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NAMA and Repossessed Properties

  • 09-11-2010 7:13pm
    #1
    johnnyjb
    Registered Users, Registered Users 2 Posts: 366 ✭✭


    Hi im wondering will we ever see the nama properties and even repos flooding onto the market, and if so will it make it better value for people as FTB

    Ive read http://www.irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html

    Will/Could the banks reposess thousands of houses on top of the ones lying idle.

    Theres something new coming to light everyday and its really mind boggling trying to make a proper guess when to get into the property ladder.( i wont even think about it for 1 yr min) I suppose no one said it was gonna be easy


Comments

  • #2
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Did Morgan not answer you in that article? Yes, there has been a huge delay in properties flooding the market due to mortgage holidays/moratoriums. Thats why there has been no mass repossessions hence no flood.(along with NAMA).

    You say its mind boggling, I agree. But I add, you should only buy on whats it worth to you. At the moment, I see little to no value out there and that makes my decision on not to buy yet, impending mass mortgage default crisis or not. I'll buy when I see value for money, shouldn't that dictate your decision?


  • #3
    dan_d
    Closed Accounts Posts: 2,819 ✭✭✭dan_d


    It's unlikely there will be mass repossessions.

    Empty houses are no good to the banks, particularly if they are going to sell way below what's owed on them. They're better off to keep someone in it, and let the keep paying off as much as they can manage towards their mortgage.

    Why is this a factor in your decision to get into the property market? It shouldn't be. About the only factor you should be considering is whether you can afford a mortgage, and whether your income is secure enough to to afford a mortgage long term. Fire sales should really be the least of your worries. If you take your time in looking you can get a good deal now too, should you decide to go that way.

    I should also add that you should forget this "property ladder" thing - buy a house you can live in long term, with a family, if needs be, and not one that you'll have to consider selling in 2/3 years time, for something bigger (assuming you decide to buy).


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