Selling property thru Pag-ibig

**papi smith** · May 6th, 2021 10:01 PM

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** · May 6th, 2021 10:11 PM

Originally Posted by 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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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** · May 6th, 2021 10:16 PM

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** · May 6th, 2021 11:03 PM

Originally Posted by 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

Sent from my Mi A1 using Tsikot Forums mobile app

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** · May 6th, 2021 11:14 PM

Originally Posted by 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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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** · May 7th, 2021 08:41 AM

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** · May 7th, 2021 09:01 AM

Originally Posted by carxynogen

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** · May 7th, 2021 09:34 AM

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** · May 7th, 2021 10:06 AM

Originally Posted by 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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I suggest you read the original post again.

**papi smith** · May 7th, 2021 10:07 AM

Originally Posted by Yatta

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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