Buying a Foreclosed Property: From “As Is, Where Is” Nightmare to a Happy Ending

When my husband and I first considered buying a foreclosed property, we were hesitant—very hesitant. We had heard all the horror stories about the dreaded “As Is, Where Is” clause. In theory, it sounds reasonable: you buy the property in whatever condition it’s in, with no guarantees. But in reality, this can mean you’re also inheriting unwanted guests—people who may have been squatting in or caretaking the property for years and have no intention of leaving.

Still, after much thought (and perhaps a little wishful thinking that things wouldn’t get that bad), we decided to take the plunge and purchase a foreclosed property from BPI Araneta Branch Bacolod. The process seemed smooth—paperwork was in order, and all that was left was the turnover. Then came the first major headache.

The Hostile Welcome We Didn’t Expect

Last Friday, I received an email from Sir Maki of BPI, instructing us to go to the property and coordinate with the caretaker for the turnover. Excited to finally set foot in our new place, we immediately went. Big mistake.

The moment we arrived, we were met not with a warm welcome but with hostility. The caretakers refused to leave, making it clear they weren’t just going to pack up and walk away. It was a chaotic and frustrating experience, one that we never would have imagined happening after already closing the deal.

It turned out that there was a huge gap in communication between the bank and the agency responsible for managing the caretakers. The agency had supposedly given the go signal for the turnover, but clearly, the caretakers simply ignored that instruction. At that moment, I was angry, disappointed, and wondering if we had just made the worst decision ever.

BPI Araneta Branch Bacolod to the Rescue

To their credit, BPI did not wash their hands of the problem. Sir Mike Fieldad and his team at BPI Araneta went above and beyond to sort things out. They didn’t just say, “Sorry, it’s on you now.” Instead, they took full responsibility for the mess and worked tirelessly to fix it.

Behind the scenes, they gave ultimatums, coordinated with the agency, and ensured that the caretakers left. And finally, last night at 6:30 PM, the caretakers vacated the property, and the bank’s Loan Services Department padlocked the house—the key now safely in BPI’s custody, waiting for us to claim it.

From Frustration to Appreciation

Today, we traveled to Bacolod to pick up the key, and despite all the stress we had gone through, I couldn’t help but feel deep appreciation for Sir Mike and the BPI Araneta team as well as Engr. Crispin Dormido of CD Realty Bacolod. They didn’t have to go the extra mile, but they did. They could have just left us to deal with the problem ourselves, citing the “As Is, Where Is” clause. But instead, they made sure that we could actually move into the property we rightfully purchased without having to fight off squatters in the process.

And the cherry on top? Sir Mike even gave me a plant to take home to my new property! It turns out that BPI has a new program where every auto or real estate buyer gets a plant, supplied in partnership with the Bacolod LGU. Hopefully, this one will survive—unlike the plant the Mayor of Hinigaran gave us when we got married (which, let’s just say, didn’t have a happy ending).

Would I Buy a Foreclosed Property Again?

Despite the rocky start, I’d say yes—but only with a bank that actually stands by its buyers. If BPI Araneta hadn’t stepped in and done the heavy lifting, we would have been stuck in a never-ending battle with the former caretakers. Buying foreclosed properties is risky, and you have to be prepared for the unexpected. But with a bank that’s willing to help clean up the mess, it can turn out to be a great investment.

To Sir Mike Fieldad, sir Maki and the entire team at BPI Araneta Branch Bacolod—thank you for going above and beyond to make this right. And to our new plant—may you live a long and happy life. 🌱