This is the start of a chapter of our post-retirement activities including our APOstolic duties of caring for our one and only granddaughter.
January 23, 2026
My Post Retirement Businesses
Buying a Condo is not as easy as it seems but....
It has been so long since, I have written in this blog. Most of my blogging was in my other blog, an automobile owner's blog.
Buying a Condo is not as easy as it seems
I am writing here about my personal experience and may this serve as an eye-opener to anyone who plans to buy a condo for investment or otherwise.
More than 3 years ago, while strolling inside SM North EDSA, a SMDC agent approached and showed us a pre-selling purchase plan for their Grass Residences Tower II. The package was attractive because it offered an interest free installment plan on the 20% downpayment for 36 months plus a discount equivalent to the VAT.
My husband and I are a middle-aged couple whose children have graduated from College. At that time of our life, we did not have any significant savings as our earnings where spent mostly on our children's needs - education, food, shelter etc. being car sales agents our income was erratic so we saved when we could but always these savings were used up during lean months.
The SMDC agent brought us to their model unit within the mall. We felt excited at being able to buy a small place of our own. Our most important question then was: Would he be able to get us an approved housing loan considering we’re sales agents with unstable income? We found his answer logical: If you can pay the monthly installment for 36 months it would be a good credit record for a loan approval, so why not?
We also viewed this purchase as a venue for investment, too. Instead of just putting our savings in the bank. We felt a SMDC condo unit would appreciate through the years and their pre-sale offer was an investment opportunity.
I never felt we would have any problem getting a housing loan as all our post-dated checks issued were cleared. February 2013 we received a call from a BDO housing loan personnel. My husband and I were interviewed in separate occasions for the housing loan. Our 36 months installment period would be finished by September 2013. A few weeks after our interviews, I received an email from BDO informing us that our auto loan was approved for P3.8M which is the balance due for our condo and parking lot. I eagerly called our SMDC agent and told him of our BDO housing loan approval. He came to my office in Isuzu Commonwealth where we gave him our housing loan requirements as stipulated in the email I received from BDO.
After a few days, our SMDC agent calls and informs us that our BDO Housing Loan approval has been recalled for whatever reason, they have not informed us until now.
Since, the condo unit was not yet ready for moving in, I requested to continue payment of the downpayment so as to increase our capital and decrease the amount to be financed. This was approved and we issued another 6 months post-dated checks. Meantime, our SMDC agent was tasked to get us another housing loan approval.
After months of waiting, we finally received a housing loan approval from BPI-Family Savings Bank. Unfortunately, the loan amount approved was less than P3.8M. SMDC asked us to settle the loan difference within 3 months before our home loan approval expires. Confronted with this dilemma, my husband and I weighed our options, as we felt that we will not be able to raise the P600,000 in three months.
What happened to our “well-planned” dream?
1) According to our SMDC agent, under the Maceda Law, only 50% of the amount we paid for will be refunded to us. (Can our senators review the Maceda Law and make it more friendly to the buyers?) It is unfair for real estate developers to entice us to their pre-selling plans and dumped us when we cannot get a housing loan approval.
2) Appeal our case with SMDC and request for the extension of the payment of the loan difference
3) Request that they accept the loan proceeds of our auto loan with BPI Family before in expires.
If SMDC approves our request, we will need to do the following to pay the loan difference:
1) Sell our family car and pay at least P300,000 and issue 6 post-dated checks
2) Tighten our budget for the next six months
If SMDC disapproves our request, we have no other choice but accept the 50% refund.
Our present situation really sucks (pardon me). We just found out that the situation we got into was not a win-win situation because either way, we are at the mercy and disposition of the big time real estate developer. It was wrong for us to presume that after our Downpayment it would be easy to get a housing loan approval because of our good payment record.
I narrate our story so that those who read this will exercise prudence in financial decisions. What happened to my husband and I is a lesson learned.
Ironically, the bank that approved us was from the competitor’s property developer. Aanyway, "Alls well that ends well".
Buying a Condo is not as easy as it seems
I am writing here about my personal experience and may this serve as an eye-opener to anyone who plans to buy a condo for investment or otherwise.
More than 3 years ago, while strolling inside SM North EDSA, a SMDC agent approached and showed us a pre-selling purchase plan for their Grass Residences Tower II. The package was attractive because it offered an interest free installment plan on the 20% downpayment for 36 months plus a discount equivalent to the VAT.
My husband and I are a middle-aged couple whose children have graduated from College. At that time of our life, we did not have any significant savings as our earnings where spent mostly on our children's needs - education, food, shelter etc. being car sales agents our income was erratic so we saved when we could but always these savings were used up during lean months.
