Auction of PDIC foreclosed properties (and various closed banks) slated in Cebu on December 8, 2017

The Philippine Deposit Insurance Corporation (PDIC) will have another sealed bidding of their foreclosed properties and also from closed banks on December 8, 2017. A total 56 foreclosed properties and repossessed cars are included in this auction. Details can be found below.


As per Invitation To Bid, sealed bids shall be accepted at the Bangko Sentral ng Pilipinas, Cebu Regional Office, Cor. Osmena Blvd & P. del Rosario St., Cebu City.

Sealed bids shall only be accepted from 9:00am to 2:00pm.

These foreclosed properties included in the listings below are for sale “for CASH” and “as-is, where-is” basis, so make sure that you have done your due diligence before submitting your bid(s).

The list of foreclosed properties can be viewed inside our foreclosed real estate database, and you may also download the list through the invitation to bid below.

Download invitation to bid

Click to download PDIC’s Invitation to Bid for the sealed bidding on December 8, 2017

 

Note: You will need Adobe Acrobat Reader to view PDF files, which is free to download at Adobe.com

Source: PDIC website


Bidding details

1. Sealed bids will be accepted from direct buyers only.

2. The sale shall be for CASH and on “As-Is, Where-Is” basis and the winning bidder shall undertake the responsibility to acquire and maintain peaceful possession and enjoyment of the property without seeking the assistance of PDIC.

3. The term “As-Is-Where-Is” shall refer not only to the description and physical condition of the property and its contents or inclusions at the time of the bidding, if any is declared to be part of the sale, but also to the condition of the title of the property or other evidence of ownership and the extent and state of whatever rights, interests and participation over the property of PDIC/closed banks may have at the time of the bidding. It shall also include the winning bidder’s assumption of all unpaid taxes, fees and/or expenses, such as, but not limited to capital gains tax or creditable withholding tax, whichever is applicable, documentary stamp tax, registration and transfer fees, association or condominium fees and/ or assessments, and all other expenses and charges in order to, as applicable, cause the transfer of the title from the named owner to the winning bidder.

4. The bidder is deemed to have conduct due diligence on the condition, status and ownership of the properties and, for this purpose, make the appropriate inquiries or verification with the applicable registries or government agencies and units and other entities.

5. Each bid shall be accompanied by a deposit equivalent to at least ten percent (10%) of the submitted bid, which shall be in the form of cash or Manager’s/ Cashier’s Check (or a combination thereof) issued by a universal or reputable commercial bank payable to Philippine Deposit Insurance Corporation or PDIC.

6. The winning bidder shall pay the balance of the bid price/purchase price, in full, within fifteen (15) calendar days from receipt of the notice of award or on 23 December 2017. (Note: Since the date falls on a Saturday, bidder to pay on the next working day) Checks should be cleared otherwise award is automatically cancelled.

7. PDIC reserves the right to withdraw without prior notice any or all of the properties offered for sale any time before the deadline for submission of bids.

Bid forms, copies of the Conditions of Bid and standard format of the Special Power of Attorney and Secretary’s Certificate which are required for participants who are submitting a bid on behalf of another individual or an organization, respectively, 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. Complete description of the properties is available at the Asset Management and Disposal Group, PDIC 7/F SSS Building, Ayala Avenue cor. Rufino St., Makati City.

Contact Details

For further information, you may call PDIC’s Public Assistance Department at:

  • Tel. No. : (632) 841-4630 to 31
  • Toll free : 1-800-1-888-7342 or 1-800-1-888-PDIC
  • Email : pad@pdic.gov.ph

The holding of the bidding on the published date shall be cancelled in case there is a declaration that it is a non-working day or due to fortuitous events. In which case, the bidding shall be held on the following working day at the same time and venue. If there are any bid registered and submitted prior to the declaration of a non-working day and before the opening of bids, these shall be returned unopened immediately after the declaration of the work suspension.

Bidders are advised to bring proper identification (ID) with photo which shall be required for entry to the bidding area.

ROPA DISPOSAL COMMITTEE

Source: PDIC website

Full disclosure: Nothing to disclose. The PDIC bidding is for direct buyers only. We are posting this as a form of public service because a lot of you out there have been asking for these listings.

If you have any questions/inquiries, please contact PDIC directly through the contact details in the invitation to bid above. Thank you for understanding!




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Jay Castillo

A lot of people encounter problems and challenges when buying real estate like foreclosed properties. I encountered a lot of challenges myself, which is why I started this blog in 2008 to serve as a guide where I share lessons learned, and how to overcome challenges with real estate investing in the Philippines … [Read more] Get more from Jay : Facebook | Google+ | Twitter | LinkedIn
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