Our first bidding experience

Ron and I attended the bidding of foreclosed properties listed at Unionbank at Business Inn today. We are about to get married and planning where to build our love nest is in the bag. We are eyeing for 2 possible properties listed for bidding.

Note that a week before today, we have visited the site and we found that among the 6 properties listed in the same area, we like these two lots because of:

1. Lot size. The priority lot #1 is 600 sqm while priority lot #2 is 450 sqm. I think these are lot sizes spacious enough for me to have my garden.

2. Elevation. Among the lots listed both lots are unlikely to be flooded because it was away from the nearby stream. As you all now,  water would naturally flow to a body of water nearby.

3. Proximity. What I like most of these two lots is that it is close to the main road of the subdivision. As a matter of fact, Priority Lot #1 is alonh the main road of the subdivision.

Among others, we really want to acquire a lot in the said subdivision because the price per sqm is only at 1300Php. Comparing to other subdivisions, lots are already sky rocketing at 2000Php (minimum) while others could go as high as Php 7000 per square meter.

When we arrived at the venue, another couple was there as our competitor. The bidding officer waited for another 15minutes before starting to wait for other bidders to arriv but there was nobody else.

Funny about this bidding is that, both parties are after the same properties. I guess the other couple also did their due diligence. They auctioned property #2 first. We are fighting neck to neck with it while i was computing the price per sqm on the side. When the total property value reached a million we stopped and the other couple won.

I thought all the while that since they already got a property, they will no longer bid for Property #1 (600sqm). But we thought wrong. They once again bid against us. But good thing when the property value reached 930,000, they stopped bidding, saying they can't afford the monthly payments of two properties considering that the values have changed already. So we won the property.

Amidst the increase, I still think that we got a good deal at approximately 1500Php per sqm.  

So yeah, we are property owners now! Of course, after we finished off with our payments.