The City of Tagaytay shall be conducting a two (2) day public auction sale of delinquent real properties on November 25 and 26, 2010, at the Tagaytay International Convention Center (TICC), Tagaytay City, Philippines. This is pursuant to section 260 and 263 of RA 7160, otherwise known as the Local Government Code of 1991.
According to the notice, interested bidders must pre-register one (1) week before the date of auction sale and they will be assigned their permanent individual bidders’ numbers.
Duly registered bidders shall be given their updated copies of the lists of properties for auction, rules and regulations, and bidding form, upon payment of a non-refundable amount of Ten Thousand Pesos (Php10,000.00) to cover the costs of printing, miscellaneous, and other incidental expenses during the auction sale.
Personally, I find having a non-refundable amount of Php10,000 as very discouraging for would-be bidders. What if a bidder is not able to win in any of his bids? He ends up with a double whammy as he also loses his Php10,000.
So far this is the only tax foreclosure sale that I have known that has such a high non-refundable amount. Of course I understand that they need money to cover expenses for the costs of printing, and other incidental expenses during the auction, but charging each bidder Php10,000 is simply too much, don’t you think?!
Anyway, just see for yourself the details as printed on the notice of auction sale issued by the City of Tagaytay below.
Click on the following links to download the 2nd and final notice for the public auction sale of delinquent property issued by the City of Tagaytay in PDF format or just click on the images that follow to download copies in JPG format.
Tagaytay tax delinquent properties for sale – Part 1 (PDF)
Tagaytay tax delinquent properties for sale – Part 2 (PDF)
Source: Philippine Star, November 3, 2010 edition
Goodluck!
To our success and financial freedom!
Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: https://www.foreclosurephilippines.com
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Text by Jay Castillo and Cherry Castillo. Copyright © 2010 All rights reserved.
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Hi Jay,
We have a prospective buyer in Tagaytay but he’s a foreigner who has a Filipina gf. However, he doesn’t want to marry the Pinay. If he married the Pinay and later on they get separated/divorced, he will not get the property because it will not be titled on his name but on the Pinay’s. Is there any other way where he can buy a property here aside from incorporating a company? Please advise!!!
True, it is a deterrent for the not so serious bidders.
But this is also good news to the seasoned ones.
2 years ago, I think I paid only 1,000 or 2,000 to register.
And paid more to print details for each property I want to visit.
Do you know if they still use the sealed bidding process?
Yeah, I guess they want to filter attendees and this is an effective way to do so. Wow, I’m assuming you wanted to look at so many properties it cost that much to print the details! 🙂
I’m not really sure if they will still use the sealed bidding process, I have neither called nor visited them yet. I am sure however with regard to the Php10K being non-refundable. A friend already asked and verified this.
Goodluck Eden, I won’t be attending as my family and I are on vacation on the dates of the auction and will be back after.