Investors clamor for pre-owned homes
Acquiring pre-owned homes has become popular among first-time buyers, but BFS, the country’s only mortgage servicer and special asset management company for a portfolio of more than 52,000 delinquent loan accounts, has also noted an increase of purchases by investors.
Federico Y. Cadiz, president of BFS, said there has been a marked increase in the number of homebuyers who refurbish the pre-owned homes and resell them because they are a viable investment option.
“Investors know that the values of real estate property increase over time and BFS has made the foreclosed properties affordable, with easy payment schemes; that is why investors expect a good return,” Cadiz said.
BFS was set up to manage such a portfolio by establishing a mortgage platform which manages all core competencies for servicing including loan origination, loan underwriting, loan servicing, credit management, valuation, default management, loss mitigation, property management and sales, and secondary market distribution.
Since 2005, BFS has provided homeownership for more than 30,000 Filipinos families around the country by helping them reacquire their homes through convenient means.
BFS has a long list of properties in key cities around the country such as in Luzon (Nueva Ecija, Vizcaya, Oriental Mindoro, Bulacan, Cavite, Rizal, Laguna, Palawan, Zambales, Batangas, Tarlac, Isabela, Camarines Norte, Cabanatuan, Albay, Bataan, Quezon, Pampanga, Pangasinan and Metro Manila), Visaya (Cebu, Negros Occidental, Iloilo, Capiz) and Mindanao (Agusan del Sur, Agusan del Norte, Misamis Occidental, Lanao Del Norte, Maguindanao, and Surigao del Sur).