Sterling Bank foreclosed properties for sealed bidding on February 9, 2017

1. This invitation is open to the
2. THE INDICATED PRICES ARE ONLY VALID UNTIL February 9,
3. The assets are offered on an “as is, where is” basis, thus, prospective buyers are advised to personally visit, inspect and verify them and their pertaining document/s of ownership to ascertain their actual condition and
4. Visits to the property, photocopies of the ownership documents, pictures and vicinity maps can be coordinated with the personnel of Acquired Assets Management Department, specifically Adrian (361-7771 or 0917-8786540) and Joey (361- 7766 or 0917- 3058373) They may also be reached through assets@sterlingbankasia.com.
5. The indicated floor prices are the minimum bid prices, thus, any bid below the floor price would automatically be disqualified.

6. All interested parties may submit their bids in sealed envelopes to the Office of the Audit Group Head, 2nd Sterling Bank of Asia Corporate Center, Ortigas Ave., Greenhills, San Juan.
7. All bids must be submitted in the prescribed bid form and must be accompanied by a deposit in the form of a check payable to Sterling Bank of Asia amounting to PhP 50,000 or 10% of the bid price, whichever is lower. It would form part of the purchase price in case the bidder wins. In the case of a losing bid, it would be returned to the bidder.
8. The last day of submission of bids shall be on Thursday, February 9, 2017, 3:00 p.m. The prices quoted above shall be valid only up to the last day of
9. The bids would be opened and evaluated by the Office of the Internal Audit Head together with a representative from acquired assets mgt. dept. on the next banking day following the last day of submission. The properties shall be awarded to the highest bidder. In the event of a tie, the same shall be settled by the drawing of
10. Sterling Bank reserves the right to reject any or all bids, to waive any formality therein and to accept the bid most advantageous to the Bank.  The decision of Sterling Bank would also be final and binding.

11. Winning bidders would be notified by Acquired Assets Mgt. Dept. after the results of the bidding are approved by the Bank’s Notified winners would have ten (10) working days from receipt of notice to complete the purchase price either in cash or through an approval for a real estate loan facility from Sterling Bank. Failure to fully settle the bid price within the prescribed 10 working day period shall revoke the winning bidder’s right to purchase the subject property and forfeit his/her bid deposit in favor of the Bank.
12. Losing bidding participants would also be notified of the results the following day after the Bank’s approval of the bidding results. Bid deposit checks of the losing bidders can be claimed upon receipt of notice at Acquired Assets Management Department, Between 7th and 8th Rizal Ave. Gracepark Caloocan.
13. Upon full settlement of the winning bid price or purchase price, the Bank would execute a Deed of Sale in favor of the winning bidder and release all pertinent documents of the property within five (5) working days subject to the documentary requirements of the Bank. The creditable withholding tax on the sale shall be shouldered by the Bank while the other taxes, fees and expenses necessary for the transfer of ownership to the winning bidder or buyer shall be for the account of the
14. The subject property would be turned over to the winning bidder or buyer upon full payment of the winning bid and completion of the Bank’s documentary requirements on the

For further inquiries, you may call Adrian (361-7771 or 0917-8786540) and Joey (361-7766 or 0917-3058373). They may also be reached through acquired.assets@sterlingbankasia.com.