Buying a foreclosed property from the Bank of Commerce (BOC) can be a great way to secure real estate at a good price. However, the process takes time, guidance and requires proper preparation. Getting proper guidance from an experience real estate agent will help you navigate the whole process smoothly. I’m not only a real estate broker and consultant but a real estate investor as well. We like to hunt around for good deals and that includes foreclosed properties. A few months ago, we invested in a foreclosed lot in Mountain Meadows under BOC – a subdivision in CDO that used to be owned by Fil-Estate but now has since been turned over to Megaworld.

Here’s a step-by-step guide on how we acquired this BOC foreclosed property based on actual experience. I am also helping my clients with their purchase as well.

Step 1: Submit the Requirements to BOC Manila

Submit the fully and originally accomplished Purchase Proposal Form along with the required documents. Make sure everything is complete—all in hard copy—to avoid delays. Send these to the BOC head office in Manila inside an envelope with the label – "Bids and Awards Committee – Bank Property Bid"

Step 2: Wait for Notice of Approval

Once your documents are received, BOC will evaluate your application. This stage usually takes 2–3 months. The timeline depends the bank. We’ve acquired a foreclosed property thru PSBank and the approval only took a few days. BOC takes a bit more time so you’ll just need to be more patient. If approved, you’ll receive a formal notice from the bank.

Step 3: Pay the Downpayment

After receiving approval, you’ll be asked to proceed to your nearest BOC branch to pay the downpayment which is 20% of the total contract price plus other taxes and fees. We filled up a special form for the payment and deposited the needed amount. Then we scanned the proof of payment and emailed it to the ROPA representative. This step typically needs to be completed within 3–5 days.

Step 4: Sign the Deed of Conditional Sale

BOC will then send a hard copy of the Deed of Conditional Sale to your chosen branch for your signature. We signed around 8 copies and had them notarized. After signing, we submitted the notarized copies to the nearest BOC branch, which then mailed them to BOC Manila for the bank’s signature.

Once completed, the bank will mail back the notarized copies to you for your file. This step formalizes your purchase.

Financing Options

Foreclosed properties are open to either cash payment or bank financing. If you prefer bank financing then you’ll only need to come up with 20% while the 80% can be financed by the bank.

Applying for a Home Loan

• At BOC: It’s best to apply for a loan directly with BOC, preferably with pre-approval. This avoids delays in releasing the loan once the title is ready. Timeline: Once the title reaches the Registry of Deeds (ROD), loan release takes about 2-3 months.
• At Other Banks: You may also choose to finance through another bank. However, the process is longer since they require the transferred title before releasing the loan to BOC. Timeline: Title transfer can take 6–12 months, depending on the service provider. During this waiting period, you’ll need to pay via in-house financing with BOC at 10% interest per annum for a 5-year term. This option is less ideal due to high rates and the short term. We initially wanted to get a loan from our main bank (BPI). But when we found out we have to go thru in-house financing for potentially 6-12 months, we opted to apply for a loan at BOC instead.

Key Takeaways

• Preparation is crucial. Submit the completed Purchase Proposal Form and all requirements in hard copy.
• Expect delays. Approval alone can take 2–3 months.
• Choose your financing wisely. A loan with BOC is generally faster and cheaper in the long run compared to going through another bank.
• Plan your cash flow. Be ready for downpayment and possible in-house amortizations while waiting for loan release.

⚠️ IMPORTANT REMINDERS

1. Please submit complete requirements – all in hard copy. Incomplete requirements will not be processed.
2. Prices and availability of the properties are subject to change without prior notice.*
3. All sales are on an "As Is Where Is" basis.
4. The Bank reserves the right to accept or deny any offer as it deems necessary.

Disclaimer: Info shared is based on my knowledge at the time of posting and may change. Please reach out to me for the latest updates.

If you’re planning to acquire a BOC foreclosed property and want guidance through the process, feel free to reach out—I can assist you step by step to make sure everything is handled smoothly.

Contact me at:

📲WhatsApp +63 917 851 2752

📩 Email [email protected]