The problem is, not everyone knows where to find one...or to go about buying one...
First step you can take is to look for foreclosed properties in banks. Bank usually sell foreclosed properties at low low rates. Most foreclosed properties from banks are usually priced 30 to 10% lover than its commercial value.
Why are foreclosed properties cheaper in banks?
Well, banks prefer to have cash on hand that non-performing assets. Taxes for these properties become a burden for banks in the long run...not to mention insurances, security, and monetary reserve requirement for every non performing real property that they have.
By disposing of these properties as fast as they can, banks are going to make sure they save their cash reserves...to the point of mostly selling at giveaway prices.
How can you buy one?
For a lucky buyer, a property may have a lone bidder when he is not challenged by another interested party. It is commonly termed as "negotiated sale". This is called a negotiated sale, in which the lone potential buyer makes a bid for the property and is not challenged by another interested party. A deposit equivalent to 10% of the bidder's price is often required, but is normally refundable. The purpose of the deposit is to give time to the bank for review before it is duly approved.
On other cases, there might be other parties interested in the properties during the negotiated sale and there will occur a "private sale bid". Interested buyers make their respective bids. Each bidding party is required to deposit 10% of the bid amount which is always refundable to those who do not win the bidding. Bidding is a closed process and usually decision is made at the main branch or office of the bank, in most cases, in Manila. If bidding fails, it is reopened to the public.
Another way is through public sale biddings which are biddings done on advertised foreclosed properties open to the public. Foreclosed properties are usually announced in newspapers, websites, and even the lobby of banks. Any interested party may bid for the properties and is required to pay the refundable deposit of 10% of the bid price.
Last but not the least, foreclosed properties are also sold through an auction. Bids are done in front of all interested bidders. An auctioneer announces the bids and bidders raise hands to submit their bids.
For more information, contact your local bank to get an authorized broker to assist you.