Union Bank Foreclosed Properties (Residential) Lot 48, Block 28, Geranium Street, Camella Dasma-PhaseII at The Island Park, Barangay Paliparan II, Dasmariñas City, Province CaviteUnion Bank Foreclosed Properties (Residential)

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₱1,525,000.00 , Lot Area (sq.m):  40

A Union Bank Foreclosed Property with a Minimum selling price of ₱1,525,000.00  in Das Marinas, Cavite

Property Id:

Address:  Lot 48, Block 28, Geranium Street, Camella Dasma-PhaseII at The Island Park, Barangay Paliparan II, Dasmariñas City, Province CaviteUnion Bank Foreclosed Properties (Residential)

Description: House and Lot

City: Dasmarinas

Province: Cavite

Lot Area:  36

Floor Area:  40

Minimum Bid: ₱1,525,000.00

Contact Details: Please Contact Union Bank Directly, http://unionbankph.com/personal/assetrecovery/properties

Remarks:

Appraisal Date:  NA

Bidding Location:

  • Union Bank

Batch Id:

Bidding Date:

Properties outside the bidding date may no longer be available so please contact Pag-Ibig for more details. Visit our main page for more info

Basic guidelines:

  1. How does UnionBank dispose of properties it acquires, whether by way of foreclosure or by way of dacion?
    1. UnionBank disposes of the properties it acquires by either of two means, negotiated sale or by way of property auctions.
      1. In negotiated sales, offers to buy are solicited from potential buyers. These offers are then evaluated (by Asset Sales Officers of Asset Recovery Group), and, where warranted, favorable recommendations are submitted for approval by the appropriate approving authorities.
        1. Offers to buy are submitted using the standard ARG form. Note that it is clearly spelled out in the form that:
          1. In the event the offer is accepted, transaction fees such as documentary stamp tax, creditable withholding tax, transfer tax, value added tax, and other taxes, registration fees, insurance premium and other incidental costs in connection with transfer of title into offeror’s name are to be shouldered by offeror.
      1. In property auctions, minimum selling prices are already pre-set for specific properties. This minimum selling price is then used as the starting point/floor price during auctions. Provided a bid is equal or above the minimum selling price, and provided further that there are no other competing bidders, the property for auction gets awarded to the highest bidder.
        1. How often does UnionBank hold property auctions?
          1. For properties located in Metro Manila and Luzon, and for high-value properties, auctions are held monthly. These monthly auctions are usually held on the last Saturday of each month, with the usual venue being at Sky Lounge 47th Floor of UnionBank Plaza, Meralco Avenue, Ortigas Center, Pasig City.
          1. For properties located in Visayas and Mindanao, UnionBank conducts quarterly auctions. To make it convenient for bidders/auction participants, auction venues are held where there is greatest concentration of properties to be auctioned off. As such, VisMin auctions have been held in Bacolod, Cebu, Davao and Cagayan de Oro.
        1. How does one get to participate in UnionBank’s property auctions?
          1. Those looking for properties to acquire may simply drop by at any UnionBank branch and obtain a copy of the list of properties (updated monthly) to be auctioned off. He/she may also click on this link: http://unionbankph.com/personal/assetrecovery/properties
          1. If a buyer finds a property interesting:
            1. He/she should (and is expected to/assumed to) conduct due diligence on the property. Due diligence simply means that the buyer finds out as much about the property as should be necessary before making a decision to buy.
              1. Physical due diligence means visiting the property itself to see first-hand what the condition of the property is, i.e., whether or not the property has a structure erected on the land, whether or not the property has squatters, whether or not the property is fenced, among others.
              1. Legal due diligence means determining whether or not there are annotations on the title to the property which indicate that there may be others parties claiming ownership of the property (e.g., adverse claim), or whether the property is currently involved in litigation (i.e., notice of lis pendens), or whether the property is mortgaged.
                1. As a principal means of conducting legal due diligence, a buyer should obtain directly from the appropriate Register of Deeds a certified true copy of the title to the property, and examine whether or not there are annotations registered on the title. If there are annotations on the title, consultations with lawyers may be necessary to fully understand the nature of the annotation found.
                1. If everything seems to be in order, the buyer should register himself as a bidder with Asset Recovery Group through phone, so that a seat may be reserved for him/her during the actual auction.
    1. How is the process of negotiated sales carried out?
      1. Buyer submits a formal offer to buy using the standard form of Asset Recovery Group.
        1. If the offeror is a corporation, the offer should be accompanied by a Secretary’s Certificate of a Board Resolution authorizing the offer, and identifying the authorized company signatories to sign the offer to buy.
        1. If the offeror is a partnership, the offer should be accompanied by a Partnership Resolution authorizing the offer, and identifying the authorized signatory to sign the offer to buy.
      1. Asset Recovery Officers of ARG then evaluate the submitted offer.
      1. The handling Asset Recovery Officer then prepares his recommendation to be acted upon by the appropriate approving authority.
      1. The offeror is then formally advised as to whether his offer was accepted (THROUGH A Notice of Approval) or denied.

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