how-to Guide to acquiring your First Home
If you currently can't shoulder the cost of financing for your new home, you'll need to apply for a loan. Home loans are flexible and vary between lenders, but if you have a good credit rating with your bank and is able to maintain it, you'll have no problems with the approval. Applying for a loan to finance your home does not necessarily mean that the lender or the bank will shoulder all the costs, though. You may need to post some cash upfront to pay for service fees. Make sure that you are clear with the terms of the loan agreement before you affix your signature on the dotted line.
Probably the most crucial factor in getting the home of your dreams is getting connected with the best real estate agent. An agent serves as your front man in the real estate market, conducting property investigations, and looking for prospective houses which more or less fits your current needs and financial capability. You'll also need a qualified home inspector to assess if the house you end up choosing pass the local area's building codes for safety. During this process, you'll inevitably pick up a lot of real estate terms that are initially unfamiliar to you. See to it that you get acquainted with the gist of these jargons, and don't entirely rely on the word of your agent. This ensures that you are in the know when going into negotiations, and if worse comes to worst, you are not left entirely in the dark.
Searching for and owning your first home may be quite frustrating along the way; sometimes you'll be faced with a blank wall in the real estate market, other times your expectations on a house doesn't hold up when you actually see the unit. As long as you keep your head up and your patience unwavering, you'll eventually acquire the property investment you are aiming for.
rico.driven.0923.556.4517
BDO Home Loan
Buying and owning a home are two different things. BDO Home Loan All-in Financing brings together everything you need at all stages of owning a home including financing charges such as Transfer Cost, Title Registration Fees, Insurances and Incidental Expenses.Now, you can finally call your home your own!
What's more, you also enjoy low interest rates with longer payment terms. Now that's worry-free home financing solutions only from BDO Home Loan.
Apply Now! Call 631-8000 or 1-800-10-6318000 (Domestic Toll-Free) or visit the nearest BDO branch or BDO On-site
There's more in store when you sign up for a BDO Home Loan:
- Competitive Rates Budget and project your expenses, knowing your rate and payments will stay the same. You have an option to fix interest rates up to 20 years based on prevailing home loan rate.
Fixed Rates (as of January 3, 2011):
7.88% fixed for 1 year 9.75% fixed for 2-3 years 10.00% fixed for 4-5 years 11.00% fixed for 6-10 years 11.25% fixed for 11-15 years 11.5% fixed for 16-25 yearsYearly repricing after the fixing period - Bank Charges
Appraisal Fee P3,500 Appraisal Fee outside Meto Manila P4,000 Processing Fee P3,000.00 Mortgage Redemption Insurance P4,430.00 for every million, assuming standard rating Fire Insurance Depends on the appraised value of the Improvement Mortgage Registration Expense (based on loan amount) Depends on the loan amount - Fast and Efficient Processing
- Apply now and you get approval of your loan within 10 days
- Use the funds for any of these Loan Purposes Acquisition of vacant lot, house and lot, townhouse, condominium unit House construction House renovation/Home Improvement Refinancing of existing house loan Reimbursement of acquisition cost or construction cost Acquisition with refinancing Refinancing and equity loan Equity Loan
- Security/Collateral Must be residential May or may not be owner-occupied Any of the following:
Single detached Townhouse Duplex Condominium units Vacant lots Mixed-used Apartment (up to 4-doors)Must be free from liens & encumbrances Located within BDO serviceable areas - Loanable Amount Minimum: P500,000.00 Maximum: Based on appraised value of property
Up to 80% of appraised value for house & lot Up to 80% of appraised value for townhouse Up to 70% of appraised value for vacant lot Up to 70% of appraised value for condominium - Mode of Release For Acquisition: One-time release For Construction: Staggered releases as follows:
First Release - 70% of Appraised value of lot Second Release - upon 30% completion Third Release - upon 60% completion Fourth Release - upon 90% completion - Flexible Payment Terms 20 years for house & lot, townhouse 15 years for condominium 10 years for vacant lot The age of the borrower should not exceed 65 years old at loan maturity and the term of loan should not exceed the remaining economic life of the property We do not collect pre-payment penalties but we charge PhP 2,000 as a processing fee for full payment of loan before maturity
- Various Payment Options Automatic Debit Arrangement Post-dated checks
- Earn Reward Points via BDO Rewards which can be redeemed at any SM Department Store for items of your choice
- Convenient Application Locations With more than a hundred branches in Metro Manila alone, you're sure to find a BDO branch waiting to serve you wherever you are. Fill out a BDO Home Loan application form and submit it to any BDO branch or BDO On-Site nearest you.
Application Requirements
- Eligibility Criteria Filipinos, Filipinos married to foreigners, Foreigners (if collateral is a condominium), or former Filipinos with or without Dual Citizenship, of legal age (not exceeding 65 yrs old upon loan maturity) Individuals with minimum gross family income of P50,000.00/monthly. For sole proprietorships or family corporations, the business must be profitably operating for the last two (2) years.
- Pre-Approval Requirements If locally employed Latest Income Tax return (ITR) Certificate of Employment with Compensation OR latest full month payslipIf employed abroad For seamen: latest crew contract and employment history For nurses, contract workers and immigrants: employment contract or Certification of employment & salary (to be authenticated by the Phil. Consulate upon loan approval) Proof of monthly remittances OR payslips for the past three (3) monthsIf self-employed Income Tax Return (ITR) for the last 2 years Financial statements for the last 2 years (Audited and In-house, if applicable) Certificate of Business Registration with DTI or SEC Business Registration & By-Laws, whichever is applicable Top three (3) major suppliers and customers with contact persons and numbers Photocopy of the Statement of bank accounts for the last six (6) months OR photocopy of passbook for the past six (6) months For Rental Income: Copy of TCT/CCT and lease contract from rented/leased propertiesDocumentary Requirements Collateral Papers
Copy of TCT / CCT Lot plan and vicinity map certified by a Geodetic Engineer Master Deed of Declaration of Restrictions (for condominiums) For construction/renovation
Building plan or floor plan Bill of materials Building specifications (certified by a Civil Engineer)For refinancing
Statement of account or latest three (3) months official receiptsOthers
Marriage contract Valid ID (primary IDs eg. Driver's License, passport, SSS, etc) Owner's Collateral Appraisal Authorization Appraisal fee - Insurance Requirements Mortgage Redemption Insurance (MRI) - equal to loan amount Fire Insurance - equal to the appraised value of the improvement All insurances to be endorsed to the Bank.Contractor's All Risk Insurance - for construction loan only (to be converted into Fire Insurance upon project completion) Master Fire Policy - for condominiums only
- Post Approval Requirements Original Owner's Duplicate Copy of Title (TCT or CCT) registered under the name of the borrowers Original Copy of Tax Declaration (for Land & Improvement) registered under the name of the borrowers Original Copy of Tax Clearance for the Current Year (for Land and Improvement) Original Copy of Current Year's Real Estate Tax Receipts (for Land and Improvement)
Click here to view and download the Home Loan application form (for Non-OFWs).
For our Kabayans working abroad, please use the Asenso Kabayan Home Loan application forms by clicking on the following links:
For Brokers:
Click here to view and download the Home Loan Brokers' League application form.
