PAG-IBIG Foreclosed Properties – February 2018

Having a home is a dream to many Filipinos. Unfortunately, some of us feel hopeless to make this dream a reality because of the current rates of real estate properties.

Most properties are really expensive that some of us think that only OFWs and those who are working locally with big salaries can afford to buy a house and lot or even a condominium.

But, do you know that there are foreclosed properties that are being offered at a more affordable and cheaper price?

Well, yes, they exist.

What are Foreclosed Properties?

Foreclosed properties are properties like a house and lot, a lot only, or a condominium unit, that are sold below their actual market value.

Foreclosure happens when the previous buyer fails to make timely repayments for a bank loan it used to pay for the property and then the lender (example, the bank) will sell it as a foreclosed property, usually at a cheaper price.

Where to buy Foreclosed Properties

The Pag-IBIG Fund is one of the institutions that offers foreclosed properties. There is a monthly auction of foreclosed properties that is posted on their website and in their respective offices.

For the month of February 2018, there will be public auctions of foreclosed properties in different cities and provinces including NCR, Tuguegarao, La Union, Cebu, Davao, and Zamboanga.

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NCR Public Auction of Foreclosed Properties

In NCR, a total of 573 foreclosed properties will be available for sale during the auction on February 26 and 27, 2018 at the Roofdeck, JELP Business Solutions Center, 409 Shaw Blvd. Mandaluyong City.

  • Feb. 26 – 262 units in Metro Manila, Batangas, Bulacan, Laguna, and Rizal will be available at the auction
  • Feb. 27 – 311 units in Cavite will be available at the auction

If you are planning to buy or acquire a property in these areas, mark your calendar now and don’t miss the public auction on the said dates. Who knows, you might find your dream home at the auction.

If you want to avail of foreclosed properties with discount, you may attend the auction on March 7 and 8 at the same venue.

La Union Public Auction of Foreclosed Properties

The public auction in La Union was held today, Feb. 8, at the 3rd Floor CB Mall Bldg., Nancayasan Urdaneta City where a total of 27 properties were auctioned out.

If you missed the auction, don’t worry because for sure, there will be another schedule of the auction next month.

Cebu Public Auction of Foreclosed Properties

In Cebu, the public auction of foreclosed properties will be held on Feb. 9, 2018 at the 5th Flr Conference Room 2, Pag-IBIG Fund WT Corporate Tower, Mindanao Ave., Cebu Business Park, Cebu City.

69 properties will be available for auction including properties in Cebu North: Lapu-Lapu City, Bogo City, Mandaue City, Compostela, Liloan, Danao; and Cebu South; Cebu City, Talisay City, and Minglanilla.

Davao Public Auction of Foreclosed Properties

There will be two schedules of the public auction of foreclosed properties in Davao.

1. Feb. 26, 2018 Public Auction

  • 70 properties in Tacurong City, Lutuyan, and Isulan
  • Venue: 3rd Floor, King’s Hall Provincial Capitol of Sultan Kudarat, National Highway, Isulan, Sultan Kudarat

2. Feb. 27, 2018 Public Auction

  • 65 properties in General Santos City, Polomolok, Tupi, and Tantangan
  • Venue: Jollibee GenSan Party Area, National Highway, General Santos City

If you want to avail of foreclosed properties with discount, you may attend the auction on Feb. 15 at Jollibee JP Laurel Avenue Party Area (in front of LandCo Bldg), JP Laurel Avenue, Davao City.

Zamboanga Public Auction of Foreclosed Properties

In Zamboanga, the public auction of foreclosed properties will be held on Feb. 22, 2018 at the Jade Room Grand Astoria Hotel, Zamboanga City.

The 36 available properties are located in Zamboanga City, Isabela City, Patikul and Jolo, Sulu.

Things to Remember Before Buying a Foreclosed Property

Please remember that these foreclosed properties are sold on an “AS IS, WHERE IS” basis.

As a potential buyer, you are therefore encouraged to check and inspect the property/ies that you’re interested in before tendering your offer or before joining the bidding.

It is important that you inspect the property to avoid any issues after you acquire it. Some properties are still occupied by previous homeowners and you wouldn’t want to deal with them later after you paid the property.

Also, since you will have to bid for the property, you must have enough funds to join the bidding and to pay the remaining balance in installment basis. There may be additional discounts if you pay it at a shorter period.

To see the latest and updated list of properties and schedule of auctions, you may visit the Pag-IBIG Fund website.

Disclaimer: PSP is not affiliated with Pag-IBIG Fund. This article is for information purposes only. Please coordinate directly with the Pag-IBIG Fund office for your inquiries.

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