UnionBank disposes of the properties it acquires by either of two means, negotiated sale or by way of property auctions.

In negotiated sales, offers to buy are solicited from potential buyers. These offers are then evaluated (by Asset Recovery Officers of Asset Recovery Group), and, where warranted, favorable recommendations are submitted for approval by the appropriate approving authorities.

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.

How is the process of negotiated sales carried out?

-Buyer submits a formal offer to buy using the standard form of Asset Recovery Group.

-Asset Recovery Officers of ARG then evaluate the submitted offer.

-The handling Asset Recovery Officer then prepares his recommendation to be acted upon by the appropriate approving authority.

-The offeror is then formally advised as to whether his offer was accepted (THROUGH A Notice of Approval) or denied.

How is the process of property auctions carried out?

-After registering with ARG via phone, interested auction participants are requested to be at the auction venue at least an hour before the start of the auction proper. This is to allow time for formal registration, and to be provided a copy of the rules and regulations for the auction.

-The auction participant will then be required to deposit with the registration officer(s) the required show money of P20,000.00 (in cash or manager’s check) per property.

-After a clarification of the auction rules and regulations are carried out, the auction proper starts. UnionBank auctions are conducted on an open cry basis, which means a bidder who wishes to make a bid does so with every other bidder present during the auction knowing how much one’s bid is.

-Pictures of each property to be bid out are then flashed on the video screen. Bidding starts at the published minimum bid price for the property. Minimum bid price is the same as floor price, and is also the same as the minimum bid price per the advertisement published in newspapers.

-After a winning/highest bidder emerges, the property being bid out is declared sold.

-An award certificate is then issued in the name of the winning bidder.

-On the basis of this award certificate, the winning bidder will then be required:

For related questions not covered in this FAQ, you may contact us via phone or email. (Unionbank)