Everyone is invited to participate in a public sealed bidding of Sterling Bank repossessed real estate properties on December 1, 2011. All repossessed real estate properties for sale are offered on an “As is where is” basis.
Included in this list are six foreclosed properties from Paranaque, Laguna, and Antipolo.
Please refer to the bidding rules and guidelines after complete list of repossessed real estate properties below.
INVITATION TO BID
“As is where is”
(updated as of November 21, 2011)
Sterling Bank of Asia is inviting everyone to submit sealed bids for the following repossessed real estate properties:
|
Property Type |
Location |
Landmarks |
Lot Area |
Total Floor Area |
Minimum Bid Price / Floor Price | |
|
1 |
Residential Lot w/ 2-storey Improvement | 421 Orbit St., cor. Atlas St., Aero Park Subd., Better Living, Parañaque City | 5 minutes away from SM Bicutan and Bicutan Interchange, 10 minutes to the Airport |
1,046 sqm |
452 sqm. |
PhP11,700,000 |
|
2 |
Residential Lot w/ 2-storey Improvement | #40 Gng. Regina Lirag St., BF Homes Phase 1, Pque. City | Near entrance of BF Homes at Presidents Ave., Starbucks BF Presidents Ave. |
280 sqm |
266 sqm |
PhP8,700,000 |
|
3 |
Residential Lot w/ 2-storey Improvement | Blk 5 Lot 16 Champaca St., El Vinda Subd., Brgy. San Vicente, San Pedro, Laguna | 10 minutes away from San Pedro Municipal Hall and Divine Mercy Hospital |
318 sqm |
382 sqm |
PhP6,400,000 |
|
4 |
Residential Lot w/ 2-storey Improvement | Block 2 Lot 13 St. Francis Homes I, Brgy. San Francisco, Biñan, Laguna | 5 minutes away from Southwoods exit at SLEX |
232 sqm |
320 sqm |
PhP5,000,000 |
|
5 |
Private Resort w/ 1 Swimming Pool, a Function Room & 2 Bedrooms | Lots 5-A & 5-B Road Lot 2 Baltao Subd., Brgy. Sta. Cruz, Antipolo City, Rizal | A 10 minutes walk from the famous Hinulugang Taktak Falls, less than a KM from the Antipolo Church |
442 sqm |
278 sqm |
PhP4,230,000 |
|
6 |
Residential Lot w/ 1-storey Improvement | Blk 4 Lot 20 Mars St., Harmony Homes Subd., Brgy. San Vicente, San Pedro, Laguna | Near Our Lady of Assumption School, Mater Ecclesia School and Adelina Complex |
150 sqm |
120 sqm |
PhP2,300,000 |
INVITATION’S RULES AND GUIDELINES:
- This invitation is open to the public.
- THE INDICATED PRICES ARE ONLY VALID UNTIL DECEMBER 1, 2011.
- The assets are offered on an “as is, where is” basis, thus, prospective buyers are advised to personally visit, inspect and verify them and their pertaining document/s of ownership to ascertain their actual condition and status.
- The Bank is presently consolidating the assets’ documents of ownership to its name.
- Visits to the property, photocopies of the ownership documents, pictures and vicinity maps can be coordinated with the personnel of Acquired Assets Management Department, specifically Resnel (0917-878-65-40 or 0922-851-80-70) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-217-6780). They may also be reached through [email protected].
- The indicated floor prices are the minimum bid prices, thus, any bid below the floor price would automatically be disqualified.
- All interested parties may submit their bids in sealed envelopes to the Office of the Audit Group Head, 2nd Flr. Sterling Bank of Asia Corporate Center, Ortigas Ave., Greenhills, San Juan.
- All bids must be submitted in the prescribed bid form and must be accompanied by a deposit in the form of a check payable to Sterling Bank of Asia amounting to PhP 50,000 or 10% of the bid price, whichever is lower. It would form part of the purchase price in case the bidder wins. In the case of a losing bid, it would be returned to the bidder.
- The last day of submission of bids shall be on Thursday, December 1, 2011, 3:00 p.m. The prices quoted above shall be valid only up to the last day of submission.
- The bids would be opened and evaluated by the Office of the Internal Audit Head together with a representative from acquired assets mgt. dept. on the next banking day following the last day of submission. The properties shall be awarded to the highest bidder. In the event of a tie, the same shall be settled by the drawing of lots.