For Mortgage Redemption Insurance, click on the following links:
For inquiries, please call:
Call Center 631-8000
Hot Lines 688-1220, 688-1223, 688-1232
Provincial Business Center Contact Numbers:
| PROVINCIAL BUSINESS CENTERS | UNIT HEAD | CONTACT # |
|---|---|---|
| PAMPANGA | Celia Liwanag | (045) 963-2076; (045) 963-9478 |
| BAGUIO | Enrico Manansala | (074) 442-3052; Fax: (074) 442-1978 |
| BATANGAS | Lorybel Katigbak | (043) 723-0401; (043) 723-5151; (043) 984-1927 |
| DAGUPAN | Elisa Cheng | (075) 522-7424; Telefax: (075)523-3606 |
| SAN PABLO | Christian Buenaseda | (049) 561-1046; (049) 561-1040; (049) 561-1047 |
| BACOLOD | Dennis Piccio | (034) 433-2764; (034) 434-4943 |
| CEBU | Domingo Dela Pena | (032) 231-4318; (032) 232-1500 |
| ILOILO | Jan Acanto | (033) 337-8892; Telefax: (033) 3378883; (033) 335-8194; (033) 338-3449 |
| CAGAYAN DE ORO | Dale Gomez | (088 231-5440; (088) 857-2627 |
| DAVAO | Marivic Chi-Parian | (082) 224-0223; (082) 222-3150; Fax: (082) 221-7920 |
BDO Asenso Kabayan Home Loans
- Product Description
- CLG Personal Loan is a real estate financing facility that can be used for the following purposes:
Acquisition of vacant lot, house & lot, townhouse, condominium Refinancing of existing house loan House Construction Hose Renovation/Home Improvement Reimbursement of acquisition cost or construction cost Acquisition with house construction Acquisition with refinancing Refinancing Equity Loan Equity Loan - Product Features Minimum Loan Amount as follows: PHP 500,000 for House and Lot, Townhouse and Condominium PHP 300,000 for vacant lot PHP 100,000 for Housing Equity PurposesMaximum Loan Amount (based on appraised value of property, provided property is primary residence) Up to 80% of appraised value for house & lot* Up to 80% of appraised value for townhouse* Up to 70% of appraised value for vacant lot* Up to 70% of appraised value for condominium* For Housing Equity Loans:
Owner-Occupied - For Residential/ Commercial, 80% of appraised value; For Condominium, 70% of appraised value Not Owner-occupied - For Residential/ Commercial, 70% of appraised value; For Condominium and Vacant Lots, 60% of appraised value* Provided property is for primary residenceMaximum Term (provided that age of the borrower does not exceed 65 years old at loan maturity and term of loan does not exceed the remaining economic life of the property) House & Lot / Townhouse : Up to 15 years Condominium : Up to 15 years Vacant Lot : Up to 10 years Home Equity Loan
Owner Occupied - Residential
Condominium
Commercial: Up to 15 years
: Up to 15 years
: Up to 10 yearsNot Owner Occupied - Residential
Condominium
Commercial/ Vacant Lot: Up to 10 years
: Up to 10 years
: Up to 5 yearsSecurity or Collateral Allowed Must be residential May or may not be owner-occupied Any of the following:
Single detached Townhouse Duplex Condominium units Vacant lots Mixed-use Apartment (up to 4-doors)Must be free from liens & encumbrancesMode of Loan Proceeds Release For Acquisition: One-time release For Construction: Staggered releases as follows:
First Release - 70% of Appraised value of lot Second Release - upon 30% completion Third Release - upon 60% completion Fourth Release - upon 90% completionCurrent Interest Rates Prevailing Rate at the time of availment Yearly repricing after the fixing period based on 364-day T-bill rate + 4% or 1-year MART 1 + 3% or prevailing market rate at the time of repricing, whichever is higher. - Application Processing Guidelines Credit Requirements Qualified applicants
Filipinos, Filipinos married to foreigners, Foreigners (if collateral is a condominium), or former Filipinos with or without Dual Citizenship, Foreign-based Filipino/OFW and its beneficiaries 21 years old upon loan application and not more than 65 years old upon loan maturity Gross family income of PHP 50,000.00/month or US$ equivalent Must have beneficiary/ loan administrator Employment
a. 2 years consecutive contract b. 3 years consecutive contract for domestic helpersGood credit standing With at least one (1) local landlinePre-Approval Requirements - Upon Application
1. Completely filled-up application form 2. Proof of Income: Any of the following:
a) Latest Crew Contract (for seamen) b) Certificate of Employment or current employment contract c) Proof of remittance or allotment slips or payslips for the past 3 months d) For immigrants, latest ITR or its equivalent3. A Special Power of Attorney duly executed by the borrower for individuals authorized to transact on behalf of the OFW,if applicable 4. For natural-born Filipinos who acquired foreign citizenship through naturalization without dual citizenship, the new Balikbayan Law dictates that the person must execute a sworn statement showing intention to reside permanently in the Philippines upon application of loan indicating the following information:
a) Date Filipino citizenship was lost b) Country of present citizenship c) Birth date and place d) Parents/spouse/children's (if applicable) names and addresses e) Area, location and the mode of acquisition of the property5. Other Requirements
a) Collateral Papers
i. Copy of TCT/CCT (for house & lot, condominium & townhouse) ii. Lot plan and vicinity map certified by a Geodetic Engineer iii. For construction/renovationb) Others
iv. For refinancingBuilding plan or floor plan Bill of materials Building specifications (certified by an architect or a Civil Engineer)
Statement of account and latest six (6) months official receipts Copy of lease contracts and title for income from rented/leased properties (if applicable)
i. Marriage contract ii. Valid ID (primary IDs e.g., Driver's License, passport, SSS, etc.) iii. Owner's Collateral Appraisal Authorization iv. Appraisal feePost-Approval Requirements - Upon Availment
1. Signed Loan Docs (REM, MLA, Disclosure Statement) 2. Original Owner's Duplicate Copy of Title (TCT or CCT) 3. Copy of Tax Declaration (for Land & Improvement) 4. Original Copy of Tax Clearance for the Current Year (for Land and Improvement) 5. Copy of Current Year's Real Estate Tax Receipts (for Land and Improvement) 6. PDC or Signed Auto - Debit Arrangement Form (ADA) 7. Others: Petition to Cancel Sec7 RA26 etc. (if applicable) 8. Insurance Requirements (to be endorsed to the bank)For our Kabayans working abroad, please use the Asenso Kabayan Home Loan application forms by clicking on the following links:
a) Mortgage Redemption Insurance (MRI) - equal to loan amount b) Fire Insurance - equal to the appraised value of the improvement
i. Contractor's All Risk Insurance - for construction loan only (to be converted into Fire Insurance upon project construction) ii. Master Fire Policy - for condominiums only iii.Master Deed of Declaration of Restrictions (for condominium)
The Art of the Deal - Donald Trump
by Houses On Sale Rico on Sunday, May 8, 2011 at 8:29pm
- Think big. He is happy while you are not thinking big, because then you won't be a competitor of his.
- Protect the downside and the upside will take care of itself. He states he is more of a negative thinker in this regard and in this way protects his capital, or the downside of a deal.
- Maximize your options. By having more options going into a deal so that in the case of one failing you can go on to another.
- Know your market. Do not worry too much about what the 'experts' say, but use your own knowledge and conduct grass roots surveys.
- Use your leverage. It is best to go into a deal with something that the other guy wants or, better yet, needs.
- Enhance your location. Besides location, location, location, work to make it a better location.
- Get the word out. Market your product or service so that people know about you.
- Fight back. Do not let anyone trample on you or abuse you unfairly.
- Deliver the goods. What more do I need to say - deliver the goods!
- Contain the costs. Spend what you have to but do not overpay.
- Have fun. Live life and have some fun.
