Selling property thru Pag-ibig

[papi smith]

Has anyone here sold their property thru Pag-ibig? Mine has already been appraised and is waiting for the result. They say that if approved, Pag-ibig will release a letter of guarantee to the seller and only receives payment after the buyer has transferred the title into it's name but mortgaged to Pag-ibig. My question is aside from the letter of guarantee, did you request for anything more from the buyer to assure the faithful implementation of the process?

I am simply uncomfortable handing out my title and having it transferred to the buyers name before getting paid.

Any advice mga ka-tsikot? Thanks


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[shadow]

Has anyone here sold their property thru Pag-ibig? Mine has already been appraised and is waiting for the result. They say that if approved, Pag-ibig will release a letter of guarantee to the seller and only receives payment after the buyer has transferred the title into it's name but mortgaged to Pag-ibig. My question is aside from the letter of guarantee, did you request for anything more from the buyer to assure the faithful implementation of the process?

I am simply uncomfortable handing out my title and having it transferred to the buyers name before getting paid.

Any advice mga ka-tsikot? Thanks


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Ganyan talaga experience ko lang before sa kotse meron bumili pero na loan sa bank so ganun din Letter of guarantee then transfer muna ownership to the bank nagbayad naman.


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[EQAddict]

Wow giving your title away and having it placed in the buyers name already..... without payment is a red flag.

Find another buyer.

Not worth the risk imho.

The title will be in the buyers name before you even receive payment? How is that even possible? The buyer will have to pay transfer taxes, fees, show the deed of absolute sale etc. Basically wala ka ng hawak literally and figuratively.




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[Yatta]

Has anyone here sold their property thru Pag-ibig? Mine has already been appraised and is waiting for the result. They say that if approved, Pag-ibig will release a letter of guarantee to the seller and only receives payment after the buyer has transferred the title into it's name but mortgaged to Pag-ibig. My question is aside from the letter of guarantee, did you request for anything more from the buyer to assure the faithful implementation of the process?

I am simply uncomfortable handing out my title and having it transferred to the buyers name before getting paid.

Any advice mga ka-tsikot? Thanks


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AFAIK Pag-Ibig will be the guarantor to you. Pag-Ibig will pay you fully, the other party will be paying Pag-Ibig (installment). If the latter doesn't pay up, thats the former's problem. You are already paid. Thats how housing realty works if you go through PAG-IBIG.

[carxynogen]

Wow giving your title away and having it placed in the buyers name already..... without payment is a red flag.

Find another buyer.

Not worth the risk imho.

The title will be in the buyers name before you even receive payment? How is that even possible? The buyer will have to pay transfer taxes, fees, show the deed of absolute sale etc. Basically wala ka ng hawak literally and figuratively.




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It's also the same for the buyer.
Your handing out cash to seller before the title will be transferred to you.
Nasa buyer na yung cash pero hindi pa na transfer.
May risk pa na if hindi nagchecheck ang buyer if may other claimants, bye-bye cash.

Kaya nga safe if thru loan (bank loan or pag-ibig) yung transaction.
Kasi assured na mag hand-out talaga ng cash si bank/pag-ibig to seller.
Also assured din si buyer since if may problem yung title, hindi talaga ma hand-out to seller yung cash hanggang hindi ma clear lahat.

Yung disadvantage lang ng pag-ibig compare to bank is that matagal magrelease ng cash to seller si pag-ibig compare to bank.

[papi smith]

Boss Carxy, would you know how long Pag-ibig usually release the payment after all requirements have been submitted by the buyer?

Btw, buyer already has an approved loan of 90% from a bank, but sa tagal ng bank mag approve, they also submitted na lang sa Pag-ibig, now they have info daw that the appraisal will actually be higher than my selling price so they decided to wait for Pag-ibig. My question is, will Pag-ibig release a 100% loan? No equity on the borrower's side? Yan ang wish ni buyer kasi. Also, Pag-ibig loan approval is due to be released anytime soon daw.

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[Yatta]

It's also the same for the buyer.
Your handing out cash to seller before the title will be transferred to you.
Nasa buyer na yung cash pero hindi pa na transfer.
May risk pa na if hindi nagchecheck ang buyer if may other claimants, bye-bye cash.

Kaya nga safe if thru loan (bank loan or pag-ibig) yung transaction.
Kasi assured na mag hand-out talaga ng cash si bank/pag-ibig to seller.
Also assured din si buyer since if may problem yung title, hindi talaga ma hand-out to seller yung cash hanggang hindi ma clear lahat.

Yung disadvantage lang ng pag-ibig compare to bank is that matagal magrelease ng cash to seller si pag-ibig compare to bank.

Also even if naka-pangalan na sa "buyer" yung title, hawak pa rin ng PAG-IBIG as well as Registry of Deeds yung title dahil mortgaged yan. Parang car loan, yes naka-pangalan sa iyo yung kotse, pero yung orig CR nasa banko at encumbered sa RoD.