- Sterling Bank reserves the right to reject any or all bids, to waive any formality therein and to accept the bid most advantageous to the Bank. The decision of Sterling Bank would also be final and binding.
- Winning bidders would be notified by Acquired Assets Mgt. Dept. after the results of the bidding are approved by the Bank’s management. Notified winners would have ten (10) working days from receipt of notice to complete the purchase price either in cash or through an approval for a real estate loan facility from Sterling Bank. Failure to fully settle the bid price within the prescribed 10 working day period shall revoke the winning bidder’s right to purchase the subject property and forfeit his/her bid deposit in favor of the Bank.
- Losing bidding participants would also be notified of the results the following day after the Bank’s approval of the bidding results. Bid deposit checks of the losing bidders can be claimed upon receipt of notice at Acquired Assets Management Department 26th floorWynsumCorporatePlaza,F. Ortigas Jr. Ave. (formerlyEmerald Ave.),OrtigasCenter,PasigCity.
- Upon full settlement of the winning bid price or purchase price, the Bank would execute a Deed of Sale in favor of the winning bidder and release all pertinent documents of the property within five (5) working days subject to the documentary requirements of the Bank. The capital gains tax on the sale shall be shouldered by the Bank while the other taxes, fees and expenses necessary for the transfer of ownership to the winning bidder or buyer shall be for the account of the buyer.
- The subject property would be turned over to the winning bidder or buyer upon full payment of the winning bid and completion of the Bank’s documentary requirements on the sale.
- For further inquiries, you may call Resnel (0917-878-65-40 or 0922-851-80-70) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785 or 02-217-6780). They may also be reached through [email protected].
Download the official bid form here: Sterling Bank Bid Form for Real Estate Properties with broker’s name
Thanks again to Mr. Resnel of Sterling Bank of Asia for sending us their updated listing of repossessed real estate for sale.
Happy hunting!
~~~
To our success and financial freedom!
Jay Castillo
Real Estate Investor
PRC Real Estate Broker License No. 3194
Blog: https://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines Facebook Page
Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.
Full disclosure: I am an accredited real estate broker of Sterling Bank of Asia.
Pingback: Sterling Bank foreclosed properties for negotiated sale as of December 20, 2011 — Foreclosure Investing Philippines
Hi Jay,
First of all I would like to thank you for being so generous in sharing a lot of information regarding real estate investing thru your blogs. I’ve been here sitting for hours already just absorbing all the info I can get from your blogs and I know there’s still a lot to learn.
My husband and I are planning to invest in a multi-door apartment. At first we were planning to build a new one but after reading your blogs on foreclosed properties I’m contemplating on maybe just investing in an old foreclosed property. Maybe I could save a lot from this than building a new one.
Actually I have negotiated for a foreclosed vacant lot already with a certain bank but cancelled it because I was pissed off by the bank officer handling the property. She was totally inefficient and arrogant in dealing with clients. So much so for that. What I’m concerned with actually is I’m confused with the minimum bid indicated in their listings. If ever I want to participate in an auction, can I bid below this minimum bid. Is it still possible to go really low. Since when I submitted to bid for the lot I mentioned earlier, they told me that the lowest they can approved is 10% of the minimum bid, which I think is still high considering that this is already a foreclosed property.
Can you please enlighten me on this. How low can I go? I read in one of your blogs that you even bid 44% lower. But then I got another feedback from the bank I deatl with. Your feedback would be most appreciated.
Thanks a lot. And….more power….may people like you be blessed even more!!!!!
czarina
Hi Czarina,
Sorry for the late reply! You’re welcome and thank you for taking time to drop by and read my blog. I really appreciate it!
With regards to my bid that was 44% lower, if I remember correctly, that was made possible because it turned out that the property’s mortgage amount (based on a traceback on the title) was around 50% lower the minimum bid price.
This however is only possible if a bank is flexible and is willing to sell a property at a price that will be enough to let them recover the loan amount plus any expenses they incurred. Nowadays, a lot of banks sell their foreclosed properties at the current appraised value.
I would suggest you stick to the market value of the property. So even if the bank will only accept a 10% discount off the minimum bid, if this turns out to be 40% below market value (or the value you are targeting) of other comparable properties, then I suppose the property deserves a second look.
I hope this helps! Thanks and may God bless you and your family!