Foreclosed Condominiums

Buy a foreclosed condo with smoother and less complicated experience. Talk to a Robinsons Bank representative to discuss your purchases in detail.
Propety Type Location of Property Description Lot Area Floor Area Reduced Selling Price Mode of Sale
Propety Type Location of Property Description Lot Area Floor Area Reduced Selling Price Mode of Sale


requirements icon 4
  • Fully accomplished application form
  • Landline contact number
  • Two (2) valid IDs (e.g., driver’s license, SSS, GSIS, passport, PRC ID, company ID, and other government-issued ID
  • Applicable Proof of Income
  • Income Tax Return or Form 2316 duly signed by the employer's authorized representative, if applicable
  • Audited Financial Statement with BIR stamp, if applicable

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Quick Guide to Foreclosed Condominiums

What Are Foreclosed Condominiums?

A foreclosed condominium is a condominium that is in the possession of a financial institution after its previous owner was unable to meet the conditions of a loan. These properties may have been acquired through a home loan that the mortgager was unable to pay off or they may have been collateral to a bank loan that couldn’t be met.

Generally speaking, foreclosed properties tend to be priced lower compared to new properties that may be in the same area, or even in the same building. As more Filipinos move into larger urban centers, more condominium units are being built compared to traditional houses in these areas. As a result, foreclosed condominiums now account for a good proportion of all foreclosed real estate properties.

These affordably-priced condos are perfect for the upwardly mobile Filipino family that wants to have their own home while still being to save money. In most cases, they offer phenomenal value compared to comparable new properties, making them a smart choice for the would-be homeowner. They are also a great choice for finding your second home or next investment on a budget.

Robinsons Bank continuously offers an excellent selection of foreclosed condos and other properties all over the country. If you’re interested in saving money on your next home, checking out Robinsons Bank’s current listings of foreclosed properties can be a great way to start.

Why Are Foreclosed Condominiums Priced Affordably?

Condominiums can depreciate fairly quickly after only a few months of use. Banks may not always get the true value of the loan that the property was attached to and they may even incur losses from the cost of maintaining the property.

As banks are generally not focused on the real estate business, it’s usually in their best interest to sell off foreclosed properties as soon as possible. Compared to real estate businesses, banks are more interested in cutting their losses rather than turning a profit. This usually means that foreclosed properties are often sold at below fair market value.

Another important reason that foreclosed properties are so affordable is that banks need to maintain a high level of transparency, which discourages high prices. There may be issues with transparency when dealing with individual property sellers and some property developers.

This doesn’t always mean that foreclosed condos are necessarily worth less than new condos in the same building. In most cases, they offer the same or even better “real value” compared to their new counterparts. Most properties available are also on an as-is-where-is basis, which allows keen buyers an opportunity to get unbelievable deals on some foreclosed condominium units.

Find amazing deals on foreclosed condos in Robinsons Bank today!

Reasons You Should Get Foreclosed Condos

The Philippine real estate market is currently experiencing a boom, and this has led to increased property prices in most cities. This has made it difficult for some people to find a condo unit that will suit their needs.

The foreclosed condo market, in contrast, gives several different benefits that you couldn’t always get by buying new. Here are some of the different benefits of buying foreclosed condominiums:

  • Affordable prices

    As we mentioned earlier, the Philippine real estate market is on a boom which has priced most condominiums too high and away from the reach of many Filipinos. Foreclosed condos tend to be priced substantially lower, which makes them accessible to many who dream of owning their own home. Those who already have homes and need to move elsewhere may also find that the lower prices of foreclosed units are the perfect way to simplify their move to a different area.

  • More transparency

    A high level of transparency is expected from financial institutions such as Robinsons Bank, which means you can expect bank officers to be open about the state of the foreclosed units. This level of transparency is not always expected of real estate businesses or individual property sellers. This means it’s usually easier to trust a bank’s assessment of a property compared to assessments made by other parties.

  • Solid investment opportunities

    Everyone wants to earn a passive income, and renting out condominiums has proven a popular way to do this in recent years. Many are also now in the business of buying and improving units so they can be sold at a profit. Unfortunately, the initial cost of purchase can be a heavy burden that prevents many from making these investments.

    Foreclosed condos, on the other hand, greatly reduce the barrier for entry for would-be investors due to their relatively low prices. By looking into Robinsons Bank’s collection of foreclosed condominiums, you may be setting yourself up for an investment that will pay off for years to come.

