Liquidated Housing Stock, stockpiled by Banks?

Ponder013

I recently placed an offer on a liquidation stock house in Cork. E.A. tells me he has three such offers on other properties as well. These offers now have to go to a 'Credit Committee', which deals with all ex-developer stock now ownded by the bank.

The offer is in since August, still no news from the Credit Committee, E.A. tearing his hair out - says he can't do business as half his listings are this type of property and all offers are taking months to be considered.

I find it very frustrating that in the current climate the bank is dragging its heels in selling these properties, are they trying to hold back these houses to avoid shocking the market?

House I made offer on is fully built and fitted, and has been standing idle for 3 years. My offer is about 1/3 of what the original boom guide price was.

I was wondering if anyone else has come across this situation.

Victor

I don't think any of the banks would be stockpiling at the moment, as the "shock" would come later, reducing prices even further. Better to have a trickle now to take of any potential pressure.

There may be some very real paperwork issues, e.g. the architect hasn't signed off on the certification as he hasn't been paid.

Some deep-pocketed speculators (not many of them Irish) may be stockpiling certain strategic properties.

Ponder013

Just to update,

I heard that these houses have now been taken off the market and handed over to NAMA - One has to wonder where the sense in this is?