This property is from the June 2022 list of DBP foreclosed properties and are for “Negotiated Sale”. See details below.
- Property Source: Development Bank of the Philippines or DBP
- Code: ILI-1514
- Description: Residential Lot (TCT No. T-57,843)
- Location: Purok 4, Cabili Avenue Extension, Saray, Iligan City
- Lot Size (sqm): 1180
- Selling Price (PHP): 6,171,400.00
Please contact DBP DIRECTLY through the designated Account officer that handles this property:
Account Officer: Abigail Delos Reyes
Email Address: email@example.com
Telephone No: (02) 8818-9511 Local 2967
Mobile No: 0917-848-4652
How to avail (Summary)
Please refer to guidelines on how buy via negotiated sale:
“NEGOTIATED SALE RULES AND PROCEDURES
DISPOSITION OF ASSETS ON A FIRST-COME, FIRST-SERVED BASIS
1. The acquired asset/s shall be sold on an “as is, where is” basis. The offeror acknowledges that he has been given every opportunity to investigate, inspect and verify the assets offered to ascertain the actual conditions thereof as well as the status of the titles/TDs. Offeror also accepts DBP’s disclaimer of any warranty, implied or otherwise, that the assets conform precisely to the description indicated in the Invitation on Negotiated Offers, subject to the Bank’s policies governing the disposition of assets on a First-Come, First-Served Basis.
2. Bids/offers submitted by officers and employees of DBP and their relatives within the 3rd degree of consanguinity and affinity shall be subject to the requirements/limitations provided under applicable policies of the Bank on sale of acquired assets to the DBP officers and employees.
3. If the property for sale is the subject of a pending court case/s, the Offeror should submit to DBP a notarized acknowledgment that he is fully aware of the pending court case/s and shall assume the risks/consequences attendant thereto.
4. Further, upon full payment of the offer price or execution of the Deed of Absolute Sale, the buyer shall execute, together with DBP, a Joint Motion for Substitution of DBP as party-defendant in the court case/s involving the acquired assets sold by the Bank.
5. Negotiated offers on acquired assets may be made in cash. It must be accompanied by a cash purchase deposit in the form of cash, cashier’s check or manager’s check equal to 10% of the offer upon receipt of the proposal and the balance of the sale consideration to be remitted within thirty (30) calendar days from date of the Bank’s Notice of Approval, and photocopy of offeror’s proof of identity, indicating full name, address, signature (i.e. valid driver’s license, SSS/GSIS ID, passport, etc.). The check must be made payable to the “Development Bank of the Philippines” and duly issued by a BSP authorized bank. DBP will not accept post-dated checks.
It is expressly understood, however, that the acceptance of the initial 10% deposit does not bind DBP to the offer until after receipt of the Bank’s Notice of Approval.
For term sale, the required down payment is 20% of the purchase price.
6. As a general rule, no offer below the floor price shall be entertained. For former owners, the offer shall either be the updated total claim or appraised value, whichever is higher.
7. Offeror shall accomplish the Letter-Offer Form in two (2) copies. The original of said form shall be submitted to DBP, while the original duplicate will be given to the offeror, properly stamped, acknowledging receipt of the offer.
8. If the offeror is a representative of an individual, unregistered partnership or entity, the representative must submit a written authority to represent said individual, unregistered partnership or entity, or a Secretary’s Certificate of the authorization for a registered partnership, association, corporation or entity.
9. The offer shall be evaluated by AAD, which shall make the necessary recommendation to the appropriate approving authority.
10. Withdrawal by the offeror of his offer for any cause shall mean forfeiture of his ten percent (10%) deposit in favor of the Bank as liquidated damages.
11. Transfer cost, registration fees, documentary stamp taxes and other expenses incidental to the sale and transfer of the assets shall be for the account of the buyer. Vendee shall reimburse DBP with the pro-rata amounts advanced by the Bank for realty taxes calculated and covering the period after closing date. Payment for Creditable Withholding Tax (CWT) equivalent to the selling price shall be shouldered by the Bank, any excess thereof shall be shouldered by the Vendee.
12. The buyer shall be responsible at his own expense for the ejectment of informal settlers and/or occupants, if any, on the property subject of sale.
13. Any and all claims, liens, assessments, liabilities and/or damages whatsoever arising from any suit or litigation involving the property shall solely be assumed and borne by the vendee to the total exclusion and benefit of the Bank, accruing from date of signing of the sale document.
