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  • Tired Of Renting, Mom Shares How They Became Homeowners Through PAG-IBIG Acquired Assets

    It takes patience and determination to secure the property you want, but it is worth it.
    by Cielo Anne Calzado .
Tired Of Renting, Mom Shares How They Became Homeowners Through PAG-IBIG Acquired Assets
PHOTO BY Courtesy of Aisa Paril
  • Those who have been wishing to have their own homes know that it can be expensive to build a house from scratch and some of the properties available in the market today can be pricey, too. Given these reasons, you might be wondering how else you can make your dream home come true.

    In a post on the Facebook group Tipid Living, mom of two Aisa Balano Paril shared tips on how to secure a property through Pag-IBIG (Home Development Mutual Fund) Acquired Assets. This is an option worth looking into as properties under acquired assets are priced lower and can be easier on the household budget.

    What is Pag-IBIG Acquired Assets?

    Aisa and her husband purchased this house and lot from Pag-IBIG.
    PHOTO BY Courtesy of Aisa Paril

    An acquired asset under Pag-IBIG is a foreclosed property that’s been repossessed because the original owner who filed a Pag-IBIG housing loan is unable to settle monthly dues.

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    “Matagal ko na po naririnig ang acquired assets hanggang nag-research ako at nalaman kong mga foreclosed na bahay pala. Nag-decide ako na i-pursue ito noong nagkaroon na ako ng sarili kong pamilya kasi mahirap mangupahan, maraming pera at pagod ang naaaksaya na nakakapanghinayang din,” relates Aisa in a quick chat with SmartParenting.com.ph.

    Aisa and her family rented for three years before they were granted the property they applied for through the fund’s acquired assets. The house and lot cost Php885,000.

    “Tatlong beses kami nag-try mag-apply at mag-bid. Sa una at pangalawa, talo kami, pero sa pangatlo, nanalo na. Salamat kay Lord. Tiyaga lang talaga,” she shared.

     

    Aisa and her family.
    PHOTO BY Courtesy of Aisa Paril

     

    Why should you purchase an acquired asset from Pag-IBIG?

    Buying an acquired asset or a foreclosed property has its advantages such as lower prices, affordable monthly amortizations, and knowing you’re purchasing from a government-owned corporation. In addition, a Pag-IBIG acquired asset is also considered as an investment.

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    According to an article on Yahoo! News, “buying one gives you an opportunity to buy low and sell or rent high,” since the value of real estate appreciates over time.

    The only downside to buying an acquired asset is you’ll get the property as is — meaning there’s a risk that some parts of the home might be damaged or the whole house could use a major renovation. There are also instances wherein the property is still occupied and the former owners do not want to let go of the house.

    How to buy Pag-IBIG Acquired Assets

    In her post, Aisa shared a quick guide on how to buy a Pag-IBIG acquired asset as well as tips for those who are interested to try it. “Walang ahente ang acquired assets and sariling asikaso and pagod mo sya,” she shares.

    Prepare the requirements

    PHOTO BY pagibigfund.gov.ph

    Before you proceed with checking out the properties for sale, make sure you meet the requirements specified for buyers — whether you’re self-employed, locally employed, or an overseas Filipino worker (OFW). These requirements include copies of the Buyer’s Information Sheet, valid IDs, proof of income, and a receipt of the reservation fee, to name a few.

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    To view the complete list of requirements and valid IDs, click here.

    Check the list of acquired assets online

    Visit the Acquired Assets link to see the properties for sale. On the page, you will see important announcements and deadlines pertaining to the purchase of acquired assets.

    When you scroll down, you will see three options: Properties Under Negotiated Sale, Properties Under Public Auctions (No Discount), and Public Auctions (with Discount).

    PHOTO BY pagibigfund.gov.ph

    Choosing the negotiated sale means selecting a property and submitting an Offer to Purchase form. On the scheduled date of opening of offers, which is specified in the schedule, the buyer with the highest offer on the property will be the winning buyer.

    The other two options list properties open for bidding with a minimum bid set by Pag-IBIG. The highest bid offer will be the winner.

    To view the properties, you need to scroll to your preferred location and click on “click here to open complete details” text.

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    PHOTO BY pagibigfund.gov.ph

    It will lead you to a PDF file specifying general guides and a comprehensive list of properties. Each property listing has details like house type, lot area, floor area, minimum bid, appraisal date, and remarks.

    Aisa says that it’s a must to check the remarks section. “Huwag po kumuha ng foreclosed na may nakatira kasi masakit sa ulo at mahirap magpaalis. Hanggang maaari po, unoccupied ang kunin,” she advises.

    Visit and inspect the property you’re eyeing

    Visiting the property personally allows you to check if it’s something worth spending money on.

    “Puntahan or bisitahin ang bahay to check if may nakatira at kung okay ba ang area. Pwede din magtanong-tanong kung safe ba ang lugar, kung binabaha, at madaling puntahan,” says Aisa.

    Accomplish the Purchase Offer Form

    PHOTO BY pagibigfund.gov.ph
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    Once you’re decided on the property, you can fill up the Purchase Offer Form which you will drop on the specified dropbox for your chosen location. If you cannot personally drop off your form, a representative can do it for you provided that he or she has an authorization letter or Special Power of Attorney.

    This step also includes providing proof that you can pay for the property. For the complete details, click here.

    Pay the Reservation Fee

    If you get the property you’re eyeing, you need to pay the non-refundable and non-transferable Php1,000 reservation fee within five days of receiving the Notice of Award.

    After settling the reservation fee, all you need to do is wait for and receive the Notice of Conditional Approval of Sale. Once you have this, you can sign and submit the Deed of Conditional Sale and other necessary documents that certify your Pag-IBIG loan.

    You can start paying off the monthly dues 30 days after you sign the Deed of Conditional Sale. The steps are quite easy and detailed on Pag-IBIG’s website should you want to go over it again. Perhaps the most challenging part is finding the right property for you and making sure you get it at a price that works within your budget.

    Should you have questions, the website has a chat option and you can also get in touch with Pag-IBIG through phone call.

    “Hindi lahat ng nag-try sa acquired assets ay sure win,” says Aisa. “Kailangan dumaan sa mahabang proseso at kailangan magtiwala sa will ni Lord. Sabi nga nila, kung para sa’yo, para sa’yo,” she muses.

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    Are you interested about Pag-IBIG’s Acquired Assets? Click here to get started. Dreaming of owning a home? Click here for a single mom's story on how she purchased a house at 25.

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