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 via Memorandum of Agreement (MOA) with project proponent.
The Pag-IBIG Fund is one of the most popular entities in the Philippines when it comes to transactions about residential properties. It is a government agency and it has millions of Filipino members across the nation and abroad.
The state entity rose to popularity with the Pag-IBIG Housing Loan which is, undeniably, still its most popular offer. A member may apply for a loan for the purpose of financing a residential property purchase, home renovation, house construction, or home loan take-out.
Meanwhile, what a lot of Pag-IBIG members are not aware of is that there is another residential property-related offer — the selling of the acquired or foreclosed assets by the government agency. You may apply or bid for a property and save a lot from your purchase when you win the bidding.
The Pag-IBIG Fund has set property sales under Individual Sale, Group Sale, and sale via a Memorandum of Agreement (MOA) with project proponent. Here are the steps on how to buy Pag-IBIG foreclosed properties via MOA with a project proponent:
Step 1 – Explore the Pag-IBIG Fund’s list of Acquired Assets or visit the nearest branch of the government agency for inquiry.
Step 2 – Go to your target property so can you can really check the place and the property.
Step 3 – The interested project proponents like developers, contractors, employers, local government units, and individual persons may download a copy of the Checklist of Requirements.
Step 4 – Prepare the documentary requirements including the financial and technical proposals within 30 days since the submission of the Invitation to Submit Project Proposals. Submit the requirements along with the Letter of Intent in a branch covered by the issued Invitation.
Step 5 – Wait for the text/email about the result of the proposal submitted. The results are also posted in the official website of the Pag-IBIG Fund.
Step 6 – The winning project proponents will sign the Memorandum of Agreement which contains the guidelines and conditions about the rehabilitation, renovation, and selling of the acquired assets.
Step 7 – Start the rehabilitation or renovation of the acquired assets and its selling based on the agreed delivery schedule.
