Public Auction of Pag-IBIG Foreclosed Properties in Cebu Slated on June 19, 2015

GENERAL GUIDELINES

1. The properties are sold on an “AS IS, WHERE IS” basis, and the winning bidder shall take possession of the property without seeking assistance from Pag-IBIG FUND;
2. Interested bidders are required to secure copies of the INSTRUCTION TO BIDDERS and OFFER TO BID FORMS from the Acquired Assets Section of the Loans Remediation and Recovery Division, Cebu Housing Hub, located at the 3rd Floor, Pag-IBIG FUND / WT Corporate Tower, Mindanao Avenue., Cebu Business Park, Cebu City;
3. Each bid shall be submitted in triplicate (3) copies placed in a properly sealed envelope and addressed to:

THE COMMITTEE OF DISPOSITION OF ACQUIRED ASSETS
PAG-IBIG FUND
CEBU HOUSING HUB
PROPOSAL FOR THE PURCHASE OF ACQUIRED PROPERTY
PROPERTY NO. ____________________ .

4.  Sealed bid proposal shall be received at the aforesaid address starting 09:00 A.M. but not later than 01:00 P.M. on June 19 , 2015, After which, the proposal shall immediately be opened in the presence of attending bidders;
5. Each bid proposal shall be accompanied by Cash or Manager’s Check issued by local banks in the amount equivalent to Ten Percent(10%) of the total bid price payable to Pag-IBIG FUND;
6. All occupants of the foregoing acquired residential properties shall be given until June 05, 2015 to formalize their offer. Otherwise, the property they are occupying will be included in the bidding. Former owners/original borrowers may repurchase the unit through CASH or Installment for a maximum of twelve (12) months, or through housing loan provided, that back rentals have been settled, and the eligibility requirements under the existing housing loan guidelines are met as supported by the Membership Status Verification Slip (MSVS); (NOTE: Under housing guidelines those whose properties had been foreclosed/cancelled/dacion may only avail of the housing loan facility on meritorious grounds)
7. If the bidder who submitted the best offer refuses to push through with the purchase of the property for which he or she bids, during and after the bidding, his or her bond shall be forfeited in favor of the Pag-IBIG FUND.
8. Prospective bidders are hereby enjoined to inspect for themselves the site, title and encumbrances, if any, to the real properties described above. Consequently, all bids shall be submitted under the condition that HDMF shall in no case be liable for breach of any or all legal or contractual warranties including among others, warranties against hidden defects and/or against eviction.
9. All expenses (government taxes and fees) incidental to the sale and transfer of ownership shall be for the account of the winning bidder, including the eviction of illegal occupants, if any, from the property subject OF the bid;
10. No addition to or deletion of the conditions stipulated herein shall be made by the bidder. Pag-IBIG FUND reserves the right to reject any and all bids for non-adherence to bidding rules; and

HDMF (Pag-IBIG FUND) RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS, TO WAIVE ANY FORMALITY THEREIN, TO ACCEPT SUCH BIDS AS MAYBE CONSIDERED MOST ADVANTAGEOUS TO THE FUND, OR TO CALL OFF A BIDDING PRIOR TO ACCEPTANCE, AND CALL FOR A NEW BID UNDER AMENDED RULES. THE DECISION ON THE BID IS FINAL AND BINDING.

(signed) FERMIN A. STA. TERESA, JR.

Vice President

OVP – Home Lending Operations
Visayas / Mindanao Group

Chairman
Committee on Disposition of Acquired Assets