Expat Community > Philippines

standupguy
Joined 2013
Posts: 2947

buying a house in the Philippines

10 years ago

What I have noticed in the Southern suburbs of Davao, is that there are foreclosures where the lender may be owed $200,000 php on a $1.5 mil php house and lot. The loan may have a term of a couple years and gets called when the owner fails to pay up. The police evict everything into the road and the locks are changed. The house is then quickly resold to cover the $200,000 php. I was told of a Canadian builder (married to a Filipina) in Davao who buys up cheap foreclosures, renovates (using cheap labor) and then flips it or rents out for a good profit. These foreclosures are not advertised except for a sign on the gate. There were 2 recent foreclosures in Toril near us that went for under $200,000 php.

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