Sterling Bank repossessed cars sealed bidding slated on October 20, 2011

Sterling Bank of Asia invites interested parties in the sealed bidding of their repossessed cars for sale for the month of October 2011. The complete listing of repossessed cars can be seen below. Last day for the submission of bids shall be on October 20, 2011, 3:00 pm. The prices quoted below shall be valid only up to the last day of the submission of bids.

I apologize for the delay in posting this, had a bout with flu since Monday afternoon. I’m just glad I am now well enough to post this.

Anyway, please refer to the bidding rules and guidelines after the list of repossessed cars for sale below.

INVITATION TO BID

“as is where is”

October 2011

Sterling Bank of Asia is inviting everyone to purchase the following repossessed vehicles:

INVITATION’S RULES AND GUIDELINES:

1. This invitation is open to the public.
2. THE INDICATED PRICES ARE ONLY VALID UNTIL OCTOBER 20, 2011.
3. The vehicles 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 status.  Pictures of the vehicles offered for sale can be requested from Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-217-6780) or Resnel (0917-878-6540 or 0917-534-2697 or 0922-851-8070).  They may also be reached through acquired.assets@sterlingbankasia.com.
4. Visits to the vehicles’ storage areas and photocopies of the ownership documents can be coordinated with the same personnel of Acquired Assets, mentioned in No. 2.
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, 2^nd Flr. 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 10% of the bid price.  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, October 20, 2011, 3:00 p.m.  The prices quoted above shall be valid only up to the last day of submission.
9. The bids would be opened and evaluated by the Office of the Internal Audit Head together with a representative from Acquired Assets 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 lots.
10. Sterling Bank reserves the right to reject any or all intentions, to waive any formality therein and to accept the offer 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 after the results of the bidding are approved by the Bank’s management.   Notified winners would have five (5) working days from receipt of notice to complete the purchase price either in cash or through an approval for an auto loan facility from Sterling Bank.  Failure to fully settle the bid price within the prescribed 5 working day period shall revoke the winning bidder’s right to purchase the subject vehicle 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 Department 26^th floorWynsumCorporatePlaza,F. Ortigas Jr. Ave. (formerlyEmerald Ave.),OrtigasCenter,PasigCity.
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.
14. The winning bidder must pull out the vehicle/s from the Bank’s premises within two (2) working days from date of full payment, otherwise, ONE THOUSAND PESOS (PhP 1,000.00) per day shall be charged as storage fee.
15. For further inquiries, you may call Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-217-6780) or Resnel (0917-878-6540 or 0917-534-2697 or 0922-851-8070).  They may also be reached through acquired.assets@sterlingbankasia.com.

The prescribed bid for can be downloaded here: Sterling Bank bid form for repossessed vehicles

Happy hunting!

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker License No. 3194
Blog: https://www.foreclosurephilippines.com
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Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.