SSS foreclosed properties selling strong
MANILA, Philippines - State-run Social Security System (SSS) said there is a strong demand for its foreclosed properties given the lower prices it offers.
On the sidelines of the Lamudi Housing Fair over the weekend, SSS Real and Other Properties Acquired and Acquired Assets Department junior specialist Brenda Pertis told The STAR that the pension fund has a limited number of foreclosed properties in its portfolio as it “sells like hotcakes.”
“When we post it on the list, it is sold within a week,” Pertis said.
The SSS sells foreclosed properties from members with delinquent housing loans.
Pertis said the pension fund sells as much as 20 to 30 foreclosed properties in a month.
Before declaring a property foreclosed and selling it to the public, she said the pension fund tries to negotiate with the property occupant to repurchase it as it offers a “win-win situation” for both parties.
“SSS can collect back rentals and foreclosure expenses from the appraised value and wala kaming ibibigay na discount on ejecting the occupants,” Pertis said.
Foreclosed property buyers are offered a 10 percent ejection discount, given the challenge they would encounter in getting occupants to vacate the said property.
On average, foreclosed properties sold by the pension fund range from P700,000 to P800,000, according to Pertis. She added that prices could go as high as P4 million to as low as P500,000.
The properties are offered at a payment period of around 15 years.
Apart from the more affordable prices, Pertis said another selling point of the properties is their bigger sizes compared to newer houses sold in the market, as it averages around 120 square meters.
She said most of the foreclosed properties are already dilapidated.
“What they buy mostly on the appraised value is on the lot. Some of them would renovate or totally bring down the structure and build a new one,” the junior specialist said.
Pertis said the sale of foreclosed properties to the market helps address the aspiration of most Filipinos to own a home. She identified the overseas Filipino workers market as the fund’s top buyers, given the income requirements to qualify for the sale of the property.
Pertis added foreclosed properties located in Marikina, Antipolo, Caloocan and Quezon City are the fastest selling ones, as these areas are where most buyers reside.