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Nama Selling House - Issues

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  • 08-08-2014 5:10pm
    #1
    gismoet
    Registered Users Posts: 31 ✭


    I have put an offer in on a house. I am highest but as Nama are selling the house they are dragging their heels. For weeks I was unable to get any agreement from Estate agents as to whether (the seller) are accepting the offer.

    I have now been told that NAMA now want to revalue the house , as maybe they are selling too cheap !!!LOL. The house is only worth what someone will pay for it and what NAMA think its worth.

    Is this typical behavior from Nama - Anyone else manage to complete a House sale where NAMA was the seller.


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    #2
    TheDriver
    Registered Users Posts: 12,426 ✭✭✭✭TheDriver


    its probably the receiver handling that particular estate is doing this as NAMA gives the responsibility to these guys. We rent off NAMA but its the receiver makes all the decisions. Maybe you could contact them?


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    #3
    macnug
    Registered Users Posts: 619 ✭✭✭macnug


    Yea I bought off nama, expect the sale to take ages, mine took about 10 months. If I was to do it again I would put a time limit on the sale and if they don't complete don't hesitate to pull out.


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    #4
    Eldarion
    Registered Users Posts: 484 ✭✭Eldarion


    The market is clearly seeing house prices on the increase. Your "time limited" offer will be laughed at unless it's considerably over the current asking price.

    OP, NAMA has been hoarding properties in severe negative equity for close to 5 years now. I would say it's very much typical behavior from NAMA, they are under no pressure to move their stock in such small time frames. If they speculate that they can hold on to a property another year and see a further 10%-15%+ increase in the selling price then it's probably in their best interest to do so.

    I'm unfortunately getting the impression you've taken the "all your eggs in one basket" approach to house buying. This puts all the power on the seller's side, you need to shortlist at least 5 properties that you're satisfied with a put bids in against each of them, this will allow you to convincingly "walk away" from the bargaining table should you feel any of the sellers are taking the proverbial.


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    #5
    TheDriver
    Registered Users Posts: 12,426 ✭✭✭✭TheDriver


    true but if you are sale agreed, you are putting the eggs into the proverbial basket at that stage because you want to progress with that property. Frustration occurs when contracts etc are delayed. However once NAMA agrees sale, I would think they are happy with the price and rather its a lack of will to close the sale at that stage.


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    #6
    Eldarion
    Registered Users Posts: 484 ✭✭Eldarion


    TheDriver wrote: »
    true but if you are sale agreed, you are putting the eggs into the proverbial basket at that stage because you want to progress with that property. Frustration occurs when contracts etc are delayed. However once NAMA agrees sale, I would think they are happy with the price and rather its a lack of will to close the sale at that stage.

    I agree completely. However, OP states he has simply put in an offer and is not Sale Agreed.


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