It is about time that we changed the perception of what foreclosed properties are - many mistake these properties as old, dilapidated, basically ready to be torn down or condemned. What they fail to see is that these are excellent investment opportunities for those interested in premium properties for a fraction of the price.
When a property is foreclosed, it means that the homeowner’s ownership rights have been forfeited because of a failure to settle obligatory payments or debt. More often than not, rights to the foreclosed property will be transferred to the creditor who, in turn, may choose to hold onto it or sell it off. Because of the transactions surrounding foreclosed properties, these are often offered at relatively lower rates compared to similar properties heightening their consumer appeal. Why spend full retail on a property that you can get for cheap? There are a number of reasonably priced foreclosed real estate in the Philippines that are just waiting for the right property seekers to start taking notice.