2 Sterling Bank foreclosed properties for sale this September 2011

After featuring their repossessed cars, here’s the list of repossessed real estate, more commonly known as foreclosed properties, of Sterling Bank of Asia. Yes, their list for September 2011 only includes two foreclosed properties. One is from BF Homes Paranaque, and the other is from St. Francis Homes I, Biñan, Laguna. The last day of submission of bids will be on Thursday, September 15, 2011, 3:00 p.m.

Check them out below.

REPOSSESSED REAL ESTATE PROPERTIES

INVITATION TO BID

as of September 1, 2011

Sterling Bank of Asia is inviting everyone to submit sealed bids for the following foreclosed real estate properties:

BIDDING RULES AND GUIDELINES:

1. This invitation is open to the public.
2. The real estate properties are offered on an “as is, where is” basis, thus, prospective buyers are advised to personally visit, inspect and verify them and their pertaining document/s of ownership to ascertain their actual condition and status. Pictures and vicinity maps of the properties for bidding can be viewed at the Bank’s website, www.sterlingbankasia.com.
3. The Bank is presently consolidating the properties’ documents of ownership to their name.
4. Visits to the property and photocopies of the ownership documents can be coordinated with the personnel of Acquired Assets, specifically Resnel (0917-534–2697) or Junie (0917-878-6540) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-217-6780).  They may also be reached through [email protected].
5. The indicated floor prices are the minimum bid prices, thus, any bid below the floor price would automatically be disqualified.
6. All interested parties may submit their bids in sealed envelopes to the Office of the Audit Group Head, 2^nd Flr. Sterling Bank of Asia Corporate Center, Ortigas Ave., Greenhills, San Juan.
7. All bids must be submitted in the prescribed bid form and must be accompanied by a deposit in the form of a check payable to Sterling Bank of Asia amounting to PhP 50,000 or 10% of the bid price, whichever is lower.  It would form part of the purchase price in case the bidder wins.  In the case of a losing bid, it would be returned to the bidder.
8. The last day of submission of bids shall be on Thursday, September 15, 2011, 3:00 p.m.
9. The indicated floor prices are only valid until Thursday, September 15, 2011, 3:00 p.m.
10. The bids would be opened and evaluated by the Office of the Internal Audit Head together with a representative from acquired assets on the next banking day following the last day of submission. The properties shall be awarded to the highest bidder.  In the event of a tie, the same shall be settled by the drawing of lots.
11. Sterling Bank reserves the right to reject any or all bids, to waive any formality therein and to accept the bid most advantageous to the Bank.  The decision of Sterling Bank would also be final and binding.
12. Winning bidders would be notified by Acquired Assets after the results of the bidding are approved by the Bank’s management.  Notified winners would have ten (10) working days from receipt of notice to complete the purchase price either in cash or through an approval for a real estate loan facility from Sterling Bank.  Failure to fully settle the bid price within the prescribed 10 working day period shall revoke the winning bidder’s right to purchase the subject property and forfeit his/her bid deposit in favor of the Bank.
13. Losing bidding participants would also be notified of the results the following day after the Bank’s approval of the bidding results.  Bid deposit checks of the losing bidders can be claimed upon receipt of notice at Acquired Assets Department 26^th floor Wynsum Corporate Plaza, F. Ortigas Jr. Ave. (formerly Emerald Ave.), Ortigas Center, Pasig City.
14. Upon full settlement of the winning bid price or purchase price, the Bank would execute a Deed of Sale in favor of the winning bidder and release all pertinent documents of the property within five (5) working days subject to the documentary requirements of the Bank.
15. The capital gains tax on the sale shall be shouldered by the Bank while the other taxes, fees and expenses necessary for the transfer of ownership to the winning bidder or buyer shall be for the account of the buyer.
16. The subject property would be turned over to the winning bidder or buyer upon full payment of the winning bid and completion of the Bank’s documentary requirements on the sale.
17. For further inquiries, you may call specifically Resnel (0917-534–2697) or Junie (0917-878-6540) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-217-6780).  They may also be reached through [email protected].

Prescribed bid form

• Sterling Bank Bid Form for Real Estate Properties with broker’s name (click to download)

Happy hunting!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: https://www.foreclosurephilippines.com
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Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose as of now, I have just submitted requirements for my application for accreditation as a licensed real estate broker. I hope it gets approved soon.