I recently came across an invitation to bid from the Philippine Deposit Insurance Corporation (PDIC). This invitation to bid is quite interesting because the properties that are for sale through sealed bidding are actually the Real and Other Properties Acquired (ROPA) of closed banks. I guess this helps confirm my answer to a recent comment by Jun where he had a concern with regard to a property he got through a tax foreclosure auction whose title had an inscription of mortgage with a bank that was already closed. It appears that properties of closed banks really do end up with PDIC.
Up for sale through sealed bidding are properties from the Visayas and Metro Manila areas. Submission of sealed bids for Visayas properties will be on December 8, 2009, 10:00 am – 2:00 pm. For Metro Manila and other areas, the submission of sealed bids will be December 15, 2009, 10:00 am – 2:00 pm.
*Update – I forgot to mention that the list also contained a number of bank repossessed cars.
Please refer to the invitation to bid below for more details.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
PDIC Ayala Extension Office, R/L Administrative & Special Services Department
4th Floor, SSS Bldg., No. 6782 Ayala Ave. cor. Rufino St., Makati City 1226
eMail:cbropa@pdic.gov.ph
www.pdic.gov.ph
INVITATION TO BID
Sealed bids will be accepted by the Philippine Deposit Insurance Corporation (PDIC), the Liquidator, thru the Receivership and Liquidation (R/L) Real and Other Properties Acquired (ROPA) Disposal Committee (hereinafter referred to as the “Committee”) on the following dates and venues:
Area where the properties are located
Date/Time of Submission of Bids
Venue
Visayas December 8, 2009/10:00 am – 2:00 pm (PDIC Time/No Extension)
There is a registration process. In order to comply with the 2:00 pm deadline for the submission of bids, participating bidders are enjoined to come one (1) hour earlier to allow enough time for registration.
BSP Bacolod Branch Lacson cor. Luzuriaga St. Bacolod City Metro Manila and other areas December 15, 2009/10:00 am – 2:00 pm (PDIC Time/No Extension)
There is a registration process. In order to comply with the 2:00 pm deadline for the submission of bids, participating bidders are enjoined to come one (1) hour earlier to allow enough time for registration.
6F Resource Center Conference Room, PDIC Extension Office SSS Building, Ayala Avenue cor. Rufino St., Makati City for the sale of properties of closed banks subject to terms and conditions in the Conditions of Bid. Prospective buyers are enjoined to inspect the following listed properties before participating in the public bidding. Property descriptions below are based on available records of PDIC and the bidder must verify them against the property itself…
The fine print
…Pursuant to the Conditions of Bid, the sale shall be for CASH and on “AS-IS” basis. Each bid proposal shall be accompanied by a deposit equivalent to at least ten percent (10%) of the submitted bid in the form of Cash or Manager’s/Cashier’s Check payable to PDIC FAO (Bank Under Liquidation). The winning bidder shall pay the balance of the bid price not later than 15 and 22 December 2009 for the Visayas and Metro Manila biddings, respectively.
The bidder shall be responsible in determining the actual amount of unpaid taxes due on the properties and holds him/herself solely liable for the payment thereof. The winning bidder shall assume the payment of all taxes, fees and expenses such as but not limited to capital gains tax, creditable withholding tax, documentary stamp tax, notarial fee, registration expenses, transfer fees and all other fees incidental to the execution and registration of the Deed of Absolute Sale and the transfer of title. The winning bidder shall undertake the responsibility of acquiring and maintaining peaceful possession and enjoyment of the property without seeking the assistance of PDIC.
The Committee reserves the right to reject any or all bids; to accept the bid most advantageous to the bank and to withdraw any of the properties from the bidding at any time before 2:00 p.m. (PDIC time) on 8 and 15 December 2009 for the Visayas and Metro Manila biddings, respectively.
Bid forms, copies of the Conditions of Bid and standard format of the Special Power of Attorney and Secretary’s Certificate may be secured free of charge from the above cited PDIC address. Bid documents may also be downloaded from the PDIC website at www.pdic.gov.ph.
For further information, interested bidders may call telephone numbers 841-4000 local 4729, 30 or 31. In case of flood, storm or other natural calamities or if the published date is declared a non-working holiday that may result in the cancellation of holding the public bidding on the published date, such public bidding shall be held on the next working day at the same time and venue.
Bidders/observers are advised to bring proper identification (ID) which shall be required for entry to the bidding area. Bidders are also advised to come one (1) hour earlier than the 2:00 pm deadline to allow enough time for registration.
R/L ROPA DISPOSAL COMMITTEE
Source: http://www.pdic.gov.ph/index.php?asset=1
Don’t forget to checkout the bid documents from PDIC’s website:
Note: I am posting this as a service to readers and subscribers of Foreclosure Philippines. For further information and inquiries, including but not limited to specific questions about any of the properties on the list, please contact PDIC directly. Thank you.
Happy hunting!
—
My vision – financial freedom for all!
Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: http://www.foreclosurephilippines.com
Click here to contact me via E-mail
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Text by Jay Castillo. Copyright © 2009 All rights reserved.
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pls send me listing with price of your properties tnx.
Hi milanie, I already sent you an e-mail although the listings can also be downloaded here or here. By the way, these are from PDIC and I am neither connected nor accredited with them. I’m just posting them as a free service to readers and subscribers.
Can you help me find where this described property is booked as foreclosed property? This lot was previously mortgaged with Gen Santos City Rural Bank, Inc. in Gen. Santos City and was foreclosed on January 15, 1981. Said Rural Bank has closed and I have no idea where its assets and acquired properties are booked.
The subject property is described as followsL
Location: Gen Santos City
Title No: OCT-P-2366
Owner: Carmenia F. Mendoza
Area : 602 sq.m.
No improvements thereon.
It was not consolidated/transferred in the name of the rural bank. I tried PDIC and BSP but I can’t get results.
Hi Elizabeth, it is most probably with PDIC, you just need to confirm if that closed rural bank is already under the receivership of PDIC. If you can’t find it in their list of foreclosed properties for sale, it may simply mean they have not updated their website and the best way to check would be to call or visit them.
Hi Jay,
Tried to download the file from your link but the file had an error. I can access the list from the PDIC though.
Bummer, nothing in Marikina. There’s one property that I’m trying to track down that’s owned by a closed bank. Apparently, it’s not yet here.
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Hi Ronald, thanks for catching this. I was wondering why you had this problem because I can open it with no problem until I remembered I was using foxit PDF reader. I was able to simulate the problem you encountered with Adobe acrobat 7. Anyway, I replaced my archived copy on my server with a new copy and it can now be opened by Adobe acrobat. Please confirm if you can also open it. Thanks.
Hmmm, there is another listing from PDIC’s website that contains a lot of properties for negotiated sale. It might contain the property you are looking for or maybe its in one of their prior auctions/listings. It’s just too bad they don’t keep an archive of their previous listings on their site. At least now I can start archiving their listings here for easy reference for everyone.
Hi jay. let me share this experience with pdic regarding their properties for sale. last april 2009, pdic released thru their website foreclosed properties for negotiated sale. i came across a property in marikina. we checked it at pdic and supposedly the problem with the property is that that they have no possession, meaning the owner still leaves there. however, no case was filed either by the the previous owner or pdic. so, possession was the problem. pdic told us that if we want the property, we will pursue the possession case. my husband, being a lawyer and who happens to work for another bank thinks that although hindi madali, puede naman. so we decided to make an offer. primero, our offer was 25% less of the indicative price. Di sila pumayag. So we made an offer at their set price. Akalain niyo ba na pdic rejected it pa rin kesyo they have to re appraise the property! natural, a lot of things went to our mind na siguro, someone inside the bank wanted the property or they made arrangements with the owner or for whatever purpose it may serve them without intending to sell the property. ang lesson dito, mahirap kausap yang mga tao diyan sa pdic. mag po-post sila ng properties for sale, yun pala, ayaw naman pala nila ibenta! kaya, for those who wants to deal with pdic. ingat na lang kayo diyan!
Hi Tricia, thanks for sharing your experience. Did they at least say if there were any other bidders to justify their rejection of your offer? If not, I can’t blame you of the things that began to run around in your mind. By the way, I have another theory, they might be apprehensive that your husband is a lawyer. I’ve experienced this once and I’ve learned from my broker that some banks are really like that.
THANKS for this helpful information. It helps me alot in my research..
please send me a copy or listing and price of your lot or land foreclosed here at,Barangay Sta. Ana,Calatagan,Batangas
hi jay thanks for your wonderful effort were one of those who benifited from your wisdom. may i ask a question i won a bid at pdic. but taxes has taken me aback. the property came from a developer to peninsula bank then pdic. year is 1987. how do i compute for this taxes and what proper authorities should i refer. i won the bidding just this november and it is due for payment this coming january.
Hi Reygofish! You are most welcome and thank you also for dropping by. To get the computation for the arrears for real property taxes, just go to the office of the city treasurer/city assessor and ask for an updated statement of account. Goodluck and congratulations on your purchase!
hi jay may property ako nahirapan akong ibenta puede ko ba ito isanla benta sa bangko ano ang mangyayari sa akin hahabulin ba nila ibang property ko gaano ba katagal ang ganitong situation
Hi Atiguban, ang balak mo ba ay isasanla mo sa bank tapos parang hindi mo na babayaran? Parang indirectly binenta at sinurrender mo na lang sa bank sa presyo na katumbas ng loan mo kung sakali? Ang mangyayari niyan eh parang voluntary foreclosure at mahihirapan ka na mag loan ulit dahil blacklisted ka na sa mga banko. Tsaka pag nag loan ka, hindi naman 100% ng appraised value ang makukuha mo, usually pinakamalaki na ang 80% so parang nawalan ka pa ng 20%. Suggestion ko, ibenta mo na lang ng mas mura para mas mabilis siyang mabenta. Goodluck.
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