Nearly Php200M worth of SSS foreclosed properties for sale
by JAY CASTILLO on OCTOBER 14, 2011
The Social Security System or SSS has started to offer close to Php200M worth of foreclosed properties for sale at very affordable terms and prices to the general public and its members. at first I thought these were the same foreclosed properties on the listing the SSS made available during the Housing Fair 2011, but it turns out the Housing Fair listing only had about Php50M worth of SSS properties.
ABS-CBN news reported that these foreclosed properties from the SSS will be sold through asubasta or an auction, although a news article in the SSS website says the foreclosed properties will be sold through negotiated sale. this means there will be no public auction and buyers only need to make their offers. this is good news for buyers because a public auction can lead to buyers trying to outbid each other, and the end result can be jacked-up prices during the auction.
In addition, the SSS website says the cheapest foreclosed property for sale is priced at only Php271,000.00, although I can only imagine the size and condition of that particular property. Whatever happens, don’t forget to do your due diligence BEFORE parting with any of your hard earned money.
Anyway, it was also reported that the foreclosed properties for sale were assets acquired by SSS through dacion en pago or payment in kind and their list of acquired assets consists of 305 houses and lots, where more than half are located in Metro Manila and Luzon. But where is the listing?