Capital Gains Tax in Philippines
by Houses On Sale Rico on Wednesday, May 25, 2011 at 9:27am
- wikipedia -
SSS HOUSING LOAN REQUIRED DOCUMENTS
by Houses On Sale Rico on Tuesday, April 19, 2011 at 10:29pm
The following documents should be submitted upon application:Where should the member file his application?
Note:
- Mortgagor’s Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse (Original).
- Certificate of Loan Eligibility (Original) – (P100 Service Fee).
- Certification from POEA, DOLE, OWWA, SSS Foreign Representative Office or Philippine Embassy/Consular Office (Original).
- Latest Contract of Employment (Photocopy).
- Contract to Sell with statement of latest balance (Original).
- Owner’s copy of the Original/Transfer Certificate of Title (Photocopy).
- Latest Property Tax Declaration and Realty Tax receipt (Photocopy).
- Lot Plan with vicinity map duly signed and sealed by Registered Surveyor or Geodetic Engineer (Blue Print).
- Building plans/specifications/picture of the house (Blue Print).
- Confirmation of Completion and Appraisal from Home Guaranty Corporation located at Jade Bldg., 335 Sen. Gil Puyat Avenue, Makati City with tel. no. 895-90-11 (Original).
- A set of twelve (12) postdated checks covering twelve (12) monthly installments and shall be repeated every 12 months thereafter until the loan is fully paid.
- Certificate of Acceptance and Occupancy duly signed by the borrower if house is 100% complete at the time of loan filing (original).
- Special Power of Attorney (if filing is thru a representative) (original).
- Certified True Copy of the Original Transfer Certificate Title issued by the Registry of Deeds.
- Present original and submit one (1) photocopy for authentication purposes.
- Applicant must be up-to-date in all existing loan accounts with SSS subject to verification by SSS-Real Estate Department.
- SSS reserves the right to require additional documents if deemed necessary.
- Application Fee – ½ of 1% of loan amount or P500 whichever is higher, for both socialized and low-cost housing.
- Inspection Fee – P500 for both within and outside Metro Manila.
How can an OFW repay his/her loan amortization?
- To the nearest SSS office or foreign representative office or the Real Estate Department, 5/F, SSS Bldg., East Avenue, Quezon City).
List of Collecting Banks with Overseas Branches/Offices
- Issuance of a minimum of twelve (12) post-dated checks which shall be repeated every year thereafter until said loan shall be fully settled. Subject arrangement is incorporated in the mortgage contract entered into by the SSS and the borrower.
- Thru accredited collecting banks with overseas branches/offices.
- Thru the SSS Branch Tellering System
List of SSS Foreign Representative Offices
- Allied Bank
- Asia United Bank
- Asiatrust Development Bank
- Bank of Commerce
- BPI
- Chinabank
- Development Bank of the Philippines
- East West Bank
- Equitable PCI Bank
- Export and Industry Bank
- International Exchange Bank
- Land Bank of the Philippines
- LBC
- Metrobank
- Philippine National Bank
- Rizal Commercial Banking Corporation
- Security Bank
- UCPB
For more information contact the SSS Real Estate Department in Quezon City with telephone number 920-64-01 locals 5121 to 5128 or at the SSS office nearest you.
LIG Condo - QUEZON CITY, READY FOR OCCUPANCY
SSS HOUSING LOAN FOR OFW'S
by Houses On Sale Rico on Tuesday, April 19, 2011 at 10:24pm
What is the Direct Housing Loan Facility for Overseas Filipino Workers?
The Direct Housing Loan Facility is designed to support the Government’s Pabahay sa Bagong Siglo Program which aims to provide socialized and low-cost housing to overseas Filipino workers.
What are the eligible purposes of the loan?
- Construction of a new house or dwelling unit on a lot owned by the applicant free from lien/encumbrances;
- Purchase of a lot and construction thereon of a new house or dwelling unit;
- Purchase of an existing residential unit which may be a house and lot, a condominium unit or a townhouse; and
- Purchase of an existing residential unit foreclosed by SSS, GSIS, HDMF (Pag-Ibig), HGC and other GFIs.
Who may borrow under the loan program?
One of the spouses may still qualify for another loan if the other obtained the loan, prior to date of marriage and is not delinquent.
- A certified overseas Filipino worker;
- An active SSS member and has paid at least twelve (12) months continuous contributions or at least twenty-four (24) months total contributions;
- Not more than sixty-five (65) years old;
- Not previously granted a housing loan by SSS, refund of contributions, retirement or total permanent disability benefit; and
- Up-to-date in the payment of all SSS contributions and other loan amortizations.
Who is an OFW?
- Currently deployed with a contract processed through the POEA or authenticated by the Embassy abroad.
- Those with employment contracts which are awaiting renewal/deployment; however, release of loan shall be made upon renewal/ deployment.
- Citizens or immigrants of foreign countries but are interested in buying housing units for their families who are still in the country.
- Long-term resident overseas Filipinos who wish to avail of housing packages either for themselves when they retire or when they visit the Philippines and/or for their extended families.
How much is the loanable amount?
The maximum loanable amount is P1,000,000.00 or whichever is the lowest of the amount applied for, the amount justified by the paying capacity, the loan value of the collaterals as determined by the SSS.
A maximum of three (3) qualified SSS members may be tacked-in for a single loan up to the combined maximum individual availment for the loanable amount secured by the same collateral, provided they are related within the 1st civil degree of consanguinity or affinity.
- Socialized Housing - P 300,000.00
Low-Cost Housing - P 500,000.00
- P 1,000,000.00
What is the term of the loan?
The loan is payable in multiples of five (5) up to a maximum of thirty (30) years but not to exceed the economic life of the building and the difference between the age of the borrower and 70, whichever is shorter.
What is the interest rate of the loan?
- Up to P300,000.00 – 9% p.a. fixed for the term of the loan.
- Over P300,000.00 up to P500,000.00 – 13% p.a.
- Over P500,000.00 up to P1,000,000.00– 14% p.a.
What are the collaterals for the loan?
The loan shall be secured by a first Real Estate Mortgage on the house and lot to be financed. The REM shall be annotated on the member-buyer’s TCT and shall be registered with the appropriate Registry of Deeds. It shall also be covered by an HGC guaranty.
Tree-lined avenues welcome you at Mahogany Place III, a pedestrian-friendly community highlighted by sprawling landscaped parks, country club-style amenities, and hotel-inspired concierge service, tucked in the emerging city of Taguig.
DISTINCT FEATURES
Center of Business and Leisure Within Easy Reach
This is a DMCI Homes signature community that places you at the quiet side of the city, while within reach of the conveniences of in-city living. The country's growing financial and entertainment districts—Bonifacio Global City and Makati—are now just a few minutes’ drive away.
Exclusivity Coupled with Asian Elegance
It is one of the most exclusive subdivision developments, with only approximately 300 home units spread across 8-hectares of land. It features a distinct Asian contemporary design theme, highlighted by Asian-inspired rooflines and façade designs in subtle color tones.
High on Space and Greens
Mahogany Place III has the widest, pedestrian-friendly open spaces. These are dedicated to tree-shaded parks, verdant gardens, and landscaped amenities area.
The Heartland
Mahogany Place III's Clubhouse features a country club-like design and houses a wide array of rest and recreational amenities that cater to your various needs.
Hospitality Like No Othern
If hotels have their Concierge desks, we have our very own Property Concierge Office. Located inside the village, our Concierge officers will be responsible for keeping you and your loved ones safe, secured, and pampered. They'll provide you with an array of first-class and reliable services not found in other residential subdivision developments.
