The City of Tagaytay shall be conducting a two (2) day public auction sale of delinquent real properties on November 25 and 26, 2010, at the Tagaytay International Convention Center (TICC), Tagaytay City, Philippines. This is pursuant to section 260 and 263 of RA 7160, otherwise known as the Local Government Code of 1991.
According to the notice, interested bidders must pre-register one (1) week before the date of auction sale and they will be assigned their permanent individual bidders’ numbers.
Duly registered bidders shall be given their updated copies of the lists of properties for auction, rules and regulations, and bidding form, upon payment of a non-refundable amount of Ten Thousand Pesos (Php10,000.00) to cover the costs of printing, miscellaneous, and other incidental expenses during the auction sale.
Personally, I find having a non-refundable amount of Php10,000 as very discouraging for would-be bidders. What if a bidder is not able to win in any of his bids? He ends up with a double whammy as he also loses his Php10,000.
So far this is the only tax foreclosure sale that I have known that has such a high non-refundable amount. Of course I understand that they need money to cover expenses for the costs of printing, and other incidental expenses during the auction, but charging each bidder Php10,000 is simply too much, don’t you think?!
Anyway, just see for yourself the details as printed on the notice of auction sale issued by the City of Tagaytay below.
Click on the following links to download the 2nd and final notice for the public auction sale of delinquent property issued by the City of Tagaytay in PDF format or just click on the images that follow to download copies in JPG format.
Source: Philippine Star, November 3, 2010 edition
To our success and financial freedom!
Real Estate Investor
Real Estate Broker License #: 20056
Follow me in Twitter:http://twitter.com/jay_castillo
Find us in Facebook:Foreclosure Philippines facebook page
Text by Jay Castillo and Cherry Castillo. Copyright © 2010 All rights reserved.
PPS. Don’t be the last to know, subscribe to e-mail alerts and get notified of new listings of bank foreclosed properties, public auction schedules, and real estate investing tips. Mailbox getting full? Subscribe through my RSS Feed instead!
FREE CHECKLIST: IDENTIFY AND AVOID PROBLEMATIC FORECLOSED PROPERTIES BY DOING PROPER DUE DILIGENCE!
Avoid losing money, wasted time and effort caused by buying foreclosed properties that have too many problems, with our free 60-item Property Due Diligence Checklist. Grab your free copy now.