A public auction of Pag-IBIG foreclosed house and lots shall take place on May 13, 2015, at the 4th Floor, Conference Room, Pag-IBIG FUND Cagayan De Oro Branch, J. R. Borja Street, Cagayan De Oro City. Submission of bids shall be from 8:00AM to 12 PM only. Please refer to the complete list of properties, and general guidelines below.
This public auction includes properties that are mostly from Cagayan De Oro City and Opol. It also has one property each from Medina and Jasaan. All of these are within the province of Misamis Oriental.
The auction also includes a couple of properties from the province of Bukidnon, with one each from Quezon and Valencia. Please refer to the complete list below.
Foreclosed properties for public auction on May 13, 2015
You may refer to the table below which lists all of the foreclosed properties from Pag-IBIG that are included in the public auction on May 13, 2015. A downloadable version is also available below, right after the General Guidelines.
General Guidelines
I have included a copy of the general guidelines below in verbatim for quick and easy reference.
1. Interested parties are required to secure copies of: (a) INSTRUCTION TO BIDDERS(HQP-AAF-104) and (b) OFFER TO BID (HQP-AAF-103) from the office of the Acquired Assets Unit at 2nd flr, Pag-IBIG Fund, Cagayan de Oro Branch, J.R. Borja st., Cagayan de Oro City.
2.The Invitation to Bid shall be published or advertised for not less than three(3) consecutive days in newspapers of general circulation, and posted on the 2nd flr Pag-IBIG Fund, Cagayan de Oro Branch, J.R. Borja st., Cagayan de Oro City.
3. Sealed proposal shall be submitted to Acquired Assets Section, Pag-IBIG Fund, Cagayan de Oro Branch starting at 8:00 AM but not later than 12:00 NN. No proposal shall be accepted by the the committee earlier or later than the scheduled date.
4. The Opening of Bids shall commence from 1:00PM to 5:00PM on May 13, 2015.
5. Purchase of the said property may be either on the following modes of payment:
a. Cash – on which the approved purchase price shall be paid not later than thirty (30) calendar days from date of receipt of Notive of Award(NOA)
b. Installment basis – on which payment shall be in equal monthly installment inclusive of interest and provided the chosen payment term, shall not exceed twelve (12) months.
c. Pag-IBIG Housing Loan -on which the buyer shall be required to file his Pag-IBIG housing loan application and pay incidental expenses within thirty(30) calendar days from receipt of the Notice of Approval of Sale.
6. The Minimum Bid shall be based on the appraisal value. The occupancy status on the ‘REMARKS’ portion is based on the condition of the property upon appraisal.
7. The Bidders shall be present at the opening of bids. Bidders may delegate their Authorized Representative. Provided they shall issue the following documents:
a. Special Power of Attorney for individual-bidder
b. Secretary’s Certificate for company-bidder
8. Each bid proposal shall be accompanied by a BIDDER’S BOND in CASH or MANAGER’S CHECK issued by any commercial bank, payable to Pag-IBIG FUND for an amount equivalent to 10% of the BID PRICE.
9. Properties shall be sold on an “AS IS, WHERE IS” basis.
10. If the winning bidder fails or refuses to push through with the purchase of the property, or fails to pay in full the remaining balance within 30 calendar days from receipt of the Notive of Award(NOA), he shall lose his right as winning bidder and the 10% bidder’s bond shall be forfeited in favor of the Fund.
11. All interested buyers are encouraged to inspect the said property before tendering their offers.
Pag-IBIG FUND RESERVES THE RIGHT TO REJECT ANY OR ALL BIDS. TO WAIVE ANY FORMALITY THEREIN OR ACCEPT SUCH BIDS AS MAY BE CONSIDERED MOST ADVANTAGEOUS TO THE FUND. THE DECISION OF THE FUND IS FINAL AND BINDING.
REYNALDO P. CUE
HEAD, HBC
Co-Chairman
Alternately, you may also download the invitation to bid which also includes the complete list and guidelines below:
Source: http://www.pagibigfund.gov.ph
Full disclosure: Nothing to disclose. We are not accredited real estate brokers of Pag-IBIG. We are posting this as a form of public service because a lot of you out there have been asking for these listings. If you have any questions/inquiries, please contact Pag-IBIG DIRECTLY by visiting their office at the Acquired Assets Unit, 2nd flr, Pag-IBIG Fund, Cagayan de Oro Branch, J.R. Borja st., Cagayan de Oro City (Sorry, I could not find a phone number on the list). Thank you for understanding.
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Hi Jay,
Sorry if this is not related to this article.just a quick one: is indicative price still subject to negotiation? And at the moment, what is the ongoing interest rate on mortgage in Philippine banks? Thank you so much! Godbless!