75 sqm - 380 sqm
Php 8.9M - 23.6M, Ready for Occupancy,Reservation 50K, 30% spot,10% payable until RFO,60% Bank Financing.
If you are not aware of just who Sun Tzu was, then you may want to order The Art of War. It is an absolute must read for those in business.
More than 2,500 years ago, there was a period in China known as the Age of Warring States. This was an age of great conflict and uncertainty as seven warring states fought for survival & control of China.
For these states to win they sought out any means of gaining advantage over their opponents; those individuals with knowledge on strategy & leadership were extremely valuable and highly coveted.
During this period arose a general from the state of Ch'i known as Sun Tzu. His ability to win victories for his warlord gained him fame and power.
To hand down the wisdom he had gained from his years of battles Sun Tzu wrote a book, The Art of War, that became the classic work on strategy in China. His book, which details a complete philosophy on how to decisively defeat one's opponent, has given guidance to military theorists and generals throughout the ages.
Military greats and business leaders alike have hailed The Art of War. Former U.S. Chairman of the Joint Chiefs of Staff Colin Powell said, I've read the Chinese classic The Art of War written by Sun Tzu. Sun Tzu has been studied for hundreds of years. He continues to give inspiration to soldiers and politicians. So every American soldier in the army knows of his works. We require our soldiers to read it."
Today, Sun Tzu's appeal has extended beyond the military realm into the world of business. IBM, XEROX, 3M, and many other corporate giants use the teachings of Sun Tzu in their training of executives because business by definition deals with competition.
So in looking at how Sun Tzu can be applied to short sales, let's look at a few of his teachings and how they can be applied, and be applied successfully.
The Grand Duke said "one who is confused in purpose cannot respond to his enemy".
This is the beginning of our journey in applying the teachings of Sun Tzu to our real estate business. Without purpose there can not be any victory. Without purpose there can be no success. Most importantly, being confused in purpose leaves you weak and unable to respond properly to the challenges of the real estate business.
For instance, if your goal is to successfully complete a short sale transaction, you have to define your purpose while simultaneously being able to respond to that of your enemy's; in this case the foreclosing lender.
When we enter into a short sale transaction we define our purpose very clearly. Our objective is to obtain the highest possible discount on the payoff we are seeking and to sell the property by dual transaction immediately at closing to a buyer we have farmed. We also do not want to be involved in any transaction where we are not receiving at least 30% off of current market value and we expect a minimum of $20,000.00 profit per transaction.
This gives a very, clearly defined purpose and allows us to easily respond to our enemies, whether lender or real estate agent. Whatever response the lender gives us in reaction to our short sale proposal, we are not deterred in endeavoring to achieve OUR goal..OUR purpose.
Here are some other really valuable "Tzuisms" that we can apply to short sales.
"Knowledge that does not go beyond what the generals know is not good."
This means that being successful is more than simply being on the same page. A short sale project is worthless if it's not effectively communicated to everyone on our team (Seller, Buyer, hard money lender, agent, Title Company, attorney, office staff). As a project leader on a deal, or as an agent representing the project, one must make certain that all are informed, educated and prepared to orchestrate the transaction successfully.
How many real estate agents know how to manage a short sale correctly? Can you truly coordinate a short sale? Are you following the game plan as designed by the Buyer, or are you out there winging it, hoping it all works out? Calling a bank and asking if they accept short sales is transactional suicide. Sending every offer to the bank for approval is short sale suicide.
"If your troops do not equal his, temporarily avoid his initial onrush."
Do not initially engage a competitor unless you are prepared. In regards to a short sale, don't ever, ever speak to a bank regarding a short sale until you are prepared to do so. This means the only contact you are to have with a lender is to find out who the contact person is and what their contact information is. That's it; you are not prepared at this point to negotiate. You are not educated, do not have all of the necessary information compiled, no package has been prepared and if you are just sending offers to the bank without preparing a full package to justify your requested discount then you will not likely succeed and be overrun by your opponent, the lender.
"If officers are unaccustomed to rigorous training they will be worried and hesitant in battle"
In his teachings, Sun Tzu often reiterates the importance of preparation. Proper training, proper education and battle tested experience are crucial. Of great significance is that Sun Tzu believed that training should be distinguished from education. While the latter employs a classroom setting, the former provides hands-on learning. In relation to short sales, you can see how to be a short sale expert; you need to have BOTH aspects. You need to have professional class room oriented educational instruction as well as successful hands-on experiential training. Absent both of these vital components you hardly are an expert. In addition, the value of real estate cross-training is integral to your short sale success.
You need to have knowledge of how things work in a short sale and how things impact a short sale. Issues like latent material defects, inspection problems, double closings, Hard Money lending, loss mitigation techniques, subject to transactions, obtaining deeds, foreclosure law, certain tax ramifications, and much more are parts of a short sale expert's toolbox. What's in yours?
"Therefore, when I have won a victory I do not repeat my tactics but respond to circumstances in an infinite variety of ways."
Each deal is different. Sun Tzu recommends that you examine what you did right or wrong and changing your strategies accordingly. Peyton Manning is a MVP quarterback in the NFL, part of his pre-game preparation is watching every defensive play, from every single game, that his opponent has played that season. When we work our short sale deals we do the same. We review what our opponent is doing, and has done and what position they are currently in.
We look at what REO's the bank has in inventory, we check their annual report and see what level of non-performing assets the bank has on their books, we sometimes buy a single share of stock so we can obtain various documents and the ability to attend shareholder meetings and conference calls, we see what the level of foreclosure activity they have in our immediate market; I could go on and on but suffice it to say, you need to know what changes you need to make in your presentation and approach and continually fine tune your game.
"The supreme importance in war is to attack the enemy's strategy."
The bank wants to make sure they get as much money back from the non-performing asset as they can. In mitigating their loss, their object and purpose is to minimize your profit. It is of the utmost importance that you attack their strategy as forcefully as possible. You have to be in a position of absolute dominance. You do not want to show up to a gun battle with a water pistol.
Our short sale package is over 150 pages once complete. Our template alone is 100 pages. We want our artillery to be armor piercing. We want to go for the jugular and not release until we win. It is of absolute importance to strike hard and attack the enemy's strategy. If you are not prepared to use every weapon in your arsenal. If you are not educated and trained as to how to wage battle in a short sale setting, then you will succumb to the lender's strategy.
By the way, you do know they have their own defined personal battle strategy? Don't you? You do know they are practicing these exact precepts against you don't you?
If not, you are underestimating your opponent and as Sun Tzu teaches, "He will win who, prepared himself, waits to take the enemy unprepared."
The bank will own you if you do not know how to properly and expertly execute a short sale.
"To fight and conquer in all your battles is not supreme excellence; supreme excellence consists in breaking the enemy's resistance without fighting."
Your goal, like ours has been, is to reach the point in your short sale business that you no longer need to fight. Become a proven opponent. Get to a point of credibility that once the lender acknowledges your presence, you can go straight to negotiation. No need to neither battle and prove your might nor demean your opponent. A mutual respect has been achieved through previous battle. Our capacity to wage battle and the manner in which we are prepared to do so is known and precedes us. Now, with many lenders, we can break their resistance to our numbers simply by being excellent in what we do. They know what kind of package to expect, they know what lengths we are willing to go. They know we are educated, trained and skilled opponents. We are respected warriors.
