PDIC to sell bank acquired properties of closed banks through sealed bidding

I recently came across an invitation to bid from the Philippine Deposit Insurance Corporation (PDIC). This invitation to bid is quite interesting because the properties that are for sale through sealed bidding are actually the Real and Other Properties Acquired (ROPA) of closed banks. I guess this helps confirm my answer to a recent comment by Jun where he had a concern with regard to a property he got through a tax foreclosure auction whose title had an inscription of mortgage with a bank that was already closed. It appears that properties of closed banks really do end up with PDIC.


Up for sale through sealed bidding are properties from the Visayas and Metro Manila areas. Submission of sealed bids for Visayas properties will be on December 8, 2009, 10:00 am – 2:00 pm. For Metro Manila and other areas, the submission of sealed bids will be December 15, 2009, 10:00 am – 2:00 pm.

*Update – I forgot to mention that the list also contained a number of bank repossessed cars.

Please refer to the invitation to bid below for more details.

PHILIPPINE DEPOSIT INSURANCE CORPORATION

PDIC Ayala Extension Office, R/L Administrative & Special Services Department

4th Floor, SSS Bldg., No. 6782 Ayala Ave. cor. Rufino St., Makati City 1226

eMail:cbropa@pdic.gov.ph

www.pdic.gov.ph

INVITATION TO BID

Sealed bids will be accepted by the Philippine Deposit Insurance Corporation (PDIC), the Liquidator, thru the Receivership and Liquidation (R/L) Real and Other Properties Acquired (ROPA) Disposal Committee (hereinafter referred to as the “Committee”) on the following dates and venues:

Area where the properties are located

Date/Time of Submission of Bids

Venue

Visayas December 8, 2009/10:00 am – 2:00 pm

(PDIC Time/No Extension)

There is a registration process. In order to comply with the 2:00 pm deadline for the submission of bids, participating bidders are enjoined to come one (1) hour earlier to allow enough time for registration.

BSP Bacolod Branch Lacson cor. Luzuriaga St. Bacolod City
Metro Manila and other areas December 15, 2009/10:00 am – 2:00 pm

(PDIC Time/No Extension)

There is a registration process. In order to comply with the 2:00 pm deadline for the submission of bids, participating bidders are enjoined to come one (1) hour earlier to allow enough time for registration.

6F Resource Center Conference Room, PDIC Extension Office SSS Building, Ayala Avenue cor. Rufino St., Makati City

for the sale of properties of closed banks subject to terms and conditions in the Conditions of Bid. Prospective buyers are enjoined to inspect the following listed properties before participating in the public bidding. Property descriptions below are based on available records of PDIC and the bidder must verify them against the property itself…

The fine print

…Pursuant to the Conditions of Bid, the sale shall be for CASH and on “AS-IS” basis. Each bid proposal shall be accompanied by a deposit equivalent to at least ten percent (10%) of the submitted bid in the form of Cash or Manager’s/Cashier’s Check payable to PDIC FAO (Bank Under Liquidation). The winning bidder shall pay the balance of the bid price not later than 15 and 22 December 2009 for the Visayas and Metro Manila biddings, respectively.

The bidder shall be responsible in determining the actual amount of unpaid taxes due on the properties and holds him/herself solely liable for the payment thereof. The winning bidder shall assume the payment of all taxes, fees and expenses such as but not limited to capital gains tax, creditable withholding tax, documentary stamp tax, notarial fee, registration expenses, transfer fees and all other fees incidental to the execution and registration of the Deed of Absolute Sale and the transfer of title. The winning bidder shall undertake the responsibility of acquiring and maintaining peaceful possession and enjoyment of the property without seeking the assistance of PDIC.

The Committee reserves the right to reject any or all bids; to accept the bid most advantageous to the bank and to withdraw any of the properties from the bidding at any time before 2:00 p.m. (PDIC time) on 8 and 15 December 2009 for the Visayas and Metro Manila biddings, respectively.

Bid forms, copies of the Conditions of Bid and standard format of the Special Power of Attorney and Secretary’s Certificate 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.

For further information, interested bidders may call telephone numbers 841-4000 local 4729, 30 or 31. In case of flood, storm or other natural calamities or if the published date is declared a non-working holiday that may result in the cancellation of holding the public bidding on the published date, such public bidding shall be held on the next working day at the same time and venue.

Bidders/observers are advised to bring proper identification (ID) which shall be required for entry to the bidding area. Bidders are also advised to come one (1) hour earlier than the 2:00 pm deadline to allow enough time for registration.

R/L ROPA DISPOSAL COMMITTEE

Click here to download PDIC’s invitation to bid which contains the complete list of bank acquired properties for sale on December 8 and 15, 2009.

Source: http://www.pdic.gov.ph/index.php?asset=1

Don’t forget to checkout the bid documents from PDIC’s website:

Note: I am posting this as a service to readers and subscribers of Foreclosure Philippines. For further information and inquiries, including but not limited to specific questions about any of the properties on the list, please contact PDIC directly. Thank you.

Happy hunting!

Jay Castillo
Real Estate Investor
Blog: https://www.foreclosurephilippines.com
Follow me in twitter: http://twitter.com/jay_castillo
Become a Fan in Facebook: Foreclosure Philippines fan page

Text by Jay Castillo. Copyright © 2009 All rights reserved.

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