Hi! I don't know if the steps are the same for all banks. But with PNB, if the property is up for a negotiated sale (meaning hindi na for public bidding), the following are the steps (as far as I could remember):
1. Ask about the property you want. call the PNB asset management customer service for details on the property (if still available, site map, etc.). You could also email them for the latest list.
amscustomerservice@pnb.com.phPaulo M. Garcia
Marketing Assistant
Special Assets Management Sector
Philippine National Bank
9th Floor, PNB Financial Center
Pres. Diosdado Macapagal Blvd.
Pasay City, 1300 Philippines
They will also give you the name and contact details of the account officer handling the specific property you have inquired about. You can ask other details from the account officer (xerox of title, documentary problems, pix of the prop, etc)
2. Verification. Visit the property, ask around if bumabaha, etc. Maybe it won't be of help if you ask the old owner (who usually still occupies the property) coz logically ayaw pa nila umalis sa property kaya di reliable info ibibgay na info sa yo. In my case, di ko pinaalam sa kanila na balak ko bilhin prop. Check also if there are encumbrances by asking for a certified true copy ng TCT sa registrar of deeds. Pwede din punta ka sa assessor's office for the tax dec and kung paid ang real property tax. In some cases di pa consolidated ang title (meaning nasa name pa ng old owner) but that is not really a problem if tapos na ang redemption period at wala namang problem sa foreclosure. usually sasabihin naman sa yo ng account officer if may problem.
3. File an Offer sa bank. You will need to deposit 10% ng offer price mo. (yung sa akin, yung offer price ko is 80% of the indicative price --- try lang naman baka pumayag). Of course, irefund ka naman if di approved offer mo, in which case pwede mo taasan offer mo. Ilalagay mo na pala dun desired mode of payment (installment or cash). You will be asked to submit other docs (e.g. proof of capacity to pay)
4. Once approved, you have to pay additional 15% of the offer price to complete the 25% downpayment if installment. You will be given around a month to complete the downpayment (although i'm not sure if 1 month pa din).
5. Signing of documents. Contract to sell lang coz pag full payment pa lang ma transfer yung title.
6. You will need to issue post dated check for one year installment. Usually 12% interest sa PNB, 10 years to pay. Unless kung consolidated na ang title at ipasok mo sa housing nila or sa Pag-ibig, mas mababa ang interest.
7. PNB will issue a notice to vacate dun sa dating may ari if they are still occupying the property.
8. Then ikaw na bahala makipag usap kung kelan sila aalis. In my case, I allowed them to stay for another 3 months. You have to be mabait to them para di nila sirain yung house.... But swerte ka if PNB caretaker ang occupant coz di ka na mahirapan pag paalis.
In my 2 other foreclosed property acquisitions, iba naman ang process coz BSP acquired asset sya and BSP employee ako. so wala masyado requirements. kahit downpayment wala....
"As is where is" ang usapan dyan kaya kelangan talaga lakasan ng loob. pero you could expect a very good bargain as compared sa mga inooffer ng developers...
God bless sa property hunting mo...
