For those of you who aspire to have your own real estate soon, no need to travel thousand kilometers away to purchase a foreclosed property with Pag-IBIG Fund as they announce their newly added Acquired Assets Online Public Auction feature.
Pag-IBIG Fund offers a variety of foreclosed properties, from condominiums, house and lot, and even vacant lots, to those who wish to own a home in considerably loose terms and conditions.
Foreclosed properties are acquired assets whose owners weren’t able to pay their Pag-IBIG loan and are put up in auction for the Fund to recover from its losses.
It is transferred to a new owner on a “As Is, Where Is” basis which means the winning bidder accepts the physical status of the property, regardless if it is occupied by an informal settler, or the previous owner has accumulated debt and dues.
This is why it is important for the bidder to do a thorough ocular inspection of the property to prevent unforeseen issues.
Bidding for a foreclosed property in Pag-IBIG is relatively tiring especially when you’re acquiring a property distant from your location. Without the promise of winning the bid, you must allocate a lot of time and money, fulfilling documentary requirements, visiting the property and the Pag-IBIG branch where the property is located plenty of times.
Thankfully, the Pag-IBIG Fund now has the newest feature on their website. The Acquired Assets Online Public Auction is an online platform where one can submit bids to a property without going through all the physical trouble.
How does the Acquired Assets Online Public Auction work?
Note that the online public auction will only work for the 1st auction which has no discount, and 2nd auction which offers a 30 percent discount.
- Visit www.pagibigfundservices.com/OnlinePublicAuction
- Click the push cart icon that can be found in the lower right corner of the screen.
- Click ‘Register Here’ if you do not have a Buyer ID yet. After clicking the register here, you will be advised to prepare one valid identification card, your active mobile number and selfie photo. Corporate or juridical bidders are asked to submit a Secretary Certificate as well.
- Select bidder type (Individual or Juridical/Company Bidder) and click proceed.
- You will then input your personal information. No need to input your Pag-IBIG MID Number. Be sure to double check the Business Telephone Number and its area code.
- After filling out the forms, you will be given a Reference Number. SMS will be sent once your application has been processed.
- Once you have been approved of your application, you can now log-in using your Buyer ID and shop for your dream property by adding it to your cart.
This initiative of the Pag-IBIG Fund is part of the efforts of the national government to digitize vital services to ease government transactions. (PIA-NCR)
