Pre-owned properties offer affordable alternative to prospective home buyers

MANILA, Philippines - As the country’s property sector continues to boom, there is growing concern that the middle to lower-income markets may be pushed to the wayside as developers launch more housing and condominium projects geared for upscale buyers.

Fortunately, a viable alternative to buyers looking for affordable housing is now made easily available in the form of “pre-owned” (or foreclosed) properties. Pioneer mortgage servicing company BFS offers a range of these affordable homes and assists prospective buyers throughout the process of acquiring these properties.

“BFS set a track record for selling pre-owned properties.  Over the past five years, BFS has sold over 4,000 pre-owned properties nationwide, with a bulk of these located in Laguna, Cavite, Bulacan, Rizal, Caloocan City, and Muntinlupa City, where infrastructure has gained a foothold, economies have flourished, and communities have grown,” says Alexis Ortiga, head of property sales.

“We welcome the opportunity to help Filipinos become homeowners instead of renters. More than just providing affordable housing, we also offer very attractive payment packages and healthy discounts.”

Ortiga advises that prospective buyers must thoroughly understand the product. “Our products are unique.  We sell properties that we already hold titles to, as well as properties that are in various stages of foreclosure.  Pricing is based on the latest fair market value, whether or not the property is undergoing foreclosure.  BFS sales specialists also provide thorough information on each of our products.”

“Properties that are in the midst of the foreclosure process are part of our inventory and are available for as low as P150,000,” explains Ortiga. “We emphasize to our buyers that our prices are affordable because they are purchasing the rights to properties under foreclosure. Upon expiration of the one year redemption period, our buyers then become the exclusive owners over the rights to the property.  Should the original borrower redeem the property before then, we refund the amount paid for the property to the rights buyer.”

“The pre-owned properties are sold on an ‘as is, where is’ basis,” Ortiga says. “As with any other major purchase in life, would-be buyers should inspect the properties thoroughly. Buying a home is a major investment, which warrants an informed decision.” 

This means conducting an ocular inspection of the property, as well as checking any arrears on various payments that the property may have as a result of the previous owner’s actions, since some of these expenses may be legally attached to the property and will be passed on to the buyer.

Ortiga warns that there are also many individuals who pose as brokers or fixers, then take off with the buyers’ hard-earned money.  “We want to protect our customers from fraud; so we advise them that only the BFS cashiers are allowed to accept payments and issue receipts.  BFS also has accredited BFS brokers but these accredited brokers know never to ask for any form of payment or processing fee from the buyer.”

For transfer certificates of titles, these are cleared for release after going through four government agencies. To facilitate the foreclosure process, BFS coordinates with the local Assessor’s Office, Treasurer’s Office, Bureau of Internal Revenue, and Registry of Deeds to process documents. BFS cooperates with these agencies so that the titles may be turned over at the soonest possible time.  “For certain products, we also accommodate buyers who wish to facilitate their own paperwork with the government agencies,” Ortiga adds.

BFS’ Property Management Unit also deploys a network of service providers, caretakers, and security guards to maintain and secure all BFS properties. Only upon payment and signing of legal documents will the Property Management Unit turn over the property and all accompanying responsibilities to the buyer.

“Our pre-owned properties are ideal for a variety of customers, including families who want to own their own homes, institutions wanting to implement a retention program through housing for their employees, and businessmen wanting an economical means of investing in the real estate sector,” Ortiga notes. “They are located in gated subdivisions with live communities in Laguna, Cavite, Bulacan, Rizal, Caloocan City, and Muntinlupa City, compounded with access to good roads, electricity, and water supply, BFS’ properties are in rapidly-developing areas, so the value of the properties may very well continue to increase over time.”

“With more and more Filipinos reaping the benefits of the economic boom, we expect that there will be a greater demand for affordable homes,” Ortiga says. “The properties that we are offering to the Filipino public may be purchased by young professionals, government employees, entrepreneurs, and overseas Filipino workers. In short, BFS is addressing the Filipino’s dream of having decent and affordable housing.”

BFS properties make for smart investments. A full listing of the available properties may be viewed at http://www.bfs.com.ph/property.