Frequently asked questions and answers

Frequently asked questions and answers

1. Can I make an offer below the asking price?

Yes you may, but the First Come, First Served policy of the bank will not apply to your offer. In other words, other offers that are equal to or higher than the asking price will be attended to first, even if you submitted your offer earlier.

2. Will a cash offer get a better chance of being approved?

Regardless of whether an offer is for cash or bank financing, the First Come, First Served policy will be observed and offers are attended to in the order they are received without biases and preferences.

3. What is the FIRST-COME, FIRST-SERVED POLICY?

First come, first served is the service policy of the bank whereby the offers to purchase are attended to in the order they are received without biases and preferences. This policy shall apply only to offers which are equal to or higher than the bank’s asking price.

4. Are buyers required to pay a reservation fee when submitting an offer?

No, prospective buyers are not required to pay any reservation fee when submitting an offer to purchase. A buyer will only be advised to pay 10%  earnest money once his offer is approved.

5. When is the earnest money due?

The 10% earnest money is usually due within ten (10) calendar days upon the buyer’s receipt of a letter advice from Buena Mano Property Sales and Leases.

The buyer will also be advised through the letter when the balance of the downpayment should be paid, terms and conditions, and other fees. The 10% earnest money will form part of the downpayment.

6. What is the minimum down payment?

The minimum downpayment would depend on the loanable amount that will be approved by the lending bank that will provide the housing loan. It would be equal to the selling price less the approved loan amount.

For example, if the approved loan amount is equal to 80% of the total purchase price, then the minimum down payment shall be the remaining 20%. The minimum downpayment is inclusive of the 10% earnest money, which means if one has already paid the 10% earnest money, only an additional 10% is needed to complete the 20% downpayment.

7. What are the housing loan interest rates?

If you choose to finance the purchase with a housing loan from BPI or BPI Family Savings Bank, it will be through a mortgage contract, and the prevailing interest rates at the time of loan availment will apply.

For your reference, please see below indicative housing loan rates:

Source: http://www.foreclosurephilippines.com/2013/01/buena-mano-q1-2013-metro-manila-catalog-bpi-foreclosed-properties.html#ixzz2JWj0h0ws