Guide on Pag-IBIG Foreclosed Properties Purchase Process
PAG-IBIG FORECLOSED PROPERTIES – Here are the steps in buying a foreclosed property of the Pag-IBIG Fund under the individual sale.
When it comes to residential property matters, one of the most popular is the Pag-IBIG Fund. This government agency has gained nationwide popularity for its Housing Loan offer that has helped countless Filipino families get a house of their own.
The Pag-IBIG Housing Loan covers a lot of purposes for application including the financing of a residential property purchase, house construction, home renovation, and existing home loan take-out. Actually, it is not the only offer of the Fund with regards to residential properties.
The government agency also sells its acquired assets or the foreclosed properties in affordable ways. It even sets promos so that the buyers can save some money in their purchase.
The Pag-IBIG Fund has divided the foreclosed properties among the Individual Sale, Group Sale, and the sale via a Memorandum of Agreement (MOA) with a project proponent.
Here are the steps on how to buy Pag-IBIG foreclosed properties under the individual sale:
Step 1 – Check the list of the Pag-IBIG Acquired Assets on the official website of the Fund or go to a branch of the government agency nearest to you.
Step 2 – Go to the location of your target property and inspection the place and the property.
Step 3 – Register and accomplish the Offer to Purchase/Offer to Bid and submit it to the Drop Box along with the following:
- NEGOTIATED SALE :
- PUBLIC AUCTION:
- copy of the valid ID of the offeror/bidder and the authorized representative
- proof of income if the chosen mode of payment is Long Term Installment (LTI)
In case the offeror/bidder cannot come on the day of submitting the Offer to Purchase/Offer to Bid, it can be submitted by an authorized representative provided that there is an authorization letter for the Negotiated Sale and Special Power of Attorney (SPA).
Step 4 – For public auction, the winning bidder must pay the Bid Bond which is equivalent to 5% of the Bid Offer within three (3) days since the Notice of Award was received. It is non-refundable and non-transferrable.
For negotiated sale, the winning offeror must pay P1,000 reservation fee and the downpayment within five (5) days since the Notice of Award was received. The downpayment is equivalent to 5% of the purchase offer if the mode of payment is Short Term Installment. Both are non-transferrable and non-refundable.
Step 5 – Wait for the Notice of Approval of Sale.
Step 6 – Sign the Deed of Conditional Sale, have it notarized, and submit it to Pag-IBIG Fund along with the other documents.
Step 7 – After 30 days since the Deed of Conditional Sale was signed, start paying for the monthly amortization to Pag-IBIG Fund.
