled?

 

Thanks again sir indeed.

 

1. The assessed value prevails if lower than seller's price and the difference is material. The buyer then uses this info to ask for negotiation of the price down. Otherwise, the seller's price prevails.

2. The seller's loan is paid in full by the buyer's bank and a proof of full payment is issued to the seller by his bank.

[julz2006]

1. The assessed value prevails if lower than seller's price and the difference is material. The buyer then uses this info to ask for negotiation of the price down. Otherwise, the seller's price prevails.

2. The seller's loan is paid in full by the buyer's bank and a proof of full payment is issued to the seller by his bank.

Good deal!Thanks for sharing paps. \m/

 

Now,I hope someone can shed more light on if the said property was under PagIbig instead.I think that one can be a different animal altogether.I can only imagine it could be more cumbersome. Mas madami ata particulars pag from a public institution.

[MRROUGHSEX]

That would be interesting if government loan payment makes it more cumbersome. Rational mind says get the payment as painless as possible for the payer but you may be right, since you are dealing with the gubment, things could go irrationally.

[Yahiko44]

Hey guys! Thinking of buying a small studio - 1br in BGC... For investment sana, but I'm worried if the RE market here is "too" saturated" na - meaning, not enough squeeze to get a decent return sa investment mo...

What do you guys, think?

[PenetrayShawn]

Hey guys! Thinking of buying a small studio - 1br in BGC... For investment sana, but I'm worried if the RE market here is "too" saturated" na - meaning, not enough squeeze to get a decent return sa investment mo...

 

What do you guys, think?

 

BGC area seems competitive. I think university areas are better, lagi namang may magulang na may kaya or gagawa ng paraan para mas maganda ang tirahan ng anak nila habang nagaaral pa

[jackmax]

Is this the same process pag commercial property?

 

 

Thank you sir Ozzpray for sharing, much appreciated.Good to hear it from the Buyer's perspective also.

I wonder what steps the seller took in parallel to yours, yun kasi ang magiging part ko on this scenario.Heheh

Some takeaways:
1. The bank will assess property - so,which price prevailed, yung asking price ni Seller or the bank's assessed value?
2. Any idea what happened to the Seller's original loan or how it was handled?

Thanks again sir indeed.

[paupau]

First time to buy a house. Can someone explain the fees I have to pay and the best bank to get a loan? Sabi kasi nung developer may fees pa ko need bayaran sa bank and sa government agencies that would amount to a few hundred thousand pesos. I hope someone can enlighten me

[Pen15]

Nakabili ako ng lupa 9 months ago and the value was 1.4M for 6000sqm with 34 mangoes. Next to my lot meron cyang katabi palayan na nasa 2000sqm and being sold now for 1.7M. Wow ang laki ng difference. Just imagine kung ibebenta ko lupa ko😁. But of course I wont. Iba rin kasi na meron ka nakikita na ebidencya sa lahat ng pinaghirapan and sakripisyo nagawa mo.

[Harding]

1 hour ago, Cabalen said:

Nakabili ako ng lupa 9 months ago and the value was 1.4M for 6000sqm with 34 mangoes. Next to my lot meron cyang katabi palayan na nasa 2000sqm and being sold now for 1.7M. Wow ang laki ng difference. Just imagine kung ibebenta ko lupa ko😁. But of course I wont. Iba rin kasi na meron ka nakikita na ebidencya sa lahat ng pinaghirapan and sakripisyo nagawa mo.

where is the location bro? real eatate is a long term investment. buyers may not be available when you need them.

[Pen15]

6 hours ago, Harding said:

where is the location bro? real eatate is a long term investment. buyers may not be available when you need them.

Sa Pampanga Bro. This lot has great potential. Our region is going thru BBB projects.

[Harding]

13 hours ago, Cabalen said:

Sa Pampanga Bro. This lot has great potential. Our region is going thru BBB projects.

yeah , pampanga has a lot of potential.   i dont speculate on empty lots since we only speculate on its appreciation. i make these real estate properties earn for me thru rents while waiting for the price appreciation

[swiso]

Any available reaidential farmlots? Pa pm nalang po. 👍