A major local bank in the country, Philippine National Bank (PNB) has scheduled a public auction of acquired real estate assets located in Cagayan. Billed under their auction series "Basta Subasta," the auction proper is set to take place on Saturday, December 13, 2014, from 8:00 - 9:00 a.m. at 16 PNB branches in Region 2.
Among its acquisitions up for bidding, PNB has vacant lots, residential lots, agricultural lots, and residential-agricultural lots located in Cagayan, Isabela, Nueva Vizcaya, and Quirino.
At a minimum bid price of P13,485, the cheapest asset is listed as a “palay / corn land” measuring 899 square meters in lot area. Meanwhile, the most expensive acquisition is set at P4 million: a house and lot in Isabela, the property spans 937 square meters in lot area.
PNB advises bidders and interested parties to examine the property and verify its physical and legal conditions prior to the auction. Payment is accepted by cash or by installment. Bidders must prepare a 10% downpayment.
In a regular sale, bidders can avail of a fixed-rate interest of 6% for up to 5 years, or a fixed-rate interest of 8% for 5 to 10 years. Under the bank’s Pabahay Bonanza Program, properties costing P5 million and below can be paid with a fixed-rate interest of 6% for up to 10 years, or with a fixed-rate interest of 8% for 10 to 20 years. Bidders are required pay a 20% deposit under this program.
Brokers or referrers are advised to be present during the bidding to be eligible for commission.