Philippine Real Estate Choices

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Pinoy Real Estate

.A blog of the latest real estate news, information and properties in the Philippines. Filipinos or not, use this as a guide on how to make make a real estate purchase or rental in the Philippines. We will also feature real estate properties worth checking out. Properties like Alabang, Fort Bonifacio Global City, Makati, Ayala Alabang, Laguna, Tagaytay, Batangas, and Boracay.

FOR SELLERS: How to handle offers on your property

a.  OFFERS MUST BE IN WRITING AND SIGNED BY BUYER. Always insists that offers be in writing and signed by the buyer to show their seriousness to the seller.  Don't accept if the offers are signed by their real estate broker as it doesn’t have any value as buyers can always back out. 

b. SAME OFFER AND TERMS OF PAYMENT.  Should seller receives the same price offer and terms of payment on their property from two different prospective buyers, accept the one who offered first provided it comes with a payment.  Should the buyer fails to give the earnest money within an agreed time, the owner must send an email or a written letter to the buyer and his broker, if any, that their offer is no longer valid for failing to give the payment on the agreed date in the written offer.  You can now entertain the next offer in line.

c. SAME OFFER BUT ONE CASH, THE OTHER THRU BANK. Should the owner receive the same price offer but one is cash and the other is bank financing and time is of the essence, then we would advice you take the cash first over bank financing. Although bank loan proceeds is good as cash, it will take 2 to 6 months (depending on which bank is processing the loan) before they receive proceeds of the bank loan will be received. 

d. WHEN TO HOLD PROPERTY FOR A BUYER.  Do not hold the property without the 2 items below:

     1) Written offer signed by both parties  (buyer and seller).

     2) Earnest money or downpayment as stated in the agreement. Very important

  There have been cases when an owner stopped showing his property due to a verbal agreement with a buyer without any earnest money nor downpayment.  What happened? The buyer wasn't able to deliver the payment as verbally agreed upon.  Thus having lost opportunity costs and at the same time losing the other prosepctive buyers who initially wants to buy it but was told the house is n longer available.


Weigh things before making a decision. Always ask yourself. What is the right thing to do and the answer will come to you. Decide wisely! 


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Published Friday, April 22, 2016 2:50 AM by Chona Esguerra


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