14. For sale of chattels, the buyer shall at his own expense remove the assets from their present site within ten (10) calendar days from date of execution of sale document; otherwise, a storage fee of P200.00 per item per day shall be charged and DBP shall not be liable for its loss and damage.
15. No additions or deletions to the conditions stipulated herein shall be made by the buyer; otherwise, DBP reserves the right to reject the offer for non-adherence to its rules on negotiated offers.
16. All documents submitted, or to be submitted by the offeror are presumed to be legally in order, that the person signing and executing said documents is authorized to do so and that the signatures appearing thereon are authentic and not forged. Any material defect or misrepresentation on the documents which will invalidate or render unenforceable the bids submitted shall cause the rejection of the offer and the forfeiture of any amount tendered to the Bank.
Per Board Resolution No. ____ dated, the company/parent company, major stockholders/controlling stockholders, principals, subsidiaries, guarantors, joint and several signatories also waive its right/s (I also waive my rights – for individual) to the confidentiality of information and authorizes DBP to:
a. Obtain credit information regarding myself/the company’s credit dealings from:
1) credit bureaus/reporting agencies such as, but not limited to, the Credit Information Corporation, BAP Credit Bureau, Inc., and Credit Management Association of the Philippines;
2) banks and/or financing companies/institutions; and
3) other creditors/lenders, its parent company and other related parties mentioned earlier as a reciprocal service;
b. Regularly submit and disclose credit information pertaining to my/the company’s credit dealings with DBP to the CIC as well as any updates or corrections thereof; and
c. Share credit information pertaining to all of my/the company’s credit dealings with DBP with other creditors/lenders and credit bureaus/credit reporting agencies.
17. Sale shall be subject to approval by the authorized approving authorities of the Bank.”
View complete list of DBP foreclosed properties included in this update
To view/download a complete list of foreclosed properties included in this update, you may visit the following page:
Reminders from DBP
The indicated price is the minimum selling price of the Bank. PRICES ARE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE. Prices are not applicable to buyback transactions with former owners. Please call for the buyback prices. Misprints and other errors are unintended and do not constitute acts of misrepresentation, intentional non-disclosure, fraud or withholding of accurate property details and pricing. ALL OFFERS ARE SUBJECT TO MANAGEMENT’S APPROVAL.
Sale of property is on “as-is-where-is” basis to refer not only to the property’s physical condition, its contents/inclusions at time of offer to sell, but also the condition of the pertinent title/tax declaration, the extent and state of whatever rights, interest, and participation over the property DBP may have at time of offer to sell. In addition, “as-is-where-is” shall mean the buyer’s assumption of any and all claims, liens, assessments, liabilities and/or damages arising from any suit/litigation involving the property, accruing from the signing date of the Deed of Absolute Sale, to the total exclusion of DBP. All offers will be entertained on a First-Come, First-Served basis at Acquired Assets Department, 9th Floor, DBP Head Office, Sen.Gil Puyat Ave. cor. Makati Ave., Makati City.
1. For agricultural lands acquired by DBP, the following conditions/requirements shall apply, among others:
a. Department of Agrarian Reform (DAR) can exercise its authority of compulsory acquisition any time.
b. The vendee must submit a sworn statement attesting that his/her total landholding and the property to be acquired does not exceed 5 hectares.
d. The vendee shall be solely responsible in securing all certifications/clearances and other requirements to facilitate and effect the registration of the property under his/her name.
2. For Unconsolidated titles, buyer should submit to DBP a letter of intent/undertaking that the buyer is wiling to shoulder all consolidation related
3. Buyers are encouraged to inspect the properties and determine the actual condition of titles/TDs covering the properties. Buyers shall also be the ejectment of illegal occupant/s, if any.
4. If the property is subject of a pending court case, the buyer should submit to DBP a notarized acknowledgment that he is aware of the pending court shall assume the risks attendant thereto.
6. The sale shall be subject to the terms and conditions imposed by the Bank.
- All foreclosed properties are for sale on an “AS IS, WHERE IS” basis. Interested parties are reminded to conduct proper due diligence prior to the purchase of any foreclosed property.
- Availability, prices, and property status are subject to change without prior notice.
- Misprints should not be construed as misrepresentation of the property.
Last updated on: 2022-July-22 with file: dbp-foreclosed-properties-for-sale-as-of-june-2022-1_compressed.pdf
Source: DBP official website
Full Disclosure: Nothing to disclose, this listing is being shared as a public service announcement for the benefit of the general public who are looking for foreclosed properties for sale.