This foreclosed property from Philippine Guarantee Corporation or PHILGUARANTEE (formerly Home Guaranty Corporation or HGC) is for sale via Sealed Bidding. The deadline for submission of bids is on August 9, 2022 (Tuesday), 2:00 pm. More details below.
- Source: Philguarantee (formerly HGC)
- City/Municipality: Magalang, Pampanga
- Location (Address): Block 5 Lot 4 Sta. Cruz Subdivision (Guanzon Subd.) Barangay Sta. Cruz, Magalang, Pampanga
- Type: Lot only
- Lot Area (sqm): 150.0000
- Floor Area (sqm):
- TCT/CCT No.: 506253-R
- Selling Price (PHP): 412,500.00
- Remarks: Vacant; Title in the name of HIGC-AKPF
- This property is under CATEGORY B. Properties under Category B can be paid through installment only
Note: All properties are being sold on an “as-is, where-is” basis. Category A can be paid either through outright cash, from proceeds of financing by bank/ financial institution, or through installment, while Category B can be paid through installment only
For inquiries, please call the Asset Sales and Disposition Department at telephone numbers 8- 897-31-49 & 8-897-32-86 and email us at email@example.com or visit the PHILGUARANTEE office at the 4th Floor, Jade Building, 335 Sen. Gil Puyat Avenue, Makati City. The list of the properties may also be viewed at the PHILGUARANTEE website, www.philguarantee.gov.ph and www.bbbprogram.com.
Note: Before you contact PHILGUARANTEE, please take time to read the GENERAL GUIDELINES below.
How to avail
1. The sale of the properties is on an “AS-IS, WHERE-IS” basis. Prospective bidders are advised to inspect the properties to determine their physical condition and check the titles and the corresponding tax declarations (TDs) as there are properties that have one or all of the following characteristics: (a) have illegal occupant/s; (b) titles/TDs still in the name/s of the previous owner/s and for transfer in the name of Philippine Guarantee Corporation (PHILGUARANTEE); and (c) titles with liens and encumbrances or with annotation of “lis pendens”.
2. Bid documents can be secured from the PHILGUARANTEE’s Asset Sales and Disposition Department (ASDD), located at the 4th Floor, Jade Building, 335 Sen. Gil Puyat Avenue, Makati City or downloaded from the PHILGUARANTEE website at www.philguarantee.gov.ph.
3. A bid security equivalent to 10% of the bid price shall be paid in cash or manager’s check prior to the scheduled date of opening of bids, at the PHILGUARANTEE Cashier’s Office located at the 2nd Floor Jade Building, 335 Sen. Gil Puyat Avenue, Makati City. Prior to paying, the prospective bidder shall secure a Payment Acceptance Order (PAO) from the ASDD.
A photocopy of the PHILGUARANTEE Official Receipt/validated on-line payment covering the bid security shall be included in the bid proposal and dropped at the bid box referred in item no. 6 hereof. The bid securities of disapproved purchase proposals shall be refunded immediately upon award of the property to the winning bidder. Bid security paid by the winning bidder shall form part of the required down payment for the sale.
4. Terms of Payment
All properties can be paid either through outright cash, from proceeds of financing by bank/financial institution, or through installment.
4.1 Outright Cash
The winning bidder shall be required to remit full payment of the bid price of the property within sixty (60) days from receipt of Notice of Award of Sale (NOAS).
4.2 Proceeds of Financing by Bank/Financial Institution
4.2.1 A minimum downpayment of 10% of the bid price shall be required from the winning bidder to be paid within five (5) working days from receipt of NOAS.
4.2.2 The winning bidder shall execute a Contract to Sell (CTS) with PHILGUARANTEE for a term of ten (10) years with interest at 6% to 12% per annum depending on the awarded bid price while awaiting release of the loan proceeds. The winning bidder shall pay the required monthly amortization under the CTS until the proceeds of the loan is remitted to PHILGUARANTEE within six (6) months.
4.2.3 The winning bidder shall be required to submit a Letter of Guaranty (LOG)/ Notice of Loan Approval (NLOA) issued by a bank/financial institution within sixty (60) days from the execution of the CTS. The winning bidder shall remit the loan proceeds covering full payment of the property within one hundred eighty (180) days from the execution of CTS.
4.2.4 In the event that the loan proceeds are not remitted to PHILGUARANTEE within the 180 days period, full payment of the outstanding balance shall be required.
4.2.5 The authority to move in/occupy the property shall only be issued to the winning bidder upon submission of the LOG/NLOA.
4.3 Installment Scheme
4.3.1. PHILGUARANTEE In-house Financing
•Minimum downpayment: 10% of the bid price
•Balance shall be payable within a maximum period of 30 years, provided that the age of the bidder does not exceed 70 at the end of the contract term with the following interest rates:
(if paid after due date) *
Up to ₱ 400,000.00 6%
Above ₱ 400,000.00
to ₱ 2.0Million
9% More than
“*a prompt payor discount of one percent (1%) on the interest rate if the buyer pays the amortization on or before the due date.
4.4 Rent-to-Own Program – applicable only to properties under Category B*
• Minimum monthly lease rate: Based on the appraised lease/rental rate as recommended by the PHILGUARANTEE commissioned appraiser
• Term of Lease: Maximum period of five (5) years
• Initial cash out: 2 months advance and 2 months deposit (based on the monthly lease rate)
• The Lessee must exercise his/her option to purchase the property within the 5-year term and pay the published selling price in cash.
• Portion of payments made by the Lessee during the term of the lease shall be applied as partial payment of the selling price of the property, as follows:”
*Category B Properties are PHILGUARANTEE Acquired properties with illegal occupants.
YEAR PERCENTAGE OF
1 100% 2 90% 3 80% 4 70% 5 60%
5. Bid proposals must be sealed in long brown envelope and dropped at the designated bid box located at the ASDD office until August 9, 2022 (Tuesday), 2:00 pm. All bid proposals received during the said period shall be opened immediately on the same day at 3:00 p.m., at the 4th Floor Conference Room.
6. The award of sale of the property shall be based on the offer deemed to be most advantageous to the Corporation.
THE CORPORATION RESERVES THE RIGHT TO REJECT ANY OR ALL BIDS OR TO ACCEPT SUCH BIDS AS MAY BE CONSIDERED MOST ADVANTAGEOUS TO THE CORPORATION.
(sgd) ATTY. DYNAH GLADY NEPOMUCENO BAYOT
Senior Vice President
Special Asset Management and Recovery Group”
View complete list of PHILGUARANTEE foreclosed properties and other details
Disclaimer and Reminders
- 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-August-04 with file philguarantee-hgc-foreclosed-properties-notice-of-sale-as-of-august-1-2022-final-2.1.pdf
Source: Philguarantee website