Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Liquidated Housing Stock, stockpiled by Banks?

  • 05-11-2010 1:46am
    #1
    Ponder013
    Registered Users, Registered Users 2 Posts: 50 ✭✭


    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.
    Tagged:


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,490 ✭✭✭✭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.


  • #3
    Ponder013
    Registered Users, Registered Users 2 Posts: 50 ✭✭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?


Advertisement