Wazzup Pilipinas!
To prepare interested participants of the most-anticipated
activity set to happen at the Lamudi Housing Fair on November 18 to 20,
property portal Lamudi
Philippines listed down some basic guidelines for the property
auction. Led by partner banks RCBC Savings Bank and Philippine National Bank
and My Saving Grace Realty & Development Corporation, the property auction
will showcase hundreds of properties that can be taken home by the highest
bidder.
Ramil Alquileta, owner of MSGRDC, a brokerage that
specializes in property auctions and foreclosed properties, shared important
reminders for the public to be ready with the basic requirements when attending
an auction.
Proper Identification
and Show Money
As with any other public events, aspiring bidders in a
property auction need to bring all legal identifications that he or she can
provide. Government-issued ID’s with signature and picture is a must. Prior to the
start of the public auction, a bidder needs to present his or her name and a
valid ID. Subsequently, a paddle to bid will only be given upon registration
and deposit of show money. The required show money per property varies on the
bidding amount that you wish to place. For Php1 million and below minimum bid
price per property, a show money of Php10,000 is required while for Php1
million and above, a Php25,000 show money per property must be deposited. This
can be in the form of cash or Manager’s Check.
For winning bidders, the show money will be considered as a
reservation fee and will be deducted to the total price that they will pay. On
the other hand, unsuccessful bidders will get their show money back.
For bidders who cannot be physically present during the
auction proper, an authorized representative may stand on his or her behalf.
The authorized representative on auction day must submit a Letter of Authority
signed by both the Bidder and the Representative. For signature verification
purposes, the Representative must likewise present photocopies of the Bidder’s
valid government issued ID with a clear imprint of the Bidder’s signature.
Bidding Rules and
Regulations
The bidding is presided over by a representative of the
Selling Entity or owners of the properties subject for bidding. An auction
officially starts when the selling entity announces the minimum bid on a
particular property. The price will then progressively increase following the
standard increment for others to challenge until such time that only the
highest bidder remains.
Upon the fall of the hammer, the selling entity will
announce the paddle number of the winning bidder, likewise, the selling entity
reserves the right to reject any or all bids for whatever reason it deem fit.
After winning the bid, an Award Certificate will be given to the winner bearing
the name, amount and description of the property.
After the issuance of the Award Certificate but before
execution of Contract to Sell, the selling entity shall conduct whatever investigation
(i.e., court case checking, credit investigation, etc.) over the winning
bidder. Should there be negative findings that the Winning Bidder did not
disclose, the selling entity has the right to cancel the Award Certificate and
forfeit any amount paid.
Tips and Advice
Other documents such as Marriage of Certificate (if
applicable) and valid Community Tax Certificate will also come in handy to fast
track your papers in case you are the highest bidder. It will also be helpful
if you can bring financial documents, such as Certificate of Employment and
Income or pay slip issued in the last three months, Income Tax Return (ITR) and
bank statements.
In addition, Alquileta also recommended that studying the
properties before participating in the actual bid is crucial and necessary,
after all big financial decisions such as home-buying requires due diligence.
Lamudi
Philippines and partner MSGRDC will showcase some of the 15,000
foreclosed properties that they manage and will offer it for auction to the
public at the Lamudi Housing Fair on November 20. On the other hand, RCBC will
conduct its property auction during the Housing Fair on November 18, while PNB
on November 19. All auctions will start at 2 p.m.
Take advantage of the property auction only at the biggest
housing event in the country this 2016. Apart from the auction, the Lamudi fair
will also feature the widest selection of properties and offer exclusive
discounts to homebuyers and property investors. Investment and homebuying
seminars and virtual reality application in real estate can also be learned and
enjoyed at the fair.
For more information, visit
www.lamudi.com.ph/housing_fair/
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
