Bank’s foreclosed property on sale

In our search for a decent house and/or lot, I scouted different banks’ websites and searched for foreclosed properties. They have a different and toned down term for it and it actually sounds better – “acquired asset.” I heard that these properties are sold for a cheaper price so that the bank can easily dispose them.

I found two properties which are located in Brookside Hills subdivision in Cainta. From the way it was described in Metrobank’s website, it was just walking distance from my girlfriend’s rented house.

The lots were described as more than 200 square meters and both were prized at a little bit more than 1.2 million pesos. It’s actually cheap because another property in the area is P 800, 000 for 75 square meters. So a 200 sq.m. lot for P1.2M is actually bang for the buck.

I related this to my girlfriend so that she can check out the property once she gets home.

She and her parents usually have a morning jog around the village and they easily found the properties. It turned out that it was just one house and lot, although the website lists two.

Her dad asked if the lady who was outside if they can see the house. She said, “No, I cannot let you in.” The dad replied, “Isn’t this foreclosed?”. The lady replied with a flat “No.” My girlfriend then relayed this information to me.

And so I called Metrobank and inquired on who the contact person is for acquired assets. I was given a phone number and a contact person who, in turn, gave me another person to reach. The last lady I got in touch with was initially not familiar with Brookside Hills but when she asked for the TCT number found in the website, she remembered where it was. She said that the property still has legal issues. The owner has not surrendered yet the land title. Metrobank, according to her, also filed a case in court to force the owner to surrender the title.

I vibered my girlfriend about my call with Metrobank. We have this hunch that maybe that’s the reason for the defensive tone of the owner when they asked if the property is foreclosed.

Sayang, we thought to ourselves. It was a very prime property for a very affordable price. But we still believe that God has a better plan for us. We’ll just have to watch out for it.

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