MambalingStatus

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(New page: MAMBALING STATUS 12/18/20 by ian i consulted the baranggay captain (atty gines) who happens to be good friends with tito virgilio in the knights of columbus. he summoned the dela cernas a...)
Current revision (01:48, 20 January 2021) (edit) (undo)
 
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atty gines advised us to sell mambaling as soon as we can because there are plans for the elementary school to expand and our property happens to be public domain so it could be expropriated.
atty gines advised us to sell mambaling as soon as we can because there are plans for the elementary school to expand and our property happens to be public domain so it could be expropriated.
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papa also told me the ROW that goes out of avocado st. is 4 meters wide. i hired engr. norvic abella to get the documents from tax mapping to confirm this. if this is true then this will make the property more enticing to the buyer because it does not cost much to pay the squatters to demolish their encroaching structures. they don't have to be evicted because their houses are big enough such that shaving off 2 meters will still give them enough space for their current house to be decently livable. there's only around 15 houses. if the buyer pays each family P50k each that would be only P750k thousand and everyone will be happy including the buyer because P750k is still very small relative to the value of the property.
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in case we don't get the right of way going to cashmere st, we have another option. papa also told me the ROW that goes throught the squatters and out of avocado st. is 4 meters wide. i hired engr. norvic abella's staff named richard to get the documents from tax mapping to confirm this. turns out even if it's 4 meters wide, we don't have legal right to demolish the encroachment because it's not annotated in the title. richard said he will go to the barangay to see if it's been donated to the squatters. i suggested we sit down with the squatters and barangay and ask them how much they are willing to be paid to widen the road. richard said that's a good idea and the squatters will most likely cooperate because widening the road will increase the value of their property. note that even if they are squatters, it's customary for them to be able to sell their right on the lot they are occupying. and if our property is also developed by the buyer. it will also give the squatters business opportunities such as karinderias. the good news is the houses are big, so shaving off 1 meter on both sides of the road won't require relocation. richard said based on his experience, if we pay for the demolition and repair, P20k per house is enough. there are around 15 houses so P300k + P200k cost of demolition and repair should be enough. which is very small relative to the value of the property. even if the cost is P1m, that's still small.
just like some of the interested buyers of mambaing in the past, we have another buyer for mambaling who does not care about the right of way because what they need is at least 5,000 sqm for residential development so they need to buy the property next to ours which has a frontage and is 3,000 sqm. so combined with ours which is 2,369 sqm, it would meet their 5,000 sqm requirements. the past brokers have been telling me the owner is in the states and very hard to contact.
just like some of the interested buyers of mambaing in the past, we have another buyer for mambaling who does not care about the right of way because what they need is at least 5,000 sqm for residential development so they need to buy the property next to ours which has a frontage and is 3,000 sqm. so combined with ours which is 2,369 sqm, it would meet their 5,000 sqm requirements. the past brokers have been telling me the owner is in the states and very hard to contact.
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i gave this info to the buyer in hopes he will be aware not to annoy helen the owner and avoid ruining the deal.
i gave this info to the buyer in hopes he will be aware not to annoy helen the owner and avoid ruining the deal.
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the heirs realize the true value of money depends on it's use. example for some heirs we are not selling mambaling for P30 million, we are actually selling it for billions or even trillions. that's because the proceeds might be critical to save their life in case they need it for bypass surgery. life is priceless so trillions is still an understatement. for all of us, we will be receiving P57 million instead of P30 million because it will allow us to beat the estate tax amnesty deadline and avoid paying the penalties. for some heirs, the P30 million is worth billions of precious memories. example if it takes 5 years to sell mambaling at P40 million, each heir might end up getting P1 million more but actually they lose billions worth of precious hongkong disneyland memories because a 17 year old teenager won't be interested in mickey mouse anymore compared to a 12 year old. this is called the time value of money. there's also the "opportunity cost". example, i sold my vegas home at only 60% of the appraised value before the pandemic but i was able to buy tesla and zoom stocks after the crash so i actually ended up making more. the appraisal value was $215k but the best offer i got 2 years later was only P140k. did i lose P75k? no i actually gained $105k because i bought it in 2012 for only $35k. the heirs realize that they did not pay anything for mambaling so selling it for P30m means it's a P30m profit.
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in the worse case scenario where we fail to get both right of ways, it could be a blessing in disguise. bed spacers don't have cars, so we could develop it similar to our development plans for mactan - [[PropertyDevelopment|click here for my proposal for developing our mactan lot]]
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it's also possible the pandemic can cause a crash in the economy and the price of mambaling can get cut in half overnight. nobody can predict the future. our only defense is to be diversified so it would be smart to sell mambaling so some heirs can diversify into other investment vehicles
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Current revision

