Where to Find, Acquire Pag-IBIG Foreclosed Property Assets
If you are keen in buying acquired assets by Pag-IBIG, it is now easy to find them through the official Home Development Mutual Fund website.
The Acquired Assets page provides information such as property listings filtered by province and municipality as well as price range of the property. Listing is updated every Tuesday and Friday for NCR accounts, while new updates are available every Friday for provincial accounts.
To those interested in acquiring Pag-IBIG properties for sale, here are the steps:
2) Select the property based on desired preference such as Province, Municipality and Price Range.
3) Click the Search (house and lens icon) to see the results. If there is a match based on your search criteria, a listing will appear below.
- Subdivision – The subdivision where the property is located
- Location – The address of the subdivision
- Branch account – The Pag-IBIG office supervising the sale
- Contact number – The number to call for inquiries.
- Data as of – Information is accurate as of marked date.
On the right side of the search result, a “View property/ies” link allows you to display additional details of the particular asset. Information includes address (block and lot number), property area (lot area and house floor area) in square meters, price in Philippine peso, property type (house and lot, duplex, etc), status (occupied or unoccupied) and remarks.
From the list, there are two things we’d like to put forward are the price and remarks.
a. Property Price: The price indicated in the property is the value of the asset and is subject to adjustments based on three modes of payment: cash, installment and housing loan. Under negotiated sale, if you are paying by cash a discount rate of 30% can be availed and payable within one month. If you are paying by installment, you’ll get a 20% discount and payment term is up to 12 months, but with interest rate of 12% per annum or 1% per month. If you wish to acquire through housing loan to which qualified Pag-IBIG members can avail, you can get 10% discount, with the entire property payable up to 30 years (allowed only if borrower’s age is below 70 by the time of loan maturity).
b. Remarks. Property can be marked as Reserved or Available. When it’s Available, and you are interested, it’s best to contact the number of the branch account to make further inquiries (take note of the HLID or reference number of the property) or arrange a visit. When it’s marked as Reserved, someone else might have already expressed interest and gone through the reservation process.
Unfortunately, no other information besides the above description is available so it’s prudent to make a site visit and inspect the property itself, its neighborhood, accessibility and other factors. This is important because the asset to be sold is on an “as is where is” basis or “what you see is what you get,” including potential structural defects, wear and tear and other factors that influence depreciation of property value.
Should you be keen in acquiring the property, it’s time to take the next step and reserve the property, which follows such steps:
Steps on Purchasing an Acquired Asset
- Reserve the property and pay the non refundable/non-transferrable P1,000 reservation fee. Select which mode of payment (cash, installment or Pag-IBIG loan)
- Submit one valid ID (passport, driver’s license, etc) for verification.
- To those who wish to purchase through Pag-IBIG Housing Loan, submit the complete documentary requirements within 30 calendar days from payment of reservation fee and pay the processing fee of P2,000 and Documentary Stamp Tax of P100.
- Receive the Notice of Approval of Loan and pay the one year advance 3 insurance premiums within 30 days.
- Execute and submit notarized Deed of Conditional Sale and other mortgage documents evidencing the loan in favor of the Fund.
Note that the property listing page is labeled Properties Under Negotiated Sale. According to Divestopedia,
“[a] negotiated sale is a process that includes only a limited number of potential buyers, and usually includes one interested party with a high probability to close the transaction. The benefits of a negotiated sale are confidentially, efficiency, and the speed of the sales process. Negotiated sales usually come about from unsolicited offers by logical buyers, or initiated by investment bankers who already have a relationship with potential buyers and see an immediate fit with a company for sale.”
Reminders from Pag-IBIG Fund
- Brokers and agents are not allowed to accept or collect any payments (reservation, downpayment, etc). All payment must be made directly to Pag-IBIG FUND Office only.
- Buyers are encouraged to inspect the property first, before making any reservations or purchase of the unit.