Tuesday, July 21, 2015

PNB to auction more than 70 foreclosures in Northern Luzon

The Philippine National Bank (PNB) will hold a public auction of foreclosed properties in Cagayan, Isabela, Nueva Vizcaya, and Quirino provinces on Thursday, July 30, 2015. Auction proper starts at 2:00 p.m. at The Hotel Andrea, located at Don Jose Canciller Avenue, Cauayan City, Isabela.

Residential, commercial, and residential/commercial property as well as agricultural and vacant lots, among others, are available at the auction.

Properties up for auction include the following:

Type: Residential/Commercial
Lot Area: 6,937.42 sqm
Floor area: 3,619 sqm
Location: Delfin Albano, Isabela
Mininum Bid Price: Php11,000,000

Type: Commercial Lot
Lot Area: 1,620 sqm
Floor area: 165 sqm
Location: Delfin Albano, Isabela
Mininum Bid Price: Php2,862,000

Type: Residential Lot
Lot Area: 2,163 sqm
Floor area: 286 sqm
Location: San Miguel, Callang, Isabela
Mininum Bid Price: Php1,512,000

Type: Residential/Commercial
Lot Area: 1,124 sqm
Location: Ballesteros, Cagayan
Mininum Bid Price: Php860,000

Type: Lot Only
Lot Area: 2,199 sqm
Location: Purok 2, Solana, Cagayan
Mininum Bid Price: Php110,000

Type: Residential/Commercial
Lot Area: 814 sqm
Location: Aritao, Nueva Vizcaya
Mininum Bid Price: Php2,360,000

Type: Agricultural Lot
Lot Area: 4,136 sqm
Location: Saguday, Quirino Province
Mininum Bid Price: Php166,000

Approach your nearest PNB branch or refer to the PNB Website for the complete list of properties for bidding. Interested parties are advised to to abide by auction rules, guideline and procedures.

Winning bidders can pay via cash or by installment. Under a Regular Sale, interest rates are fixed at 6% for up to 5 years, or fixed at 8% for 5 to 10 years. For properties bought at P5 million or less, eligible under PNB's Pabahay Bonanza Program, interest rates are fixed at 6% for up to 10 years, or fixed at 8% for 10 to 20 years. The Pabahay Bonanza requires a 20% deposit from bidders. To know more about the Pabahay Bonanza, click here.

Bidders are advised to exercise due diligence and examine the physical and legal conditions of the property prior to the auction. Winning bidders must deposit 10% of the offer price, acceptable in cash or manager's check only. In the event that the winning bidder fails to comply with the specified payment terms, the deposit of 10% shall be forfeited as penalty.

For inquiries, contact PNB through the following channels:

PNB Special Assets Management Group - Customer Service
Trunklines: (02) 526-3131 to 80 / 891-6040 loc. 4713 / 4539
Email: properties@pnb.com.ph (Jho, Tania & Notch)

Regional Asset Management Center - Cauayan
Tel No.: (078) 652-1135 (Roman)
Email: manauisru@pnb.com.ph

Regional Asset Management Center - Santiago
Tel No.: (078) 305-2856 / 0917-507-7174 (Allan)
Email: cadangaad@pnb.com.ph


About Jay Castillo

Jay is the founder of Foreclosure Philippines where he shares real estate investing tips and foreclosed property listings. He quit his job as an I.T. Manager to focus on Real Estate Investing and Internet Marketing. He is a PRC licensed Real Estate Broker (REB License # 3194)

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