Buying a NAMA property - always a slow sale?

Lucy B

Few houses in a previously unfinished estate that we are interested in. Estate has been finished now but this has taken years. Houses selling very cheaply, and when something sounds too good to be true.....it normally is. We have checked namas website and they aren't listed on it, but we feel that they are nama.

So, if you go in and offer the AMV pricethat they have listed, would it be a quicker sale? Are these sales always drawn out? Is there such a thing as a straightforward nama sale? Last thing we want to be doing is hanging on months for a sale to complete.

And why are these sales always so slow? Surely it's better for all concerned to do it at normal pace rather than dragging it out?

Thanks

the_syco

Lucy B wrote: »

And why are these sales always so slow? Surely it's better for all concerned to do it at normal pace rather than dragging it out?

Instead of you and vendor, it's you and bank board who may only meet once a month. And the bank board have a price that they'll sell at, but if they think they can get a higher price, they'll do so with a heart of stone.

From other threads, it can take months to over a year to complete the sale.

Uno my Uno.

they are probably receiver or bank sales rather than Nama. the process can be very slow taking months to have an offer accepted and then months again to get to contracts signed and the purchase closed. Several posters around here have reported that the process from bid to keys took over 12 months.

simpson80

hi there.
Just received our keys last week to a bank property. we had started bidding in June, sale agreed in September, contracts arrived and were ready to sign in January.
all in all it was a nightmare even though we had been warned beforehand.
do not enter this process unless you have plenty of time to wait around and also you'll want all the patience in the world.
flipside of this is we now have our home and got it at a great price.

best of luck.

Uno my Uno.

simpson80 wrote: »

hi there.
Just received our keys last week to a bank property. we had started bidding in June, sale agreed in September, contracts arrived and were ready to sign in January.
all in all it was a nightmare even though we had been warned beforehand.
do not enter this process unless you have plenty of time to wait around and also you'll want all the patience in the world.
flipside of this is we now have our home and got it at a great price.

best of luck.

Fair play for sticking at it, 3 months just to have an offer accepted is ludicrous. If the banks are serious about turning their loan books around they will have to get serious about making the sale process work properly.

simpson80

believe me there were a couple of times where I was very close to pulling out of the sale but had to try keep it out of my mind slightly.
worked out in the end but would never try buy a property like this again.

Lucy B

Thanks for replies, think we will leave it alone alone so and stick to our original plan, shame as price was so good!!!!

Still think that they should have a speedier process for this. It would surely save hassle for the bank?

skerries43

Hi there,

I feel your pain. We're trying to buy off nama and it's painfully slow dealing with them. Are sale eventually went to a receiver who is very help and wants to close the sale ASAP. So basically went sale agreed on July 2014 and signed 1 contact that now null and void due to builder been bankrupt after we signed. So we only getting the new contract next Tuesday so it's been a full year dealing with nama and it's very slow