- http://www.content4reprint.com/finance/real-estate/buying/sun-tzu-and-the-art-of-the-short-sale.htm
DISTINCT FEATURES
Center of Business and Leisure Within Easy Reach
This is a DMCI Homes signature community that places you at the quiet side of the city, while within reach of the conveniences of in-city living. The country's growing financial and entertainment districts—Bonifacio Global City and Makati—are now just a few minutes’ drive away.
Exclusivity Coupled with Asian Elegance
It is one of the most exclusive subdivision developments, with only approximately 300 home units spread across 8-hectares of land. It features a distinct Asian contemporary design theme, highlighted by Asian-inspired rooflines and façade designs in subtle color tones.
High on Space and Greens
Mahogany Place III has the widest, pedestrian-friendly open spaces. These are dedicated to tree-shaded parks, verdant gardens, and landscaped amenities area.
The Heartland
Mahogany Place III's Clubhouse features a country club-like design and houses a wide array of rest and recreational amenities that cater to your various needs.
Hospitality Like No Othern
If hotels have their Concierge desks, we have our very own Property Concierge Office. Located inside the village, our Concierge officers will be responsible for keeping you and your loved ones safe, secured, and pampered. They'll provide you with an array of first-class and reliable services not found in other residential subdivision developments.
75 sqm - 380 sqm
Php 8.9M - 23.6M, Ready for Occupancy,Reservation 50K, 30% spot,10% payable until RFO,60% Bank Financing.
The Art of the Short Sale
by Houses On Sale Rico on Thursday, April 14, 2011 at 5:21pm
More than 2,500 years ago, there was a period in China known as the Age of Warring States. This was an age of great conflict and uncertainty as seven warring states fought for survival & control of China.
For these states to win they sought out any means of gaining advantage over their opponents; those individuals with knowledge on strategy & leadership were extremely valuable and highly coveted.
During this period arose a general from the state of Ch'i known as Sun Tzu. His ability to win victories for his warlord gained him fame and power.
To hand down the wisdom he had gained from his years of battles Sun Tzu wrote a book, The Art of War, that became the classic work on strategy in China. His book, which details a complete philosophy on how to decisively defeat one's opponent, has given guidance to military theorists and generals throughout the ages.
Military greats and business leaders alike have hailed The Art of War. Former U.S. Chairman of the Joint Chiefs of Staff Colin Powell said, I've read the Chinese classic The Art of War written by Sun Tzu. Sun Tzu has been studied for hundreds of years. He continues to give inspiration to soldiers and politicians. So every American soldier in the army knows of his works. We require our soldiers to read it."
Today, Sun Tzu's appeal has extended beyond the military realm into the world of business. IBM, XEROX, 3M, and many other corporate giants use the teachings of Sun Tzu in their training of executives because business by definition deals with competition.
So in looking at how Sun Tzu can be applied to short sales, let's look at a few of his teachings and how they can be applied, and be applied successfully.
The Grand Duke said "one who is confused in purpose cannot respond to his enemy".
This is the beginning of our journey in applying the teachings of Sun Tzu to our real estate business. Without purpose there can not be any victory. Without purpose there can be no success. Most importantly, being confused in purpose leaves you weak and unable to respond properly to the challenges of the real estate business.
For instance, if your goal is to successfully complete a short sale transaction, you have to define your purpose while simultaneously being able to respond to that of your enemy's; in this case the foreclosing lender.
When we enter into a short sale transaction we define our purpose very clearly. Our objective is to obtain the highest possible discount on the payoff we are seeking and to sell the property by dual transaction immediately at closing to a buyer we have farmed. We also do not want to be involved in any transaction where we are not receiving at least 30% off of current market value and we expect a minimum of $20,000.00 profit per transaction.
This gives a very, clearly defined purpose and allows us to easily respond to our enemies, whether lender or real estate agent. Whatever response the lender gives us in reaction to our short sale proposal, we are not deterred in endeavoring to achieve OUR goal..OUR purpose.
Here are some other really valuable "Tzuisms" that we can apply to short sales.
"Knowledge that does not go beyond what the generals know is not good."
This means that being successful is more than simply being on the same page. A short sale project is worthless if it's not effectively communicated to everyone on our team (Seller, Buyer, hard money lender, agent, Title Company, attorney, office staff). As a project leader on a deal, or as an agent representing the project, one must make certain that all are informed, educated and prepared to orchestrate the transaction successfully.
How many real estate agents know how to manage a short sale correctly? Can you truly coordinate a short sale? Are you following the game plan as designed by the Buyer, or are you out there winging it, hoping it all works out? Calling a bank and asking if they accept short sales is transactional suicide. Sending every offer to the bank for approval is short sale suicide.
"If your troops do not equal his, temporarily avoid his initial onrush."
Do not initially engage a competitor unless you are prepared. In regards to a short sale, don't ever, ever speak to a bank regarding a short sale until you are prepared to do so. This means the only contact you are to have with a lender is to find out who the contact person is and what their contact information is. That's it; you are not prepared at this point to negotiate. You are not educated, do not have all of the necessary information compiled, no package has been prepared and if you are just sending offers to the bank without preparing a full package to justify your requested discount then you will not likely succeed and be overrun by your opponent, the lender.
"If officers are unaccustomed to rigorous training they will be worried and hesitant in battle"
In his teachings, Sun Tzu often reiterates the importance of preparation. Proper training, proper education and battle tested experience are crucial. Of great significance is that Sun Tzu believed that training should be distinguished from education. While the latter employs a classroom setting, the former provides hands-on learning. In relation to short sales, you can see how to be a short sale expert; you need to have BOTH aspects. You need to have professional class room oriented educational instruction as well as successful hands-on experiential training. Absent both of these vital components you hardly are an expert. In addition, the value of real estate cross-training is integral to your short sale success.
You need to have knowledge of how things work in a short sale and how things impact a short sale. Issues like latent material defects, inspection problems, double closings, Hard Money lending, loss mitigation techniques, subject to transactions, obtaining deeds, foreclosure law, certain tax ramifications, and much more are parts of a short sale expert's toolbox. What's in yours?
"Therefore, when I have won a victory I do not repeat my tactics but respond to circumstances in an infinite variety of ways."
Each deal is different. Sun Tzu recommends that you examine what you did right or wrong and changing your strategies accordingly. Peyton Manning is a MVP quarterback in the NFL, part of his pre-game preparation is watching every defensive play, from every single game, that his opponent has played that season. When we work our short sale deals we do the same. We review what our opponent is doing, and has done and what position they are currently in.
We look at what REO's the bank has in inventory, we check their annual report and see what level of non-performing assets the bank has on their books, we sometimes buy a single share of stock so we can obtain various documents and the ability to attend shareholder meetings and conference calls, we see what the level of foreclosure activity they have in our immediate market; I could go on and on but suffice it to say, you need to know what changes you need to make in your presentation and approach and continually fine tune your game.
"The supreme importance in war is to attack the enemy's strategy."
The bank wants to make sure they get as much money back from the non-performing asset as they can. In mitigating their loss, their object and purpose is to minimize your profit. It is of the utmost importance that you attack their strategy as forcefully as possible. You have to be in a position of absolute dominance. You do not want to show up to a gun battle with a water pistol.
Our short sale package is over 150 pages once complete. Our template alone is 100 pages. We want our artillery to be armor piercing. We want to go for the jugular and not release until we win. It is of absolute importance to strike hard and attack the enemy's strategy. If you are not prepared to use every weapon in your arsenal. If you are not educated and trained as to how to wage battle in a short sale setting, then you will succumb to the lender's strategy.
By the way, you do know they have their own defined personal battle strategy? Don't you? You do know they are practicing these exact precepts against you don't you?
