DAVAO CITY ACQUIRED RESIDENTIAL PROPERTIES: Ciudad Esperanza and Elenita Heights Subdivision

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,  3^rd Floor,  Pryce Tower Condominium,  Pryce Business Park, JP Laurel Avenue,  Davao City.

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.