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buying a property from NAMA

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  • 31-01-2011 11:39am
    #1
    eager1
    Closed Accounts Posts: 2 ✭


    Hey i'm looking to expand my business and heard that I may be able to purchase property that was taken over from NAMA. Does anyone know how to go about approaching them? Or who is it that I need to contact to start the process?
    Tagged:


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    #2
    listermint
    Registered Users Posts: 33,750 ✭✭✭✭listermint


    I highly doubt you can purchase property direct from NAMA, the property more than likely is held in some legal aquisitions process. Do you know NAMA hold the deeds or is the property in fact held by one of the finanical institutions.

    Im sure you will have to first start on some relevant deeds checks with the local authorities before proceeding with any official contact.

    Incidently also try here, info@nama.ie


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    #3
    eager1
    Closed Accounts Posts: 2 ✭eager1


    Thanks Listermint. The only info i have is that the property would be held by either Anglo Irish or Bank of Scotland. I just can't seem to get any further information on who to contact. I have a particular section of property in mind and it may be split up therefore could be under either bank. The local auctioneers don't know much about it either.


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    #4
    ssbob
    Registered Users Posts: 2,736 ✭✭✭ssbob


    DO you know who orignally owned the property? I know that in the estate I live in, the auctioneers are still selling the popertys on behalf of the original owner, even though all of his assets are involved in NAMA( I would actually say though that any proceeds would go directly to paying off any secured creditors ie. NAMA and not to the owner)


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    #5
    DubTony
    Registered Users Posts: 3,268 ✭✭✭DubTony


    NAMA doesn't buy property, it buys loans. It's not a property holding organisation. Most of the loans on NANA's books are in the name of the people or companies who took out the loan. The only way to buy them is to contact the owner or watch out for the FOR SALE signs going up.

    OP, you say that the property is held by a bank. If this is the case, it shouldn't be in NAMA (if my assumption of what NAMA is is correct). NAMA bought the loans and the people / companies who took out the loan still repay that loan, but to NAMA instead of a bank. If a bank has repossessed the property, the chances are it was never NAMAfied.


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    #6
    kol1965
    Registered Users Posts: 16 ✭kol1965


    I was under the impression that NAMA have a list of Approved Auctioneers on their books. i would guess this is the first place to look.
    I know Sherry Fitzgerald are on of the approved batch. I am sure there are many more, depending upon the property segment and area.


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    #7
    taizy
    Closed Accounts Posts: 5 ✭taizy


    yes -
    NAMA doesn't buy property, it buys loans. It's not a property holding organisation. Most of the loans on NAMA's books are in the name of the people or companies who took out the loan. The only way to buy them is to contact the owner or watch out for the FOR SALE signs going up.
    I have been in touch with NAMA in a search to find someone responsible for the care of an Historical property (the former Humes Street Hospital) which has been seriously neglected and vandalised - they won't reveal whether they have taken over the loan, and the owner is still responsible.

    If property is to be sold, the process is to be transparent..... from http://www.thepropertypin.com/viewtopic.php?f=50&t=32829

    "NAMA has produced codes of practice including one for the disposal of assets which says that it will comply with the Codes of Practice for the Governance of State Agencies (2009) - link at bottom which says"
    "18.1 The disposal of assets of State bodies or the granting of access to property or infrastructure for commercial arrangements e.g. joint ventures with third parties, with an anticipated value at or above a threshold level of €150,000 should be by auction or competitivetendering process, other than in exceptional circumstances (such as a sale to a charitable body). The method used should be both transparent and likely to achieve a fair market-related price. The anticipated value may be determined either by a reserve price recorded in advance in the State body’s records or by a formal sign-off by the Board on the advice of the Chief Financial Officer (CFO) or, if delegated by the Board, sign-off by the CFO or the Board Audit Committee, that, in its view, the anticipated value is likely to be less or greater than €150,000. In determining market value, regard should be had to accounting standards best practice in Ireland. Compliance with use of Auction or Tendering Requirements"
    this is in page 23 of this document
    http://www.onegov.ie/eng/Publications/New_Code_of_Practise_for_State_Agencies.pdf


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