If not, you are underestimating your opponent and as Sun Tzu teaches, "He will win who, prepared himself, waits to take the enemy unprepared."
The bank will own you if you do not know how to properly and expertly execute a short sale.
"To fight and conquer in all your battles is not supreme excellence; supreme excellence consists in breaking the enemy's resistance without fighting."
Your goal, like ours has been, is to reach the point in your short sale business that you no longer need to fight. Become a proven opponent. Get to a point of credibility that once the lender acknowledges your presence, you can go straight to negotiation. No need to neither battle and prove your might nor demean your opponent. A mutual respect has been achieved through previous battle. Our capacity to wage battle and the manner in which we are prepared to do so is known and precedes us. Now, with many lenders, we can break their resistance to our numbers simply by being excellent in what we do. They know what kind of package to expect, they know what lengths we are willing to go. They know we are educated, trained and skilled opponents. We are respected warriors.
- http://www.content4reprint.com/finance/real-estate/buying/sun-tzu-and-the-art-of-the-short-sale.htm
One Bedroom 40 sqm to 46 sqm. PhP 4.3M to PhP 4.5M
Two Bedroom 91 sqm to 94 sqm. PhP 8.5M to PhP 8.6M
Three Bedroom 134 sqm to 143 sqm. PhP 13.2M to PhP 14.3M
List Price Php 4.5M
20% in 6mos
80% Bank
6% Discount
Selling Price Php 4.2M
w/ VAT Php 4.7M
Reservation Php 50,000.00
Balance 80%Php 3.7M
or
SPOT CASH
RESERVATION Php 50,000.00
12% discount Php 4.2M
BALANCE Php 112,000.00
5 Immutable Laws of Buying a Home
Posted on March 18, 2011 by Alfonso's Page
As the proliferation of real estate choices have become more apparent, we are subjected to a wide variety of different variables that can affect our buying decision. Especially in the Philippines where there are so many developers claiming to be the best and largest developer in the industry we become misinformed who truly can deliver and provide the best value for their money.
Our blog team here at DMCI Homes hopes to provide with what we call the “5 Immutable Laws of Buying a Home” to help buyers and homeowners determine whether they have made the right choice in finding a home for the best value for their money. The following laws are not in any specific order.
1.Price- For many, buying a home only happens once or twice in a lifetime. Considering this in mind, many spend a lot of time and effort in choosing the best investment for their hard earned money. Hence, the value-for-money is an important purchasing factor in buying a home. Be sure to ask the developer the available payment options; be aware of bank financing, in-house options, and cash payments. For those who do not qualify for bank loans, there are some developers who have tie-ups with private banks that are flexible on approving loans if the applicant has had a positive track record of payments for in-house financing. Understanding your available payment options will help you save money on interest rates alone. HSBC charges a fixed rate of 8.99% for a five year loan with a minimum loan amount of P2 million, while some developers charge 17% in fixed interest rates for a five year loan.
Reference- HSBC Personal Home Loans
2.Location- The majority of our homeowners that have purchased a home at DMCI Homes have stated that location is one of the top three factors in their purchasing decision. Accessibility to work, school, commercial business centers (CBD), and hospitals are all important factors to consider when purchasing a home.
3.Size- In our experience, homeowners–especially young growing families–are very conscious about the space they can move around, for their own personal utilization, as well as for their growing family.. It would be recommended to determine whether you are looking between hi-rise condominiums and medium-rise condominiums (MRB’s). Hi-rise condominiums consists of about 10 and more stories, while MRB’s consists of 10 stories or less. I have listed below the ideal composition for a High-rise and a Mid-rise development based on experience:
a.)Hi-rise condominiums, they are generally more location-centric. Many people opt for hi-rise condominiums as they are closer to the CBD and major thoroughfares allowing easy access to work, school, etc. Keep in mind that many developers typically allot 1,800 units/hectare and above for a typical 25-30 story condominium, while a favorable number of 1,100-1200 units/hectare for a typical 25-30 story. To get this data all you would need is to get the total number of units in the project divided by the total land area in hectares.
Formula for finding units per hectare:
Total units
—————————- = Units per hectare
Land Area (hectares)
b.)Medium-rise condominiums (MRB) attract homeowners who would consider living farther in exchange for a less dense community. Generally attracting starting families and young professionals. The density of MRB’s are generally between 400-450 units per hectare, while a favorable number of 250-280 units/hectare is ideal. Another key factor to look into is the amount of land area devoted to amenities and open space. 35-45% of the land area devoted specifically for amenities is ideal, most developers allot between 12-15% of land area to amenities.
P.S.-some developers include easements, roads, and other structures in their allotted land for amenities. Be sure to ask what the actual percent of land area is devoted specifically to amenities.
4.Quality- Nowadays quality has been a specification that many have begun to take into consideration more so than before, especially after the calamity that struck Japan. It is important to make sure that you have done your research on developers’ track records in respect to construction. In one developers’ project, which it is built very near the Marikina West Valley Fault line, construction is deemed important in regards to the precautions taken into construction of the project.
5.Developer credibility- Last but not least, developer credibility plays a considerable role in the purchasing experience. Investing a large amount of money in the wrong developer may cause problems later on. For example, one developer has been accused of using ‘fake borrowers’ to borrow loans from Pag-Ibig and from private banks, this is a controversy that should be avoided at all costs. Note: research the company you intend to invest and make sure you read reviews, track records, testimonials, news articles, and the likes. It is also better to know the corporation’s mission statement and values for peace of mind.
- http://alfonsospage.wordpress.com/2011/03/18/5-immutable-laws-of-buying-a-home/
Two Bedroom 91 sqm to 94 sqm. PhP 8.5M to PhP 8.6M
Three Bedroom 134 sqm to 143 sqm. PhP 13.2M to PhP 14.3M
List Price Php 4.5M
20% in 6mos
80% Bank
6% Discount
Selling Price Php 4.2M
w/ VAT Php 4.7M
Reservation Php 50,000.00
Balance 80%Php 3.7M
or
SPOT CASH
RESERVATION Php 50,000.00
12% discount Php 4.2M
BALANCE Php 112,000.00
Buying a Home
by Houses On Sale Rico on Monday, April 11, 2011 at 7:14am
Posted on March 18, 2011 by Alfonso's Page
As the proliferation of real estate choices have become more apparent, we are subjected to a wide variety of different variables that can affect our buying decision. Especially in the Philippines where there are so many developers claiming to be the best and largest developer in the industry we become misinformed who truly can deliver and provide the best value for their money.
Our blog team here at DMCI Homes hopes to provide with what we call the “5 Immutable Laws of Buying a Home” to help buyers and homeowners determine whether they have made the right choice in finding a home for the best value for their money. The following laws are not in any specific order.
1.Price- For many, buying a home only happens once or twice in a lifetime. Considering this in mind, many spend a lot of time and effort in choosing the best investment for their hard earned money. Hence, the value-for-money is an important purchasing factor in buying a home. Be sure to ask the developer the available payment options; be aware of bank financing, in-house options, and cash payments. For those who do not qualify for bank loans, there are some developers who have tie-ups with private banks that are flexible on approving loans if the applicant has had a positive track record of payments for in-house financing. Understanding your available payment options will help you save money on interest rates alone. HSBC charges a fixed rate of 8.99% for a five year loan with a minimum loan amount of P2 million, while some developers charge 17% in fixed interest rates for a five year loan.
