A Simple, Transparent Guide to Purchasing Bank Assets
Acquiring real estate through Rural Bank of Norala is a straightforward and secure process. Whether you are bidding on agricultural land, a residential lot, or a commercial space, our bidding framework ensures fairness, clear documentation, and total transparency.
All bank-acquired properties (Real and Other Properties Acquired - ROPA) are sold on an "As-Is, Where-Is" basis through sealed competitive bidding or direct negotiation.
Step-by-Step
1. Select & Inspect the Property
Due Diligence
Review our Available Properties inventory and conduct an actual site visit. Inspect the property's physical condition, boundaries, accessibility, and neighborhood.
2. Prepare Your Bid Documents
Document Preparation
Obtain an official Bid Form / Letter of Intent from the Rural Bank of Norala main office. Fill out your details, your proposed purchase price, and your preferred payment mode (Cash or Bank Financing).
3. Submit Your Sealed Bid
Main Office Submission
Place your completed Bid Form and a refundable Bid Security / Deposit (typically 10% of your offer) in a sealed envelope. Submit it to our Asset Management Committee at our main office before the specified deadline.
4. Bid Opening & Notification
Evaluation & Approval
The bank's Asset Management Committee reviews all sealed bids. The highest qualifying bid that meets or exceeds the bank's minimum floor price will be recommended for Board approval. You will be notified in writing of the results.
5. Payment & Deed Signing
Final Execution
Upon approval, pay the balance according to your agreed terms (Cash or Down Payment for Bank Financing) and sign the Deed of Absolute Sale or Contract to Sell.
Flexible Options Depending on Your Financial Preferences
| Payment Mode | Details & Benefits |
|---|---|
| Cash / Spot Payment | Pay the full approved purchase price within 30 days of approval. Special cash discounts may apply. |
| In-House Bank Financing | Pay a required down payment (usually 20% to 30%) and finance the remaining balance over 1 to 5 years via fixed monthly installments. |
Requirements for Bidders
When submitting your bid, please include copies of the following documents:
For Individual Bidders
- Fully accomplished Bid Form
- Copy of 2 valid Government-Issued IDs (e.g., PhilID, Driver's License, Passport, UMID)
- Proof of Income / Financial Capacity (e.g., Bank Statements, ITR, Farm/Business Records)
- Bid Deposit / Security check or cash voucher
For Corporations or Cooperatives
- SEC / CDA Registration Documents & Articles of Incorporation
- Board Resolution / Secretary's Certificate authorizing the representative to bid
- Valid IDs of the authorized signatory
Please Read Carefully Before Bidding
"As-Is, Where-Is" Basis
All properties are sold in their current physical and legal condition. Bidders are responsible for verifying titles, tax declarations, property boundaries, and occupant status prior to submitting a bid.
Right to Reject
Rural Bank of Norala reserves the right to reject any or all bids, waive formal defects, or accept the bid deemed most advantageous to the bank.
Refund of Bid Security
Unsuccessful bidders will have their bid security/deposit returned in full without interest following the evaluation period.