Most properties in the Philippines  after being foreclosed by the bank are left to rott. Foreclosed properties are not sold the following day that it is foreclosed. The owners are asked to vacate it and given one year to pay for the balance. Sometimes, many property owners appeal to banks to pay for interest charges during the one year period so as not to put the property in the market. If the property requires maintenance, such as patch a leaking roof, repair a broken pipe or rewire faulty wiring both the bank and the property owner do not repair them – the owner would rather try to pay the interest if he could or leave it to rott to punish the bank – the bank on the other hand, would not repair or maintain a property that is not yet legally in their full possession which could take years to settle if the borrowers appeal to the courts. Some properties take too long to settle a foreclosure and by the time it falls on the hands of the bank, it is either in terrible shape or squatted upon by homeless people. Property owners, rarely surrender their hard earned properties in usable condition – some owners have even tried to set them on fire before giving them up as a sign of protest. Banks also try to re-sell these properties at prevailing market values regardless of its deteriorating conditions.  It may cost more to rehabilitate a foreclosed property than to buy a property being legitimately re-sold. Not all foreclosed properties are terrible though – there are diamonds in the rough. These foreclosed jewels could be challenging to find but very rewarding to buy. However, by the time you find one, other good deals may have passed you by.