[TsekwangBakla]

Mas safe yan na sa HDMF ang guarantor. Mababayaran ka sigurado. Maayos kausap ang HDMF, mas maayos kumpara sa banko.

Hindi talaga ire release ng HDMF ang bayad hanggang hindi nalilipat sa borrower nila kasu yung property ang kanilang prenda sa nangungutang.

[Lew_Alcindor]

Wow giving your title away and having it placed in the buyers name already..... without payment is a red flag.

Find another buyer.

Not worth the risk imho.

The title will be in the buyers name before you even receive payment? How is that even possible? The buyer will have to pay transfer taxes, fees, show the deed of absolute sale etc. Basically wala ka ng hawak literally and figuratively.




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I suggest you read the original post again.

[papi smith]

Also even if naka-pangalan na sa "buyer" yung title, hawak pa rin ng PAG-IBIG as well as Registry of Deeds yung title dahil mortgaged yan. Parang car loan, yes naka-pangalan sa iyo yung kotse, pero yung orig CR nasa banko at encumbered sa RoD.

So I guess, instead of handing over the title to the buyer, ako na mismo mag process ng transfer to make sure na naka annotate in favor of Pag-ibig?

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[tarzegetakizerd]

So I guess, instead of handing over the title to the buyer, ako na mismo mag process ng transfer to make sure na naka annotate in favor of Pag-ibig?

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hindi ba dapat pag-ibig ang magmove diyan? bakit ihandover agad sa buyer?

[Yatta]

So I guess, instead of handing over the title to the buyer, ako na mismo mag process ng transfer to make sure na naka annotate in favor of Pag-ibig?

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Pwede pero its too much of a hassle for an individual seller. Realty sellers/developers do that, but then they handle a large number of transactions, sanay na sila diyan. Let PAG-IBIG handle the nitty-gritty.

[TsekwangBakla]

Hindi gagawin ng Pag Ibig yung paglilipat nyan. Hindi nila trabaho yun.

[papi smith]

Yun na nga, buyer is given 90 days to process documents, mainly Title and annotation of mortgage (step 4)

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[Yatta]

Yun na nga, buyer is given 90 days to process documents, mainly Title and annotation of mortgage (step 4)

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Well let them take care of it.

[Dr.Kamiya]

But if you don't trust the buyer there's really no recourse except to do the legwork yourself.

[papi smith]

But if you don't trust the buyer there's really no recourse except to do the legwork yourself.

Yes, that's the downside, I am hoping that maybe someone here has undergone the same and have used certain safeguards. I guess, i'm paranoid with these kind of procedures. Normally kasi, when I sell something, i insist that the seller pays me first. Eto, kulang na lang sa kanya, physical possession

[misseksaherada]

Yes, that's the downside, I am hoping that maybe someone here has undergone the same and have used certain safeguards. I guess, i'm paranoid with these kind of procedures. Normally kasi, when I sell something, i insist that the seller pays me first. Eto, kulang na lang sa kanya, physical possession

Hi Sir Papi, ako po buyer na under Lot Loan sa bank hindi pag-ibig.. Same process po, pero since lot lang ang loan ko 80% lang po yung pinahiram ni Bank (kapag house and lot po 90% ata ang pwede i-loan)..
Yung processing po ng transfer of title depende po sa usapan nyo ni Buyer..
Sa case ko po, ako po (buyer) lahat nagbayad.. Siguro mga naka 300K din ata ako nun sa processing, taxes at iba pa.. Pero meron po ako licensed broker.. Sya na po naglakad for me ng papers, binayaran ko na lang po yung service nya..
And yes po, na-transfer na sa name ko agad ang Title bago po irelease ng bank yung pera sa seller...
Sa POV ko po, safe po both sa seller and buyer kapag loan sa bank or pag-ibig.. Si seller panigurado po na makukuha nya ang full na bayad.. Si buyer naman po meron sya guarantee na clean ang title at nasa pangalan nya na agad..

[papi smith]

Thank you for sharing Ms Eks! [emoji4]

Edit add: How much ang bayad sa service?

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[carxynogen]

Boss Carxy, would you know how long Pag-ibig usually release the payment after all requirements have been submitted by the buyer?

Btw, buyer already has an approved loan of 90% from a bank, but sa tagal ng bank mag approve, they also submitted na lang sa Pag-ibig, now they have info daw that the appraisal will actually be higher than my selling price so they decided to wait for Pag-ibig. My question is, will Pag-ibig release a 100% loan? No equity on the borrower's side? Yan ang wish ni buyer kasi. Also, Pag-ibig loan approval is due to be released anytime soon daw.

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Best case boss is 6 months but usually may umabot na 1 yr.
This research I made was from 2015 or below though.
Not sure if may nagbago na.