Cebu property lot for sale with abandoned construction of the house in Bacayan Talamban Cebu City for P3.5milllion cash net. Owner stopped the construction of this two storey house due to lack of funds. The couple has constructed a lot of houses in the past and this specific property seems not to be in the top priority list anymore. Road is cemented but a bit smaller compared with the other barangay roads in the city but to be honest, SUVs can easily pass through. Surrounding houses are literally huge and high end which makes the place nice and safe to live with.
A sacrifice sale in real estate refers to a situation where a property is sold at a significantly reduced price, often below its market value. Keep in mind that while a sacrifice sale benefits the buyer, it’s essential to conduct due diligence and assess the property’s condition before making a purchase. As a potential buyer, you can take advantage of these opportunities to acquire real estate at a more affordable cost! There are various reasons why a seller might opt for a sacrifice sale:
Urgent Need for Funds: The owner may require immediate cash for personal reasons, such as medical treatment, debt repayment, or other emergencies.
Quick Liquidation: Sometimes, property owners need to sell quickly due to financial constraints or changing circumstances. A sacrifice sale allows them to offload the property swiftly.
Avoiding Foreclosure: When faced with impending foreclosure, a seller might choose to sell the property at a lower price to prevent losing it entirely.
Market Conditions: Economic downturns or unfavorable market conditions can lead to sacrifice sales. Sellers may choose to accept a lower price rather than wait for better market conditions.
Property Condition: If a property requires significant repairs or renovations, the owner might decide to sell it at a reduced price to attract buyers.
Remember that each project is unique, and the right financing solution depends on your specific circumstances. Priorities at the moment may not be the same with other people. The seller decides to let go of the house, stop the construction, and sell the property. It is not everyday that someone sells something at a lower price due to project abandonment but this property gives you a real deal for a good headstart in building a low cost family home.
What is the average price per square meter for land in Bacayan? The average price per square meter for land in Bacayan, Talamban is approximately ₱20,000.00123. Keep in mind that this value can vary based on specific locations, property features, and market conditions. If you’re interested in purchasing land in this area, I recommend consulting with local real estate agents or checking current listings for more accurate and up-to-date information. My group is marketing this property with the following information:
Selling Price: P3.5million cash net, includes house development
Lot area: 365sqm
Location: Bacayan, Talamban, Cebu City
Explore this option further with a good onsite viewing in person with me, conduct due diligence, and choose the one that aligns with your preferences and budget. When it comes to buying property, setting a realistic budget is crucial. Consider other debts (e.g., student loans) and future expenses (retirement, education) to assess your overall financial obligations. Calculate affordability when you use the 28% rule. Your mortgage payment shouldn’t exceed 28% of your gross income each month.
Aim for a 20% down payment if possible. Put into consideration the private mortgage insurance (PMI). It may not help reduce your monthly costs but at least you know your monthly budget. Know the costs involved in the buying process, such as the appraisal, title search, loan mortgage, property taxes, insurance, maintenance and repairs or house renovation costs. Always ask the agent about the additional costs besides the sale value. Most sellers would want to have a cash net arrangement where they just receive the proceeds of the sale net and let you handle the rest of the process including the expenses incurred.
Get preapproved for a home loan. It’s essential but not the sole consideration. Go to your bank and try discussing about preapproved loans. The officer may not be keen about talking with preapproved loans. Just go and see what you can get from a bank loan perspective. Our team usually go for BDO. We already have an officer in the chat that would clarify everything loans and required documents for you.
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Contact Person for House and Lot for Sale in Cebu
Shirley Chio 0917 555 0601 (** Strictly Message Only)
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