The SMDC agent brought us to their model unit within the mall. We felt excited at being able to buy a small place of our own. Our most important question then was: Would he be able to get us an approved housing loan considering we’re sales agents with unstable income? We found his answer logical: If you can pay the monthly installment for 36 months it would be a good credit record for a loan approval, so why not?
We also viewed this purchase as a venue for investment, too. Instead of just putting our savings in the bank. We felt a SMDC condo unit would appreciate through the years and their pre-sale offer was an investment opportunity.
I never felt we would have any problem getting a housing loan as all our post-dated checks issued were cleared. February 2013 we received a call from a BDO housing loan personnel. My husband and I were interviewed in separate occasions for the housing loan. Our 36 months installment period would be finished by September 2013. A few weeks after our interviews, I received an email from BDO informing us that our auto loan was approved for P3.8M which is the balance due for our condo and parking lot. I eagerly called our SMDC agent and told him of our BDO housing loan approval. He came to my office in Isuzu Commonwealth where we gave him our housing loan requirements as stipulated in the email I received from BDO.
After a few days, our SMDC agent calls and informs us that our BDO Housing Loan approval has been recalled for whatever reason, they have not informed us until now.
Since, the condo unit was not yet ready for moving in, I requested to continue payment of the downpayment so as to increase our capital and decrease the amount to be financed. This was approved and we issued another 6 months post-dated checks. Meantime, our SMDC agent was tasked to get us another housing loan approval.
After months of waiting, we finally received a housing loan approval from BPI-Family Savings Bank. Unfortunately, the loan amount approved was less than P3.8M. SMDC asked us to settle the loan difference within 3 months before our home loan approval expires. Confronted with this dilemma, my husband and I weighed our options, as we felt that we will not be able to raise the P600,000 in three months.
What happened to our “well-planned” dream?
1) According to our SMDC agent, under the Maceda Law, only 50% of the amount we paid for will be refunded to us. (Can our senators review the Maceda Law and make it more friendly to the buyers?) It is unfair for real estate developers to entice us to their pre-selling plans and dumped us when we cannot get a housing loan approval.
2) Appeal our case with SMDC and request for the extension of the payment of the loan difference
3) Request that they accept the loan proceeds of our auto loan with BPI Family before in expires.
If SMDC approves our request, we will need to do the following to pay the loan difference:
1) Sell our family car and pay at least P300,000 and issue 6 post-dated checks
2) Tighten our budget for the next six months
If SMDC disapproves our request, we have no other choice but accept the 50% refund.
Our present situation really sucks (pardon me). We just found out that the situation we got into was not a win-win situation because either way, we are at the mercy and disposition of the big time real estate developer. It was wrong for us to presume that after our Downpayment it would be easy to get a housing loan approval because of our good payment record.
I narrate our story so that those who read this will exercise prudence in financial decisions. What happened to my husband and I is a lesson learned.
Ironically, the bank that approved us was from the competitor’s property developer. Aanyway, "Alls well that ends well".
Today is January 08, 2022 - my husband and I have been living in the condo for seven years now. I am very happy with this outcome.
We managed to buy another car later on. Fortunately, our car loan was fully paid last February 2020 just before the first Enhanced Community Quarantine (ECQ). We've been having several stages of ECQ and lockdowns due to the Covid19 pandemic. Likewise, I decided to retire from Isuzu Commonwealth when I turned 60 years old last October 25, 2020 to stay safe.
My husband and I are fully vaccinated - 2 doses and 1 booster shot. The world and the Philippines is dealing with a new Covid19 variant - The Omicron.
Today I start concentrating on my Auto Search Philippines group and look forward to marketing them.
UPDATE: Retired in 2020 but finally
paid off our Condo loan and Carpark Loan. We have now established our Vacation Home Rental - Elevesuites Homestay using our loved, well-maintained, and renovated 2Br End-unit Condo Balcony at the Grass Residences Tower 2
Elevesuites Homestay
Welcome to EleveSuites Homestay — Your Cozy Home in the Sky ☁️
Where sunrise views and family comfort meet.
Ideal For
👨👩👧 Families of up to 5 guests
We still have our grandchild's baby bath (free just request ahead) and a Kikka Boo baby/kid stroller(load capacity birth up to 22 kilos), stroller rental Php100/day
👔 Business travelers needing fast internet and peaceful workspace
🌇 Staycationers who love great city views
🌿 Anyone seeking a cozy, convenient, and relaxing space in the heart of the city.
Relax, unwind, and feel at home.
Whether you’re sipping coffee at sunrise, catching up on work with fast Wi-Fi, or taking a dip in the pools Elevesuites Homestay offers a perfect balance of comfort and convenience.
