Pampanga Real Estate Guide, Trend and Review

Friday, February 4, 2011

MRI: Your Asset Protection

A lot of people ask what is an MRI in real estate transactions? Just to give a brief explanation of this, an Mortgage Redemption Insurance (MRI) is defined as decreasing-term life insurance policy taken by a mortgator to repay the balance on a mortgage if he or she dies before its full repayment (www.businessdictionary.com).

It is one sure way of giving protection to one of your best assets you can pass on to your loved ones if there is a untimely demise of the one who loaned.

In the Philippines, most of the home loan borrowers who are buying a residential home (house and lot package) are required to availed this insurance when applying for loan through, bank financing, In-house financing or Pag-Ibig (HMDF) financing are required to apply as well or it is already incorporated on the monthly payments of buyers who availed of the following financing schemes available from developers offering the homes or HMDF financing as well.

A Mortgage Redemption Insurance can be a added cost on your payments but it can sure guarantee and give and advantage in one of your investments in the long haul. However, the best asset that put all this is YOU!

Thursday, December 23, 2010

Coming soon...A college course in Real Estate Services / Management

There have been debates on whether the Bachelor of Science / Arts major in Real Estate Management or Real Estate Services will push through. With the news coming from Dr. Eduardo G. Ong, Chairman of Professional Regulatory Board on Real Estate Services (PRBRES) of the Professional Regulation Commission (PRC) during the 32nd Annual Real Estate Brokers Association of the Philippines - National Convention held at Holiday Inn , Mimosa, Clark Freeport, Pampanga last November 25 to 27, 2010.

As he mentioned, it will be a four year course and will offered first by major state colleges and universities nationwide in the next year or two as a proving ground on this new curriculum. While private colleges and universities will be offering the course by 2012 or 2013 after the implementation of this.

Currently, the real estate professional is undergoing major transition from DTI to PRC with the start of acceptance in the application and registration to the Professional Regulation Commission (under the Grandfather clause) since August of this year and will end on 30 of July 2011. The first batch of real estate professionals taking their first oath-taking at the Manila Hotel was held on November 30, 2010 presiding over was Chairman Eduardo G. Ong and others.

For many who took the "Panunumpa ng Professional or Oath Taking Ceremonies". It was a exhilirating and wonderful moment for them as they are now included in the rosters of true professionals under the professional regulatory board a government agency that is truly respected by most.

It is in my deep thoughts and hope that the real estate industry would look into the potential of graduates of this new college course in the real estate profession and phasing out or removing the unscrupulous entities tarnishing this growing market in the future.

PS: Real Estate Brokers Licensure Examination under Professional Regulations Commission will be on March 2011. I make more further announcements and queries for those who would like to join with us.

MERRY CHRISTMAS AND A HAPPY NEW YEAR TO ALL!

Related Post:

The Passing of Republic Act 9646: Real Estate Service Act of the Philippines
Real Estate Professionals: New Changes will be happening soon!

Copyright 2009-2010. Pampanga Real Estate Guide, Trend and Review TV. All Rights Reserved.

Tuesday, June 8, 2010

Finding a Reliable Real Estate Broker in the Philippines | Tips you need to know.

It is hard to come by in finding a few good professionals among a hundreds of thousands of real estate practitioners in this country where he/she can help you in finding the right home or selling a property in order to liquidate it into cash. Remember that real estate is not an easy to sell asset wherein the cyclical business is in effect (it may be boom or bust) wherein it still rely on the market and economic conditions. Also selling off your property may take time from weeks, to months or a year before it will turn to profit or cash depending on the state of the economy, demand and other factors such as how reliable and efficient is your real estate broker.

However the gains on selling the property is enormous with the current buyer's market for the OFWs and affordable segments of Class D and E with seller's market of segment A, B and C (Upper Society or Upper Middle to Low Middle Class). There has been a slow down in the demand however people are still dreaming of owning a property either for immediate need as a home or as profitable rental business.

Anyways, here are some tips in finding a reliable real estate broker:

1.) Set an Appoinment - It would be wiser for sellers / buyers to get to know first the person you are negotiating with. Make an interview him or her and get to know him/her well.

2.) Qualifications: Is he/she a licensed real estate practitioner? He can show his qualifications on hand with a resume, a calling card with license to practice on it. Plus the contact numbers or he / she has a website it will have plenty of information about him/her on his short bio etc. As of today, most Filipino real estate broker / realtors follow the Republic Act 9646: Real Estate Service Act of 2009 on which the Implementing rules and regulations plus the code of ethics is still on the process. The Philippine Regulatory Board on Real Estate Services under the Professional Regulations Commission (PRBES-PRC) overseers all the regulations in the practice of the Real Estate Profession. Other suggestions for sellers is to further investigate and research about the person you want to contact by reaching the following websites for real estate practitioners as bona fide members of good standing through www.rebap.com.ph for Certified Real Estate Brokers (CRBs) who are members of Real Estate Brokers Association of the Philippines (REBAP) or www.realtors.org.ph for Realtors or members of Philippine Association of Realtors Board (PAREB) and contact their organizational secretariats to verify.

3.) Knowledge and expertise - he/she must know the current condition or state of the properties he would be selling off. Sometimes will ask for a meet up with a seller and make an ocular inspection on the said property. Also must be updated with current tax laws and property zoning and valuation especially for commercial properties. Don't forget to ask what his / her real estate specialization to narrow down your interviews and the person you are looking for. There are real estate practitioners who are very good in general brokerage, others may be focused only in project selling and marketing on newly developed markets, others maybe engage in raw land or farm land selling.

4.) Marketing experience - A reliable real estate broker / realtor would ask questions ranging from the size of the lot area, the price you are selling your property and any terms or conditions from modes of payment, other pertinent information like history of the home, the tax declaration and also ask for the photocopy of the transfer of title certificate. A buyer should be open to some suggestions of a reliable real estate broker on payment terms for example. A seller should also be flexible with some terms as long as it is feasible and would all the benefit the party in liquidating the property.

5.) Network - A reliable real estate broker / realtor must be connected with clients looking for properties and at the same has built a large network among fellow brokers from within the organization he or she is a member of. Real Estate Brokers / Realtors have Multiple Listing System (MLS) for Realtors (members of Philippine Association of Realtors Board or PAREB) and Property Listing System (PLS) for Certified Real Estate Brokers (CRBs) for members of Real Estate Brokers Association of the Philippines (REBAP) wherein they can post online within their organization website or show the listing during organization meetings in order for the broker to get help in marketing and selling off your property immediately.

About the Writer

CRB Benedict Baluyut is an associate real estate professional of C. F. Baluyut Realty with PRC REB License No. 8358. He is the current Vice President for External Affairs with Real Estate Brokers Association of the Philippines, Inc (REBAP) - Pampanga Chapter.

Articles or blog post associate with this:

PRC Appoints new Chairman and Board Members for Professional Regulatory Board on Real Estate Services
Banks urged to be vigilant verification of titles