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PNB Foreclosed Properties In Negros Oriental For Sealed Bidding On April 22, 2015

Last Updated on by Jay Castillo | Filed under: - One Comment

PNB foreclosed properties in Negros Oriental shall be for sale through a public sealed bidding on April 22, 2015, Thursday, 2:00pm, at the PNB Dumaguete Branch, Siliman Avenue corner Real St., Dumaguete City, Negros Oriental. Download the complete listing below.


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Sealed Bidding Terms of Reference

I also received a copy of the sealed bidding terms of reference, which I am sharing below. This should give interested bidders a clear picture of the bidding process.

Note: Interested bidders will have to submit a signed copy of this form.

1. For purposes of definition, the highest complying bid is the complying bid with the highest net proceeds to the Bank. 1

2. Sale of the property on an “As-Is, Where-Is” basis. 2

3. Sale is in accordance with the terms and conditions specified in the PNB Purchase Proposal.

4. Sealed offer/s must be placed in an envelope containing the following:

a) Filled up Bank-prescribed “Purchase Proposal Form” accompanied by a Buyer’s Information Sheet. If a bidder is a representative of a corporation, the representative must submit a Secretary’s Certificate to represent the said corporation.

b) Sealed offer/s to buy must be accompanied by non-interest bearing deposit of at least 10% of the offered purchase price in the form of Cash or Cashier’s/Manager’s Check payable to the Philippine National Bank.

c) Proof of income such as Certificate of Employment, Income Tax Return and other audited financial statements should be included in the sealed envelope if payment of the bid price is on installment basis.

5. As a general rule “No bid below the floor price shall be accepted”.

6. No withdrawal of bids shall be allowed once the bid has been submitted. Any withdrawal of bid shall result to forfeiture by PNB of deposit. Upon selection of the highest complying bid, all non-winning offers including the deposit shall be returned accordingly.

7. In case two or more highest complying Price bids are identical, the following shall be considered:

  • The bid on cash basis shall be considered as the winning complying bid
  • If all bids are on installment basis, the bid with the least number of years for installment payments will be acknowledged as the winning complying bid
  • If two or more bids are identical in amount and terms, a private sealed bidding shall be conducted on the next working day

8. In the event that the highest complying bidder fails to comply with the specified payment terms on the Purchase Proposal, the 10% deposit shall be forfeited as penalty.

9. PNB reserves the right to reject any and all bids at its sole discretion, waive any defects or informality on the bids received and accepts the bid most advantageous to PNB but does not guarantee that any award shall be made.

10. PNB does not assume any obligation whatsoever to compensate or indemnify any bidder for any expense that may be incurred in the bidding process.

11. PNB reserves the right to withdraw the foregoing property at any time before the deadline of submission of bids.

12. PNB’s decision is final and binding.


1Net proceeds to the Bank is defined as the Price bid less any applicable commissions if there is a broker/referrer indicated in the Purchase Proposal Form.
2Sale of property on an “As-Is, Where-Is” basis refers not only to the property’s physical condition, but also the condition of the title, the extent and state of whatever rights, interest, and participation over the property PNB may have at the time of offer to sell. In addition, “As-Is, Where-Is” shall mean to include 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 Contract to Sell and/or Deed of Absolute Sale to the total exclusion of PNB.



Bidding Details

Here are the bidding details as printed on the auction flyer:

* Acceptance of bids will be on April 22, 2015, 2:00 PM , at PNB Dumaguete Branch.
* The winning bidder shall be based on the complying bid with the highest net proceeds to the Bank and in accordance with the Terms of Reference
* Sale is in accordance with the terms and conditions specified in the PNB Purchase Proposal
* In the event that the highest complying bidder fails to comply with the specified payment terms on the Purchase Proposal, the deposit shall be forfeited as penalty
* DEPOSIT: 10% OF OFFER PRICE – (CASH or MANAGER’S CHECK only)
* The Bank reserves the right at anytime to pull out or update status of the properties in the event discrepancies are found.
* Inadvertent misprints shall not alter the property’s factual condition nor shall they be deemed as a misrepresentation of the property
* PRICE & STATUS OF THE PROPERTIES ARE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE
* PROPERTIES FOR SALE ARE ON AN “AS IS WHERE IS BASIS”. Prior to the bidding, bidders are advised to exercise due diligence on the physical and legal conditions of the property.
* Brokers/Referrers of bidders need to be present during the bidding to be eligible for commission

TERMS OF PAYMENT

1. Cash
2. Installment

A. For REGULAR SALE

– fixed 6% interest rate up to 5 years
– fixed 8% interest rate up to 5 to 10 years

B. For PABAHAY BONANZA Program
(properties 5M & below; with 20% deposit requirement)

– fixed 6% interest rate up to 10 years
– fixed 8% interest rate up to 10 to 20 years

Download the list of PNB foreclosed properties in Negros Oriental

You may download the list of PNB foreclosed properties in Negros Oriental that are for sale through a public sealed bidding on April 22, 2015 below.

Click to download list of PNB foreclosed properties in Negros Oriental for sealed bidding on April 22, 2015

Happy Hunting!

Reminder: Please contact PNB directly for more details with regard to this public bidding and any of the properties included. Thank you for understanding.

Full disclosure: Nothing to disclose. We won’t be able to attend this public sealed bidding so please contact PNB directly for more details (their contact details are included in the listing). Thank you.

P.S. Don’t forget to subscribe to email alerts to get notified when we publish the new listings.




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