Interested to own and or purchase house/s at discount rates of 10 to 45 percent? The Home Development Mutual Fund (HDMF), otherwise known as Pag-IBIG (Pagtutulungan sa kinabukasan: Ikaw, Bangko, Industriya and Gobyerno) Fund has consistently made available in its corporate website its list of acquired properties, for easy and immediate disposal.
Let me briefly cover the four modes of sale by which interested buyers can acquire them, including the corresponding amount of discounts, and down payment terms.
Individual Sale. Buyers who would like to buy properties from Pag-IBIG are entitled to a thirty percent cash discount if paid within a month, twenty percent if through short-term instalment payments of up to twelve months, and ten percent discount for long-term instalment of up to thirty years.
Properties under this mode of sale can be purchased through negotiated sale or public auction. Winning buyers under negotiated sale are required to pay within five days from receipt of Notice of Award, a reservation fee of P1,000 and down payment of five percent of the offer price for cash and short-term instalment.
Meanwhile, selected buyers through auctions are required to pay within three days from receipt of Notice of Award, a down payment of five percent of the bid price for cash and short-term instalment.
Bulk or Group Sale. Buyers who wish to buy more than one property and with an aggregate gross selling price of at least P10 million will get a substantial discount of 45 percent for purchase of over P100 million; 42 percent if over P50 million to P100 million; and 40 percent for properties ranging from P10 million to P50 million.
Winning buyers through bulk sale are required to pay within five days from receipt of Notice of Award, a down payment of five percent for cash and short-term instalment. However, an additional cash bond per unit is required for short-term instalment.
Sale via Memorandum of Agreement (MOA) with Project Proponent. Buyers who are willing to enter into a MOA with Pag-ibig Fund on the rehabilitation and purchase of their acquired assets will be able to get a discount of 25 percent for units with total value of over P150 million, 22 percent for more than P50 million up to P150 million, and 20 percent for P10 million to P50 million.
Interested buyers for this mode of acquisition normally include developers, contractors, employers, local government units and individuals. Buyers are required to submit their ”Letter of Intent”, together with their technical and financial proposals as well as comply with the eligibility requirements, within 30 days from the publication of the “Invitation to Submit Project Proposals.”
Sale via Buyer-Initiated Bulk Sale. Buyers who are willing to enter into buyer-initiated bulk sale can generate savings of 45 percent for properties valued at over P100 million; 42 percent for more than P50 million up to P100 million, and 40 percent for P10 million to P50 million.
Sold per lot (set) on an “as is, where is” basis without warranty whatsoever imposed upon a seller by law or government regulations, interested buyers must meet eligibility requirements, and submit their offer price at the prescribed date/times as indicated in the disposal guidelines.
As part of Pag-ibig Funds’ support to the Anti-Fixer Campaign program, buyers are warned that HDMF does not have any accredited broker or agent that is allowed to offer or sell the properties in their acquired assets lists. All transactions may only be undertaken in their offices and branches nationwide.
Are you now encouraged to buy their properties? Visit and inspect their properties for sale.
For more information, please check their available lists and guidelines at pagibigfund.gov.ph.
* * *
Henry L. Yap is an Architect, Fellow of both Environmental Planning and Real Estate Management. He is one of the Undersecretaries of the Department of Human Settlements and Urban Development, and serves as the alternate of the DHSUD Secretary to the Pag-IBIG Fund’s Board of Trustees.
