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What to consider when buying a lot?

singkit_1588 · 15 · 4165

singkit_1588

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on: Dec 02, 2011, 10:56 AM
in buying a lot in the bank,
eto lng po ba ang kailangan ko hingiin sa kanila??

TCT(transfer of certificate of title)
Deed of sale
Vicinity map
Real estate tax receipt
tax declaration
Release of real estate mortrage..

what are the things to considered?

 :thankyou: in advance
« Last Edit: Dec 03, 2011, 11:09 AM by FutureGizmo »


bauer

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Reply #1 on: Dec 02, 2011, 11:19 PM
additional things to do,

1. visit the place or property (check the condition, baka mamaya may nakatira pa or squatter)

2. measure the property and compare against the bank's title

3. baka may court case (di ko kasi maintindihan why deed of sale at release of mortgage?)



singkit_1588

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Reply #2 on: Dec 03, 2011, 08:21 AM
sir bauer,
sorry for the misinterpretation.
i just copy&paste the requirements for loan in our company..
i forgot the another requirements, appraisal Report & contract to sell..

kailangan ko ba lahat yan.??
if these are requirements for my loan, is it safer to have this documents even though i will not push through the loan??

TIA


moka_akashiya

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Reply #3 on: Dec 03, 2011, 02:22 PM
sir,
ang alam ko po ung deed of sale/contract to sell ung unang hihingiin mo sa seller..

 


Bp22estafa

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Reply #4 on: Dec 03, 2011, 03:15 PM
@ singkit ok na mga namention mong requirements + mga tips ni bauer.

What you don't need as of now is the following since verification of documents palang intention mo right?

Contract to sell - you'll need this if bibihilhin mo na ang lot from the bank in installment

Deed of Sale - if you'll buy it in cash

release or cancellation of real estate mortgage - if you bought it through a bank loan & fully paid ka na.

« Last Edit: Dec 03, 2011, 03:17 PM by Bp22estafa »


singkit_1588

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Reply #5 on: Dec 08, 2011, 01:56 PM
thanks sir Bp22estafa at sir bauer for the infos..

to conclude i need the following..

TCT(transfer of certificate of title)
Vicinity map
Real estate tax receipt
tax declaration

plus check the place and the location of the lot..



singkit_1588

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Reply #6 on: Dec 14, 2011, 10:54 AM
follow up question po..

i want to buy a foreclosed property in a bank..
i know someone who bought it 3 months ago..

when i visited the place, the price increase by 7.1%..
the place is good so i apply for a offer to buy the property..

but just now, the board held a meeting and the price went up by 17.9%..

after 3 months..,the price went up by 25%..

though the lot is still discounted by around 40%( what my friend had bought it 50% discounted ) from directly buying the lot from the developer..

is it still a good buy..?
can i negogiate to the bank to sell it to me at a price nung pinasa ko pa lng sa kanila ung offer to buy??


pinoybroker

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Reply #7 on: Dec 14, 2011, 02:13 PM
follow up question po..

i want to buy a foreclosed property in a bank..
i know someone who bought it 3 months ago..

when i visited the place, the price increase by 7.1%..
the place is good so i apply for a offer to buy the property..

but just now, the board held a meeting and the price went up by 17.9%..

after 3 months..,the price went up by 25%..

though the lot is still discounted by around 40%( what my friend had bought it 50% discounted ) from directly buying the lot from the developer..

is it still a good buy..?
can i negogiate to the bank to sell it to me at a price nung pinasa ko pa lng sa kanila ung offer to buy??


It would be best if you talk to the bank and negotiate the price with them. In real estate everything is negotiable. Kapag hindi pumayag, leave your number to them and wait for them to contact you.


singkit_1588

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Reply #8 on: Dec 14, 2011, 02:18 PM
It would be best if you talk to the bank and negotiate the price with them. In real estate everything is negotiable. Kapag hindi pumayag, leave your number to them and wait for them to contact you.

if hindi pumayag, i just decline the offer?

though it is around 30-40% discounted from the developer price..?
find a better one?invest first my money while looking for a better place?
hindi ko pa naman papatayuan ng bahay eh.hehe
in 5-7yrs pa siguro..haha


naldcagape

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Reply #9 on: Jan 15, 2012, 12:21 AM
yes, you can decline the offer if you don't want it. Pero if its 40% below that developer's asking price that may already be a good buy. Check the asking price of lots that are being resold in the area. Baka everyone else is reselling at a lower price that should tell you something.

Pero if the area is good and it's below market value, go ahead, it should be a good buy.


freefront

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Reply #10 on: Jan 15, 2012, 06:39 AM
Extrajudicial Settlement W/ Sale--- that term hit me squarely in the face last Thursday. No wonder that property has been unsold for 16 months even priced way lower than the area's going price. The other prospective buyers didn't want to deal with the time needed to get the land title transferred to their name. And the fact that all the other four heirs are now settled in the USA and are not exactly raring to have their SPAs made and sent over here( they are agreeable but don't want the bother attached to the process.) Lawyer says the process might take as long as 4 months. The seller made the concession of presenting all 4 SPAs before the 50% downpayment is given and the buyer is allowed to enter the property and make use of it until the title gets finally transferred to the buyer's name.

Any buyer would be so lucky if an agent says it's a clean title, and it really is a clean title.

Disclaimer: I'm not the buyer, just a very interested observer.


DonT

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Reply #11 on: Jan 15, 2012, 07:45 AM
My take on that is ....with the complexity of the situation...how much is it discounted from the fair market value? If it is not so much...then i wouldnt bother going through all the trouble. Its a risk someone has to take..and risks has its price.


mgalapia

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Reply #12 on: Jan 16, 2012, 10:50 AM
Question po, how and where to get the lot fair market value? TIA


joconcepcion

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Reply #13 on: Jan 16, 2012, 11:51 AM
mAM, as far as i know, punta po kayo sa nearest BIR na nasasakupan ng property na guston nyong Bilhin, at nandun po ang records, para malaman nyo ang fair market value, zonal value etc...


naldcagape

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Reply #14 on: Jan 16, 2012, 09:03 PM
mAM, as far as i know, punta po kayo sa nearest BIR na nasasakupan ng property na guston nyong Bilhin, at nandun po ang records, para malaman nyo ang fair market value, zonal value etc...
Wala pong fair market value sa BIR. You just get their standard zonal value which is used for tax purposes only. There is an initiative though to update the zonal values which were last updated in 1997 if I'm not mistaken.

The fair market value is an estimate that you can get from a licensed appraiser. You can get it yourself by getting an average of the actual sale price of similar properties sold in the last 6 months. Unfortunately, there is no database for this so you have to do some asking around from agents, property managers and neighbors in the area.


 


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