My Saving Grace Realty teams up with Lamudi-A A +A
Thursday, August 14, 2014
MANILA – My Saving Grace Realty has teamed up with fast-growing property portal Lamudi to address the rising demand for affordable housing in the Philippines.
My Saving Grace Realty and Development Corporation is a leading realtor that specializes in bank foreclosed assets and prime properties. The properties are often sold at very low cost, meaning they are the perfect fit for those looking for prime real estate at an affordable price.
Lamudi, an online marketplace where people can easily buy or rent property, currently lists more than 4000 foreclosed properties from MSGRDC on its platform.
Ramil Alquileta, chairman of MSGRDC said that foreclosed properties are one of the best options for Filipinos who want to invest in real estate.
“Online platforms like Lamudi allow us to promote our properties online, at siyempre, kailangan din lahat ngayon ay marunong mag-internet. Ang advantage is, nakikita na kami online (Online platforms like Lamudi allow us to promote our properties online, and of course, in today’s time, we should all know how to use the Internet. The advantage of this is, we can now be seen online),” Alquileta said.
“They get it at a lower price, even lower than the market price. The margin is between 10 to 50 percent lower than the market price. Ganun siya ka-mura (That’s how cheap it is),” said Alquileta.
The properties are usually born out of sad stories—owing to the fact that these houses, lands or
Buildings underwent foreclosure. This is when the original home-owner's rights were surrendered because he or she failed to pay the mortgage.
If the owner is not able to settle the remaining debt or sell the property immediately, it will be turned over to a foreclosure auction. If it does not make a sale at the auction, the property, by default, will be owned by the lending organization, such as a bank.
Due to lower costs of these properties, brokerage companies like My Saving Grace Realty and Development Corporation (MSGRDC) have seen the benefits of foreclosures to those looking for affordable housing in the Philippines.
“Our advantage is that 90 percent of banks [in the Philippines] are not into the real estate business. So, when a certain property is being foreclosed, they tend to focus more on getting back their principal investment or the amount they loaned to the client plus interest. You can even negotiate for a lower price when a property receives few bids,” explained Alquileta.
Alquileta said most foreclosed properties that go on sale in the Philippines do not even last a week in the market. But that does not necessarily mean that these properties compete with development projects.
“People line up for foreclosed properties. But of course, when the properties run out, people will also look at other projects. Foreclosed properties sell quickly,” he said.
From selling foreclosed properties through networking and the company’s own website, My Saving Grace Realty and Development Corporation signed up with Lamudi in March to tap into a bigger market – not only in the Philippines, but also to global Filipinos around the world.
Jacqueline van den Ende, Co-founder and Managing Director of Lamudi Philippines, said the vision of My Saving Grace - to provide Filipinos, including overseas Filipino workers, with prime properties at an affordable price - was a perfect match for Lamudi.
“We at Lamudi are enthusiastic to have My Saving Grace Realty and Development Corporation on board to ensure that Filipinos have the opportunity to search for affordable property investments for their families or businesses, either in Metro Manila or in the provinces. And with these foreclosed properties, they can actually afford their dream homes at a lower price,” she said.
Through the Lamudi.com.ph website, as well as the Android and iOS apps, house hunters can look for foreclosed and all property types at any time and on any device.
Lamudi.com.ph, which started operations in January this year, has over 61,000 residential and commercial property listings from developers and PRC-licensed brokers. The company has active offices in Manila, Cebu and Davao.
For more information about My Saving Grace Realty, visit http://www.mysavinggracerealty.com/
Published in the Sun.Star Cagayan de Oro newspaper on August 14, 2014.