Question:

I am interested on participating in a Bank auction. I saw the property and it was good, however, the catch is that the title is still in the previous owner's name and is currently in the BIR office for consolidation process.

The account officer told me that the process would take 2-3 months before the title is finally consolidated into the bank's name.
I also asked the account officer if they have receipts like CWT, DST and Real estate tax; he said "Yes" and they can show it to me on the day of the auction.

They also gave me the Certificate of sale between the bank and the former owner, I haven't verified this yet at BIR. They will also shoulder all expenses for the consolidation process.

Do you think it is still worth pursuing? I could wait til the title is consolidated but there is a chance that this property will be bought because of its attractive price.


Eden says:

As a general rule, for starters, veer away from properties without a clean title.
It will cause more headache than the profits it may generate. =)