Reference- HSBC Personal Home Loans
2.Location- The majority of our homeowners that have purchased a home at DMCI Homes have stated that location is one of the top three factors in their purchasing decision. Accessibility to work, school, commercial business centers (CBD), and hospitals are all important factors to consider when purchasing a home.
3.Size- In our experience, homeowners–especially young growing families–are very conscious about the space they can move around, for their own personal utilization, as well as for their growing family.. It would be recommended to determine whether you are looking between hi-rise condominiums and medium-rise condominiums (MRB’s). Hi-rise condominiums consists of about 10 and more stories, while MRB’s consists of 10 stories or less. I have listed below the ideal composition for a High-rise and a Mid-rise development based on experience:
a.)Hi-rise condominiums, they are generally more location-centric. Many people opt for hi-rise condominiums as they are closer to the CBD and major thoroughfares allowing easy access to work, school, etc. Keep in mind that many developers typically allot 1,800 units/hectare and above for a typical 25-30 story condominium, while a favorable number of 1,100-1200 units/hectare for a typical 25-30 story. To get this data all you would need is to get the total number of units in the project divided by the total land area in hectares.
Formula for finding units per hectare:
Total units
—————————- = Units per hectare
Land Area (hectares)
b.)Medium-rise condominiums (MRB) attract homeowners who would consider living farther in exchange for a less dense community. Generally attracting starting families and young professionals. The density of MRB’s are generally between 400-450 units per hectare, while a favorable number of 250-280 units/hectare is ideal. Another key factor to look into is the amount of land area devoted to amenities and open space. 35-45% of the land area devoted specifically for amenities is ideal, most developers allot between 12-15% of land area to amenities.
P.S.-some developers include easements, roads, and other structures in their allotted land for amenities. Be sure to ask what the actual percent of land area is devoted specifically to amenities.
4.Quality- Nowadays quality has been a specification that many have begun to take into consideration more so than before, especially after the calamity that struck Japan. It is important to make sure that you have done your research on developers’ track records in respect to construction. In one developers’ project, which it is built very near the Marikina West Valley Fault line, construction is deemed important in regards to the precautions taken into construction of the project.
5.Developer credibility- Last but not least, developer credibility plays a considerable role in the purchasing experience. Investing a large amount of money in the wrong developer may cause problems later on. For example, one developer has been accused of using ‘fake borrowers’ to borrow loans from Pag-Ibig and from private banks, this is a controversy that should be avoided at all costs. Note: research the company you intend to invest and make sure you read reviews, track records, testimonials, news articles, and the likes. It is also better to know the corporation’s mission statement and values for peace of mind.
- http://alfonsospage.wordpress.com/2011/03/18/5-immutable-laws-of-buying-a-home/
Tree-lined avenues welcome you at Mahogany Place III, a pedestrian-friendly community highlighted by sprawling landscaped parks, country club-style amenities, and hotel-inspired concierge service, tucked in the emerging city of Taguig.
DISTINCT FEATURES
Center of Business and Leisure Within Easy Reach
This is a DMCI Homes signature community that places you at the quiet side of the city, while within reach of the conveniences of in-city living. The country's growing financial and entertainment districts—Bonifacio Global City and Makati—are now just a few minutes’ drive away.
Exclusivity Coupled with Asian Elegance
It is one of the most exclusive subdivision developments, with only approximately 300 home units spread across 8-hectares of land. It features a distinct Asian contemporary design theme, highlighted by Asian-inspired rooflines and façade designs in subtle color tones.
High on Space and Greens
Mahogany Place III has the widest, pedestrian-friendly open spaces. These are dedicated to tree-shaded parks, verdant gardens, and landscaped amenities area.
The Heartland
Mahogany Place III's Clubhouse features a country club-like design and houses a wide array of rest and recreational amenities that cater to your various needs.
Hospitality Like No Othern
If hotels have their Concierge desks, we have our very own Property Concierge Office. Located inside the village, our Concierge officers will be responsible for keeping you and your loved ones safe, secured, and pampered. They'll provide you with an array of first-class and reliable services not found in other residential subdivision developments.
75 sqm - 380 sqm
Php 8.9M - 23.6M, Ready for Occupancy,Reservation 50K, 30% spot,10% payable until RFO,60% Bank Financing,
A professional salesperson is a person who earns more money than the average salesperson. If you are not earning two to three times more income than the average real estate salesperson, you are not as professional as you could be. If you are unwilling to make the changes necessary to achieve this level of professionalism, you should consider getting a job where someone pays you a salary.” - Tom Hopkins, Mastering the Art of Selling Real Estate
Step 1: Reserve a Unit
BUYER’S INFORMATION SHEET (BIS) - Download BIS
)
Download the Following:
- Reservation Agreement - Computation Sheet
- Why Invest
- Conformity Sheet
- Bank Authorization (optional)
Note:
• RA is the INITIAL AGREEMENT between CATHAY LAND, INC. and the BUYER.
• RA stipulates the details of the purchase: PROJECT AND UNIT TYPE, UNIT PRICE, TERMS OF PAYMENT, and STANDARD TERMS AND CONDITION.
• Notarization is not needed.
RESERVATION FEE PAYMENT (RF)
• Payable in CASH or CHEQUE
• Payment must be made within 24 hours from the date of Reservation Application.
• SEND a copy of the PAYMENT TRANSACTION REPORT, FUND TRANSFER FORM, WIRE TRANSFER FORM, or the REMITTANCE SLIP to our International Sales Officer as proof of payment via fax, scanned email attachment, online file transfer.
VALID IDENTIFICATION (ID)
Photocopies of VALID IDs with signature must be submitted and sent to our International Sales Officer via fax, scanned email attachment, online file transfer.
Step 2: Payments
DOWN PAYMENT (DP)
• DP is payable in CASH or CHEQUE
• DP may vary depending on the project and on the BUYER’S chosen payment term.
• DP must be paid within 30 calendar days from the payment date of RF.
POST-DATED CHEQUES (PDC)
• Cheques for the MONTHLY AMMORTIZATION (MA); RETENTION CHEQUE (RC) for TURNOVER BALANCE (TO) must be complete and submitted to CATHAY LAND, INC. within 30 calendar days from the payment date of the RF.
• All PDCs must be CROSSED and made payable to CATHAY LAND, INC. only.
• Please double-check the important details such as BANK ISSUER, ACCOUNT NAME, DATE, AMOUNT - in FIGURES, AMOUNT in WORDS, and SIGNATURE.
• Total issued PDCs should be prepared according to the agreed and accepted payment term and / or payment schedule of the BUYER.
• Inconsistencies with the given information, signature, and incomplete documents will delay the process and is a ground for cancellation of the purchase.
• A CONFIRMATION LETTER containing cheque details will be sent through email upon receipt of PDCs by our International Sales Officer
Note: PDC for in-house financing only
Step 3: Authenticate Contract of Agreement
CONTRACT TO SELL (CTS)
• CTS will be sent to the BUYER for conformity, after DP payment or 1st MA payment (whichever comes first).
• Buyer must affix SIGNATURE, on one side, on each page including allotted BLANK located on the last page.
• SIGNED CTS must be sent back immediately to CATHAY LAND, Inc. for Notary by the Philippine Embassy for Philippine Local-Domestic BUYERS or by Philippine Consulate for International BUYERS.
BANK PAYMENTS - You can pay at any of the following banks:
Account Name: Cathay Land Inc.
