Rent No More! How To Bid For A Pag-IBIG Acquired Asset Or Foreclosed Property

Still renting? How long do you see yourself continuing to rent? For some families who move from time to time, renting is a good option, but if you see yourself getting ready to settle down and be stable in one location, you might want to explore renting a house that will be your own someday, or buy your own house for less.

There are a lot of housing investment projects in the Philippines that you can check. Some of these you can acquire through Home Development Mutual Fund or Pag-IBIG housing or bank financing. But have you checked the latest Pag-IBIG Acquired Assets? A property acquired by Pag-IBIG has undergone foreclosure due to the inability of the initial owner, who utilized a Pag-IBIG housing loan, to fulfill their monthly payment obligations.

Hannah Villamor and her family acquired their home through bidding at the Pag-IBIG Main Branch. "Of course, we are happy because this is one of our dreams. We feel secure now and have more privacy since we were living with my parents before," Hannah shared with Smart Parenting.

If you are interested to explore this option and be on your way to being a homeowner, check out our step-by-step guide to finding your first home through Pag-IBIG's Acquired Assets.

How to Find The List of Pag-IBIG Acquired Assets or Foreclosed Properties

1. Visit the Pag-IBIG Fund Acquired Assets page at www.pagibigfund.gov.ph/acquiredassets.html.

2. Click on the "List of Properties for Sale" button.

3. You'll see 3 options: "Properties with no discount (1st auction)," "Properties up to 30% discount (2nd auction)," and "Properties up to 45% discount (negotiated sale)."

4. You will see a list of housing business centers and details such as the tranche, duration of bid-offer acceptance, registration or Dropbox locations, and offer opening dates. Select your desired location and click on "See List."

5. The available foreclosed properties for sale in that location will be displayed, including information such as:

• Subdivision name
• Location
• Price
• Property type
• Lot area and floor area
• Transfer Certificate of Title (TCT) status
• Minimum Gross Selling Price
• Appraisal Date
• Required Gross Monthly Income
• Remarks (occupied/unoccupied/title for consolidation, etc.)
• Branch account (the Pag-IBIG office overseeing the property's sale)
• Contact numbers of the supervising Pag-IBIG branch
• Date of the last property update

6. Click the "Print" or "Download" button to obtain a copy of the foreclosed property's information.

How to Bid for Pag-IBIG Acquired Assets or Foreclosed Properties

1. Obtain necessary forms from Pag-IBIG to participate in the auction (2 copies of the accomplished Offer to Bid Form, Photocopy of Valid IDs with 3 specimen signatures, Latest Proof of Income).

2. Register at the designated location before submitting bid offers.

3. Submit bid proposals on the scheduled date, including photocopies of two valid IDs and proof of income.

4. Sealed bids will be opened as scheduled, and results will be posted on Pag-IBIG's website.

5. Winning bidders must pay a Bid Bond within three working days after the announcement of winners. This payment serves as both the down payment and security deposit.

Tips to Buying Pag-IBIG Acquired Assets or Foreclosed Properties

1. Inspect the property first.

As a property investment is for the long-term, allocate time to visit the property you're interested in acquiring. Remember that Pag-IBIG follows a "where is--as is" policy. Winning bidders receive the property in its current condition without renovations or improvements.

2. Bid higher than the price stated in the list.

Given the nature of the bidding process, offering the most possible is advisable. Despite this, it remains more economical compared to obtaining a new housing loan, so bid judiciously.

3. Transact with Pag-IBIG Employees only.

There are "agents" who also help in letting you win the bid, but their price is double or triple the bidding price. It is best to direct to Pag-IBIG instead of these agents or fixers.

4. Avoid OCCUPIED properties.

Some properties are on sale but are still occupied by previous owners. Choose UNOCCUPIED locations. However, if there is no other option, you can opt for OCCUPIED property if you are willing to talk to these people and help them transition to leaving.

Benefits of Acquiring Pag-IBIG Foreclosed Properties

1. Choose the best location for your family.

The good thing about Pag-IBIG Acquired Assets is you can choose which location you want best for your family. One of the benefits of getting a house from Pag-IBIG is that they could move in quickly. They don't have to ask for the agency's help since they were the ones who bid directly to Pag-IBIG.

2. Live within the area without waiting for too long.

One of the benefits of getting a house from Pag-IBIG is that you could move in quickly. They didn't have to ask for an agency's help since they were the ones who bid directly to Pag-IBIG.

3. Get a real estate property that is lower than the average market price.

Real estate is often considered a solid long-term investment. Property values tend to appreciate over time, providing potential financial security for your family's future. Another good thing is that even if you buy it at a lower market price, you can get more significant returns when you plan to sell it. You can build a home without breaking the bank. After all, what truly matters is who will live inside and how you will establish your foundations as a family.

Read this story of a family who became homeowners after acquiring a foreclosed asset from Pag-IBIG here.