INVITATION FOR PUBLIC BIDDING
The Home Development Mutual Fund(Pag-IBIG FUND) Davao Housing Hub–Committee on Disposition of Acquired Assets shall conduct a public bidding for the following acquired residential properties on April 7, 2014 9:00AM at HDMF Davao Branch Training Room,3rd Floor, Pryce Tower Condominium, Pryce Business Park JP Laurel Avenue , Davao
GENERAL GUIDELINES: PLEASE READ!!!!
1. Interested buyers are reminded to conduct an investigation and ocular inspection of the property/ies to determine its/their actual condition before the scheduled bidding.
2. Bidders are required to secure copies of a) INSTRUCTIONS TO BIDDERS; and
b) BID FORM from the Acquired Assets Management and Disposition Unit, HDMF Davao Housing Hub, 2nd Floor, Pryce Tower Condominium, Pryce Business Park, JP Laurel Avenue, Davao City.
3. Each bid shall be submitted in triplicate copies placed in a properly sealed envelope and addressed to the HDMF Housing Hub-Committee on Disposition of Acquired Assets at 9:00 AM on April 7, 2014 at the HDMF Training Room, 3rd Floor, Pryce Tower, JP Laurel Avenue, Bajada, Davao City immediately afterwhich, the said bids shall be opened in the presence of attending bidders.
4. All occupants of the foregoing acquired residential properties shall be given until March 31, 2014 to formalize their offer otherwise, the property they are occupying will be included in the bidding. Original borrowers/former owners may repurchase the unit through CASH or INSTALLMENT for 12 months only. Third party occupant may purchase the property through CASH, INSTALLMENT(12 months) or thru HOUSING LOAN; 1) provided that backrentals have been settled. and 2) provided further that, in case of purchase of the subject property through housing loan, the eligibility requirements under the existing housing loan guidelines are met as supported by the Membership Status Verification Slip (MSVS).
5. Each bid must be accompanied by a Pag-IBIG Fund Receipt (PFR) original copy, reflecting payment of the required TEN PERCENT (10%) minimum deposit computed based on the selling price. Such deposit shall form part of the winning bidder’s downpayment or shall be returned to the non-winning bidder without interest upon the completion of the public bidding.
6. The said TEN PERCENT (10%) minimum down payment may be paid on April 3-4, 2014.
7. The bidder who offers the highest bid shall be declared the winning bidder.
8. A tied highest bid shall be resolved by applying the following order of preference:
a) Cash Offer
b) Installment
c) Housing Loan
If there is still a tie, it shall be resolved immediately by an open bidding between/among tied highest bidders.
9. In case there is only one (1) complying bidder for a particular property, he shall be automatically declared as the winning bidder.
10. Properties shall be sold on an “AS IS WHERE IS BASIS” and the winning bidder shall take possession of the property without seeking assistance from HDMF Office upon signing of the contract.
11. No bid below the minimum bid price shall be accepted.
12. No property swap-arrangements shall be allowed as consideration for the sale of the property being offered.
13. Acquisition of Pag-IBIG Fund acquired properties may be purchased through CASH, INSTALLMENT for 12 months only(charged with the PREVAILING MARKET-BASED INTEREST) or through Pag-IBIG HOUSING LOAN, for Pag-IBIG member.
14a. The winning bidder shall be required to pay in full the remaining balance of the bid price within THIRTY(30) CALENDAR DAYS from the date of the receipt of the Notice of Award, if the mode of payment is through cash. On the other hand, the winning bidder shall be required to pay the one(1) year insurance premium within FIFTEEN(15) WORKING DAYS from the date of the receipt of the Notice of Award, where the mode of payment is through installment or shall be required to comply the housing loan requirements within FIFTEEN (15) WORKING DAYS from the date of the receipt of the Notice of Award if the mode of payment is through Pag-IBIG housing loan.
14b. The winning bidder who fails to pay in full the remaining balance within thirty(30) calendar days or fails to pay the required one year insurance premium within fifteen(15) working days or fails to submit/comply the housing loan requirements within fifteen(15) working days shall lose his right as the winning bidder. The ten percent (10%) deposit of payment shall be forfeited in favor of the Fund. Such amount shall be treated as liquidated damages and HDMF shall declare the next highest bidder as the winner.
15. Individual bid application shall be signed by the bidder himself or his duly authorized representative (supported by a Special Power of Attorney (SPA) while applications by a Partnership or Corporation, the officer duly authorized in a resolution adopted by the Partner’s or Corporation’s Board of Directors for the purpose (supported by a Secretary's Certificate). Bid quotation must be written both in words and in figures.
16. Prospective bidders are hereby enjoined to inspect for themselves the site, title and encumbrance, if any, to the real properties described above. Consequently, all bids shall be submitted under the condition that HDMF shall in no case be liable for breach of any or all legal or contractual warranties including among others, warranties against hidden defects and against evictions.
17. All expenses (government taxes and fees) incidental to the sale and transfer of ownership shall be for the account of the winning bidder, including the ejectment of squatters and/or occupants, if any, from the property, subject of the bid.
18. No addition to or deletion of the conditions stipulated herein shall be made by the bidder. HDMF reserves the right to reject any and all bids for non-adherence to its bidding rules.
19. The sale to the highest bidder shall be confirmed by the Pag-IBIG FUND COMMITTEE ON DISPOSITION OF ACQUIRED ASSETS.
HDMF RESERVES THE RIGHT TO REJECT ANY AND ALL BIDS, TO WAIVE ANY FORMALITY THEREIN, TO ACCEPT SUCH BIDS AS MAY BE CONSIDERED MOST ADVANTAGEOUS TO THE FUND OR TO CALL OFF A BIDDING PRIOR TO ACCEPTANCE, AND CALL FOR A NEW BID UNDER AMENDED RULES. THE DECISION ON THE BID IS FINAL AND BINDING.