MAMBALING STATUS 12/18/20 by ian

i consulted the baranggay captain (atty gines) who happens to be good friends with tito virgilio in the knights of columbus. he summoned the dela cernas at the barangay but they did not show up. atty gines told me after 3 summons we can demolish the garage blocking the right of way (ROW).

but the buyer told me even if there is a battle tank blocking the ROW they will buy it if the ROW is annotated on the title. even if the owners gladly let's them use the ROW they will still not buy it if the ROW is not annotated on the title. tito virgilio suggested we get the copy of TCT 54800 and 54801 because it's mentioned in the deed of sale of the 94sqm. virgilio said to ask for the history which might involve multiple titles because we also want to look at those that got cancelled to see if any of the titles have ever been annotated. unfortunately, the last annotation of all the titles was 1972.

papa advised me we need to hire a lawyer to petition the right of way. so i hired atty gines. he advised me to get a certified notary entry of the deed of sale. thanks to tito vigilio, i already had one in my possession because he advised us to get it. the hearing will be published soon and after 3 weeks there will be a hearing. atty gines told me it will take only 1 hearing and we will surely win because of the certified notary entry. the buyer visited atty gines to confirm and said he will start drawing up the contract for our agreed price of P30 million net after we show him the extrajudicial signed by all the heirs. so it's important everyone signs the extrajudicial as soon as possible. we also need the funds to beat the amnesty deadline or else we end up paying P63 million estate tax instead of P6 million.

if the date of the hearing gets delayed because of the pandemic, we can advise the buyer to offer the dela cernas P1 million to buy the right of way. also scare the dela cernas if they don't take the offer, they could end up with nothing because a petition has been filed and we have a high chance of winning because of the certified notary entry of the deed of sale.

atty gines advised us to sell mambaling as soon as we can because there are plans for the elementary school to expand and our property happens to be public domain so it could be expropriated.

in case we don't get the right of way going to cashmere st, we have another option. papa also told me the ROW that goes throught the squatters and out of avocado st. is 4 meters wide. i hired engr. norvic abella's staff named richard to get the documents from tax mapping to confirm this. turns out even if it's 4 meters wide, we don't have legal right to demolish the encroachment because it's not annotated in the title. richard said he will go to the barangay to see if it's been donated to the squatters. i suggested we sit down with the squatters and barangay and ask them how much they are willing to be paid to widen the road. richard said that's a good idea and the squatters will most likely cooperate because widening the road will increase the value of their property. note that even if they are squatters, it's customary for them to be able to sell their right on the lot they are occupying. and if our property is also developed by the buyer. it will also give the squatters business opportunities such as karinderias. the good news is the houses are big, so shaving off 1 meter on both sides of the road won't require relocation. richard said based on his experience, if we pay for the demolition and repair, P20k per house is enough. there are around 15 houses so P300k + P200k cost of demolition and repair should be enough. which is very small relative to the value of the property. even if the cost is P1m, that's still small.

just like some of the interested buyers of mambaing in the past, we have another buyer for mambaling who does not care about the right of way because what they need is at least 5,000 sqm for residential development so they need to buy the property next to ours which has a frontage and is 3,000 sqm. so combined with ours which is 2,369 sqm, it would meet their 5,000 sqm requirements. the past brokers have been telling me the owner is in the states and very hard to contact.

all i know is the name of the caretaker is girlie. so i went there to try to get the contact info of the owner from girlie, maybe bowie can call the owner in the statess or even meet face to face it would make the deal have higher chance of success. turns out girlie is very nice and cooperative. her FB messenger account name is Gigi Navarro, the woman with blonde hair. you can chat with her via messenger. she knows exactly the price – it’s P55 million and the owner will give 2.5% commission. she told me the owner's name is Mrs. Helen Young Spencer, and turns out she can easily be contacted via messenger. her profile picture is the woman holding 2 red flowers. turn out Mrs. Spencer’s price is fixed at P55 million (~P18k/sqm) and does not want to negotiate. however the brokers (paul and mr. delgado) would keep bugging her to lower the price, maybe so that they can earn bigger profit. this annoyed Mrs. Spencer so she blocked the brokers who kept asking her for a lower price.

i gave this info to the buyer in hopes he will be aware not to annoy helen the owner and avoid ruining the deal.

in the worse case scenario where we fail to get both right of ways, it could be a blessing in disguise. bed spacers don't have cars, so we could develop it similar to our development plans for mactan - click here for my proposal for developing our mactan lot

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