Philippine National Bank
Type of Account: Dollar Account Account Number: 398-90950001-9 Swift Code: PNBMPHMM Branch: Ortigas Branch Address: G/F JMT Condominium, ADB Ave., Pasig City, Philippines
MetroBank
Type of Account: Peso Savings Account Account Number: 629-3-62900347-0 Swift Code: MBTCPHMM Branch: Metro Bank Galleria Branch Address: Robinson's Galleria, Ortigas, Quezon City, Philippines
Accepted Valid Identification for INTERNATIONAL BUYERS: FILIPINO AND FOREIGN
b. Driver’s License
c. Company ID
d. Voter’s ID
e. Postal ID
Accepted Valid Identification for PHILIPPINE – LOCAL AND DOMESTIC BUYERS: FILIPINO AND FOREIGN
b. Driver’s License
c. Company ID
d. Voter’s ID
e. Postal ID
f. For Foreign Buyers
g. ALIEN CERTIFICATE OF REGISTRATION (ACR)
DISTINCT FEATURES
Center of Business and Leisure Within Easy Reach
This is a DMCI Homes signature community that places you at the quiet side of the city, while within reach of the conveniences of in-city living. The country's growing financial and entertainment districts—Bonifacio Global City and Makati—are now just a few minutes’ drive away.
Exclusivity Coupled with Asian Elegance
It is one of the most exclusive subdivision developments, with only approximately 300 home units spread across 8-hectares of land. It features a distinct Asian contemporary design theme, highlighted by Asian-inspired rooflines and façade designs in subtle color tones.
High on Space and Greens
Mahogany Place III has the widest, pedestrian-friendly open spaces. These are dedicated to tree-shaded parks, verdant gardens, and landscaped amenities area.
The Heartland
Mahogany Place III's Clubhouse features a country club-like design and houses a wide array of rest and recreational amenities that cater to your various needs.
Hospitality Like No Othern
If hotels have their Concierge desks, we have our very own Property Concierge Office. Located inside the village, our Concierge officers will be responsible for keeping you and your loved ones safe, secured, and pampered. They'll provide you with an array of first-class and reliable services not found in other residential subdivision developments.
75 sqm - 380 sqm
Php 8.9M - 23.6M, Ready for Occupancy,Reservation 50K, 30% spot,10% payable until RFO,60% Bank Financing,
Mastering the Art of Selling Real Estate
by Houses On Sale Rico on Tuesday, April 5, 2011 at 6:36pm
How to Invest in South Forbes Golf City
by Houses On Sale Rico on Saturday, April 2, 2011 at 8:53pm
BUYER’S INFORMATION SHEET (BIS) - Download BIS
- Print the downloaded BIS form.
- Fill in the complete details and information required.
- Affix your Signature over your printed name.
- Send a copy to our International Sales Officer via fax, scanned email attachment, online file transfer.
)
Download the Following:
- Reservation Agreement - Computation Sheet
- Why Invest
- Conformity Sheet
- Bank Authorization (optional)
- Print the downloaded forms.
- Fill in the complete details and information required.
- Affix your Signature over your printed name.
- Send a copy to our International Sales Officer via fax, scanned email attachment, online file transfer to OFFICIALLY BOOK THE UNIT.
Note:
• RA is the INITIAL AGREEMENT between CATHAY LAND, INC. and the BUYER.
• RA stipulates the details of the purchase: PROJECT AND UNIT TYPE, UNIT PRICE, TERMS OF PAYMENT, and STANDARD TERMS AND CONDITION.
• Notarization is not needed.
RESERVATION FEE PAYMENT (RF)
• Payable in CASH or CHEQUE
• Payment must be made within 24 hours from the date of Reservation Application.
• SEND a copy of the PAYMENT TRANSACTION REPORT, FUND TRANSFER FORM, WIRE TRANSFER FORM, or the REMITTANCE SLIP to our International Sales Officer as proof of payment via fax, scanned email attachment, online file transfer.
VALID IDENTIFICATION (ID)
Photocopies of VALID IDs with signature must be submitted and sent to our International Sales Officer via fax, scanned email attachment, online file transfer.
Step 2: Payments
DOWN PAYMENT (DP)
• DP is payable in CASH or CHEQUE
• DP may vary depending on the project and on the BUYER’S chosen payment term.
• DP must be paid within 30 calendar days from the payment date of RF.
POST-DATED CHEQUES (PDC)
• Cheques for the MONTHLY AMMORTIZATION (MA); RETENTION CHEQUE (RC) for TURNOVER BALANCE (TO) must be complete and submitted to CATHAY LAND, INC. within 30 calendar days from the payment date of the RF.
• All PDCs must be CROSSED and made payable to CATHAY LAND, INC. only.
• Please double-check the important details such as BANK ISSUER, ACCOUNT NAME, DATE, AMOUNT - in FIGURES, AMOUNT in WORDS, and SIGNATURE.
• Total issued PDCs should be prepared according to the agreed and accepted payment term and / or payment schedule of the BUYER.
• Inconsistencies with the given information, signature, and incomplete documents will delay the process and is a ground for cancellation of the purchase.
• A CONFIRMATION LETTER containing cheque details will be sent through email upon receipt of PDCs by our International Sales Officer
Note: PDC for in-house financing only
Step 3: Authenticate Contract of Agreement
CONTRACT TO SELL (CTS)
• CTS will be sent to the BUYER for conformity, after DP payment or 1st MA payment (whichever comes first).
• Buyer must affix SIGNATURE, on one side, on each page including allotted BLANK located on the last page.
• SIGNED CTS must be sent back immediately to CATHAY LAND, Inc. for Notary by the Philippine Embassy for Philippine Local-Domestic BUYERS or by Philippine Consulate for International BUYERS.
BANK PAYMENTS - You can pay at any of the following banks:
Account Name: Cathay Land Inc.
Philippine National Bank
Type of Account: Dollar Account Account Number: 398-90950001-9 Swift Code: PNBMPHMM Branch: Ortigas Branch Address: G/F JMT Condominium, ADB Ave., Pasig City, Philippines
MetroBank
Type of Account: Peso Savings Account Account Number: 629-3-62900347-0 Swift Code: MBTCPHMM Branch: Metro Bank Galleria Branch Address: Robinson's Galleria, Ortigas, Quezon City, Philippines
Accepted Valid Identification for INTERNATIONAL BUYERS: FILIPINO AND FOREIGN
- Marriage Contract
- 2 pcs. Of 2x2 ID Photo
- 2 Photocopies of Valid IDs:
b. Driver’s License
c. Company ID
d. Voter’s ID
e. Postal ID
Accepted Valid Identification for PHILIPPINE – LOCAL AND DOMESTIC BUYERS: FILIPINO AND FOREIGN
- Marriage Contract
- Photocopy of COMMUNITY TAX CERTIFICATE (CTC)
- Photocopy of TAX IDENTIFICATION NUMBER (TIN)
- 2 pcs. of 2x2 ID Photo
- 2 Photocopies of Valid IDs:
b. Driver’s License
c. Company ID
d. Voter’s ID
e. Postal ID
f. For Foreign Buyers
g. ALIEN CERTIFICATE OF REGISTRATION (ACR)
101 Reasons to Consider a Real Estate AgentWith more real estate resources available on the Internet, it may seem as if buying and selling a home is an easy task. These 101 reasons will show you the extent of knowledge and experience that an agent provides to help you through a real estate transaction. This list reflects actions, procedures and processes that a real estate agent may typically perform during a residential real estate transaction - and are all things that you could avoid doing yourself. Typical Pre-Listing Activities
Selling the Property Activities
Advertising and Marketing a Listing
Handling Offers and Contracts
Home Inspection and Home Appraisal Activities
Closing Preparations and Actions
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