  • Properties from all over the country

    The current economic boom has greatly expanded major urban centers throughout the country with thousands of job opportunities being created in different cities each day. If you’re planning to permanently move to a different city, you might find that a foreclosed condominium might just be the thing to get you settled in a different part of the Philippines.

    Check out Robinsons Bank’s listings to find all the best foreclosed properties in the country.

  • Simple payment terms

    Payment plans for foreclosed condos are typically more straightforward than they are for brand new units. It’s also possible to negotiate lower prices or easier payment schedules. While negotiations with real estate companies are possible when buying new condos, you’re less likely to get a generous an offer as you would from a bank selling a foreclosed property.

  • Lower down payments

    Not only are foreclosed properties usually priced lower than new ones, down payments tend to be much easier on your bank account as well. Typical down payment rates of foreclosed condos as of writing are typically at around 5-10 percent of the condo’s current selling price, which is often lower than fair market value. Compare this with the 20-30 percent down payment often needed for new condos, which are typically valued higher.

  • Foreclosed condos can also be financed

    Yes, you can also finance the purchase of foreclosed condos just as you could with a brand new one. Robinsons Bank offers financing that can make already affordable foreclosed properties even easier to own. Financing can also expand your options, making it possible to own properties that you may not be able to afford immediately.

    If you’re not sure that you can afford a foreclosed condo unit, be sure to talk to a Robinsons Bank representative to find out what your financing options are. Be sure to keep checking out Robinsons Bank’s listings of foreclosed condominiums and other properties.

How To Buy Foreclosed Condos In The Philippines

Buying properties in the Philippines can be complicated. However, it can be somewhat easier to buy foreclosed condos than new ones, especially if you get a unit from Robinsons Bank.

Below are the steps to purchasing a foreclosed condominium in the Philippines. The steps can vary slightly from situation to situation, but you will generally need to do the following:

  • (Recommended) Think about financing

    Financing can greatly expand your available options and make it easier to pay off your new purchase. Robinsons Bank offers easy payment terms that make it simple to purchase your next home or your next investment. You can start talking to a Robinsons Bank representative about financing even before you’ve decided to pick your next home.

  • Look for foreclosed condo listings

    You might find foreclosure listings on newspapers as well as several places online, but these aren’t always updated. Be sure to visit Robinsons Bank’s foreclosed condominiums page for the latest listings. You can also talk to a Robinsons Bank representative to find out if there are properties that are about to be listed that are not yet online.

  • Consider auctions or negotiated sales

    Not all available foreclosed condos can be bought the same way. Some are only available through negotiated sales while others can be bought at an auction.

    Auctions are a great way to purchase properties at very low prices, so this may be a good option if you’re purchasing a foreclosed condo as an investment or if you want to try saving even more on your budget.

    While there may be exceptions, auctions typically have a “buy now” price which you can pay to make an immediate purchase, as well as a “floor bid” price, which is the lowest price that will be accepted for the property at an auction.

  • (If buying at an auction) Submit application and bid forms

    If you decide to make a bid for the condo, you will be asked to fill out application and bid forms. If you pay the “buy now” price, if available, bidding ends immediately and you can proceed with the rest of the paperwork, which will be facilitated by a Robinsons Bank representative.

    If you decide to bid, you will have to state the amount you want to bid on the bid form. The amount should be at the floor bid price or higher. Because the best units will be hotly contested, you will, in most cases, want to bid somewhat higher than the floor bid to ensure winning.

  • Make a refundable deposit

    Before your bid will be considered, you will have to make a refundable deposit to the bank. The amount may vary depending on the property. This is meant to deter joy bidders from disrupting the auction. If you win the auction, the amount deposited will be deducted from the total amount to be paid and you can proceed with the rest of the payments. If you lose the bid, the amount will be returned to you.

  • Wait for the bid results

    A set number of business days after the auction day, you will be informed by a Robinsons Bank officer over the phone or by email whether or not you have won the bid.

  • Complete your documentation and title transfer

    After you have won the auction or if you have chosen to purchase the property outright, you will have to complete several documents. At this stage the Condominium Certificate of title attached to the property and other related documents will also be transferred to you.

    You will also have to visit the Register of Deeds, Land Registration Authority, and Bureau of Internal Revenue offices relevant to your newly-acquired condo. You will also need to pay registration fees, transfer fees, and taxes on your purchase. Your assigned Robinsons Bank officer will be ready to help you each step of the way.

    The process of acquiring a foreclosed condo can be a bit complex for a first-time buyer but it’s relatively straightforward. Robinsons Bank representatives will also be happy to assist you through every stage of the process, ready to answer any questions you might have.