Whole Unit Rental
Grass Residences Amenities are available to staycationers for a minimal fee of Php150/adult/day and Php120/child above 2 yrs old. However, short-term guests (28 nights minimum with Lease Contract) get to use them for free.
- pools
- fitness gyms
- badminton court
- basketball court
- children's playgrounds are open to all guests
There are events venue available. Advance arrangements need to be made. Separate fees for this.
How to Avoid Being Scammed
Sharing this from a Facebook acquaintance and reposted at Your QC Staycation Home
1. **Text Message Scams:** People receive text messages claiming they've won a prize, a contest, or a lottery, asking them to send money to claim their winnings.
2. **Online Shopping Scams:** Fake online shops or sellers offer products at attractive prices, but after payment, the products are never delivered.
3. **Investment Scams:** Fraudulent investment opportunities promise high returns with little risk, enticing individuals to invest money, only for the scammer to disappear with the funds.
4. **Romance Scams:** Scammers build online romantic relationships and then ask for money due to fabricated emergencies or financial difficulties.
5. **Kidnapping Scams:** Scammers claim to have a family member or loved one held captive and demand money for their release, even though the person is safe.
6. **Job Scams:** Fake job offers require upfront fees for processing applications or promise high-paying jobs that turn out to be non-existent.
7. **Email and Phishing Scams:** Emails or messages impersonating legitimate institutions ask for personal information or direct recipients to fake websites to steal their data.
8. **Lottery or Sweepstakes Scams:** Individuals receive notifications that they've won a lottery or sweepstakes, but to claim the prize, they need to send money for fees or taxes.
9. **Rental Scams:** Fraudulent landlords ask for advance payments or deposits for rental properties that don't actually exist.
10. **Tech Support Scams:** Scammers impersonate tech support agents and claim that the victim's computer has issues, asking for remote access or payment for services.
11. **ATM Skimming:** Criminals install devices on ATMs to capture card information and PINs, enabling them to steal money from victims' accounts.
12. **Travel Scams:** Fake travel agencies offer discounted packages that turn out to be non-existent, leaving victims without their money or a vacation.
13. **Charity Scams:** Fraudulent charities ask for donations, but the money is not used for charitable purposes.
14. **Impersonation Scams:** Scammers impersonate government officials, police officers, or bank employees to gain victims' trust and extract money.
15. **Pyramiding/Networking Scams:** Scammers promise quick profits by recruiting others into a scheme, where individuals invest money to join and then earn by recruiting more members.
16. **Salisi Gang:** Thieves distract victims, often in crowded areas, while an accomplice steals their belongings, such as bags, wallets, or gadgets.
17. **Budol-Budol Scam:** Scammers build rapport with victims, usually the elderly, and convince them to hand over money, valuables, or personal information under various false pretenses.
18. **Akyat-Bahay Gang:** Criminals break into homes or establishments, often at night, to steal valuables and cash while the occupants are sleeping or away.
19. **Fly Now, Pay Later Scam:** Fake travel agencies offer travel packages with deferred payment, only for victims to discover that there was no actual booking made and they're left with debt.
20. **Medical or Health Scams:** Fraudulent individuals or organizations offer fake medical treatments, health products, or insurance plans to exploit people's health concerns.
21. **Ghost Employee Scam:** Dishonest employees or payroll staff add fake employees to company payroll and pocket the salaries meant for these non-existent employees.
22. **Ponzi Schemes:** Similar to pyramid schemes, these involve using funds from newer investors to pay returns to earlier investors, creating the illusion of profits until the scheme collapses.
23. **Fake Prize Promotions:** Individuals receive messages or calls saying they've won a prize, but they need to pay taxes or fees upfront to claim it.
24. **Credit Card Fraud:** Criminals steal credit card information and make unauthorized transactions, often online or over the phone.
25. **Debt Collection Scams:** Fraudsters pretend to be debt collectors and harass individuals into paying fake debts or debts that don't belong to them.
26. **Online Job Scams:** Fake job offers require job seekers to pay for training, materials, or background checks, and the promised job never materializes.
27. **Public Utility Scams:** Scammers impersonate utility companies and threaten disconnection unless immediate payment is made.
28. **Impersonation of Relatives:** Scammers impersonate family members in distress, claiming they've been in an accident or trouble and urgently need money.
29. **Online Rental Scams:** Fraudulent listings for rental properties demand upfront payments or deposits, and victims later find out the property isn't available.
30. **Gift Card Scams:** Victims receive messages or calls asking them to purchase gift cards and share the codes as a form of payment for various reasons.
Staying informed, skeptical, and cautious is essential to avoid falling victim to these scams. Always verify information, conduct research, and trust your instincts when something seems too good to be true.
As compiled by Milo Pernia Almirol
Subscribe to:
Posts (Atom)
