Guide on Pag-IBIG Foreclosed Properties Purchase Process
PAG-IBIG FORECLOSED PROPERTIES – Here are the steps in buying a foreclosed properties of the Fund under the bulk or group sale.
Are you planning to get some residential properties soon? You might like to consider buying properties that can get you a lot of savings as they are sold under promos plus the options to pay for the properties in installment basis.
The Pag-IBIG Fund is one of the government agencies that you can turn to with regards to purchasing affordable residential properties under flexible payment modes. You may either apply for a Pag-IBIG Housing Loan or buy the properties on its list of acquired properties.
The Pag-IBIG Fund offers both individual and group sale but you have to go through the bidding first. Below, you can check the comprehensive guide on the process of purchasing the properties under bulk sale.
Here are the steps on how to buy Pag-IBIG foreclosed properties under the bulk or group sale:
Step 1 – Go to the Pag-IBIG Fund’s official website and check the list of the government agency’s acquired assets or visit a branch of the government agency nearest to you to inquire about the properties.
Step 2 – Go to the property of the target Pag-IBIG Fund foreclosed property for inspection.
Step 3 – Register and fill in the Offer to Purchase Form, submit it to the Dropbox along with the following documents:
- For Bulk Sale
- For Group Sale
- copy of the valid IDs of the offeror and the authorized representative
- proof of income if the mode of payment chosen is Long-Term Installment (LTI)
If the offeror/bidder is not available on the day of submission of the Offer to Purchase/Offer to Bid, an authorized representative may stand in behalf of him/her provided that there is an authorization letter for the Negotiated Sale and Special Power of Attorney (SPA).
Step 4 – For group sale, the winning offeror or buyer must pay P1,000 reservation fee within five (5) days since the Notice of Award was received. It is non-transferrable and non-refundable.
For bulk sale, the winning offeror or buyer must pay the following within five (5) days since the Notice of Award was received. The cash bond will be refunded after you have fully paid the purchase.
- Cash – 5% downpayment
- Short Term Installment – 5% downpayment and P5,000 cash bond per unit
Step 5 – Wait for the Notice of Approval of Sale.
Step 6 – Sign the Deed of Conditional Sale, have it notarized, and submit it along with the other documents to Pag-IBIG Fund.
Step 7 – After 30 days since the signing of the Deed of Conditional Sale, start paying for the monthly amortization.