Tips For Buying Foreclosed Condominiums

Here are a few tips to make buying a foreclosed condo a smoother, less complicated experience. Be sure to talk to a Robinsons Bank representative to discuss your purchases in detail.

    • Check listings thoroughly

      Foreclosed condo listings are available from both private and government financial institutions. Government institutions you may want to check out include the Social Security System (SSS), Home Development Mutual Fund (Pag-IBIG Fund), and National Housing Authority (NHA). Both government-owned banks and private banks such as Robinsons Bank also have listings available. You may also want to check accredited brokers, though this may be more expensive than going direct to a bank. Listings are published in newspapers and online, though these listings are not always up-to-date. You may want to get in touch with a Robinsons Bank representative immediately so you can ask for listings that have not been published yet.

    • Finance your purchase through Robinsons Bank

      You can get financing for your future condo even before you’ve chosen which one you’ll buy. Financing your condo through Robinsons Bank is the smart way to buy your future home or investment. Having a Robinsons Bank plan on hand can help make it easier to buy the condo you want and help you stretch your budget a bit further.

    • Discuss your options with your assigned bank representative

      Purchasing any type of property can be tricky. As foreclosed condominium units are usually sold on an as-is-where-is basis, there is an implication that you need to do your due diligence when purchasing them.

      The history and documents associated with the units you’re considering should be verified to reduce your risks and prevent you from buying a unit that may be too expensive to renovate. By working closely with your Robinsons Bank representative, you will be able to more accurately assess the issues of each unit you’re considering, allowing you to make a better choice.

    • Visit condo auctions

      Listings published on newspapers and online resources are often a bit delayed. By attending property auctions, you will often get access to more updated lists which may even contain the properties best suited for your needs. This can give you a significant advantage over other bidders who don’t personally visit the auctions. By going to these auctions, you’re also able to talk directly to the agents and bank representatives involved, and you can learn much more about the properties and the processes involved in buying them.

    • Visit the property you are eyeing

      A peso amount is one thing, but a condo’s true value to you will only become clear after you visit it yourself. There are many other things to consider that may be important to you but are not always taken into account by the seller.

For example, the walkability of the area might not be a big deal for some buyers but it might be for others. The age and style of the building may also be important for a few people but irrelevant to many more. The appeal of the neighborhood can also be subjective as well.

Visiting the condo can also give you an idea of what needs to be fixed up or what renovations might be necessary, if any. The issues and potential of a unit can be extremely difficult to visualize without at least one personal visit.

  • Expect to overshoot your budget

    If you’re planning to purchase a property at an auction, expect to overshoot your budget, especially if it’s an especially desirable property. Good properties will often attract high bids from other buyers and you have to be prepared to do better than those offers (or pay the “buy now” price) to get the property you want.

  • Have cash ready

    Cash buyers tend to be given preferential treatment and discounts, even if they only pay cash for the down payment. This is because paying in cash greatly reduces the risk to the bank, which faces a greater risk if the buyer is purchasing through credit. Having cash on hand will, in most cases, simplify the purchase.

  • Consider the property’s location

    The peso value of any real estate location hinges more on the location than anything else. If the condo is in a business district or an area that’s projected to have a high amount of economic activity, the prices will generally be somewhat high, regardless of whether it’s a foreclosed property or not.

    Be sure to check out if any infrastructure projects will rise within the vicinity of your desired condo to get an idea of how much it may be worth in the future. For instance, condominiums along the projected Metro Manila Subway Line 9 have seen their property values rise due to the convenience the subway line is expected to add to those developments. Properties along the MRT-7 and the numerous other new infrastructure projects in the Greater Manila Area are also seeing a bump in their property values that will only go up once these are completed.

  • Know the fees and taxes charged to foreclosed condo buyers

    Your budget should also account for the many fees that are outside the purchase price of your intended condo unit. As a buyer of a foreclosed unit, you will be expected to pay the following:

    • Transfer taxes
    • Documentary stamps tax
    • Loan fees
    • Registrations fee
    • Notarial and legal fees

    Make sure to talk to your assigned Robinsons Bank officer to learn more about the required fees, taxes, and processes to finalize your ownership of the condominium unit.

  • Choose Robinsons Bank’s foreclosed condominiums

    Robinsons Bank offers a constantly updated selection of foreclosed condominium units in prime locations all over the country. We also offer easy financing options that make it simple to own your next home.