NAMA auctions

SandTiger

As there will be a lot of nama properties going to auction over the next couple of years it would be benefical to have a thread detailing buyers rights and responsibilities in this scenario.

Is there one central location where these auctions are listed?

When a property is listed for auction by nama are they open to offers to purchase the property before the auction date?

Is it possible to get your own surveyors report prior to the auction or take their report or buy as seen?

How realistic have the reserves been to date?

There are reports of a lot of nama dublin city centre apartments going to auction before the end of 2011. As this is the hardest hit property type yet the bulk of these properties have not hit the market yet there should be 2 bed apartments going for c.80k in D2, D4 and the IFSC but so far the properties nama are holding back is keeping this property type overpriced while trying to maintain these prices by offering mortages at taxpayer expense. How do you see the release of nama properties affecting this market and where do you see it settling? Monthly rents on these properties is c.1.1k per month which is another byproduct of nama holding hundreds of empty apartments.

over what timeframe will nama sell the bulk of their properties?

how will the inevitable collapse in apartment prices affect the 3 bed semi-detached south dublin market where there seems to be a settling happening at the moment while also factoring in this is the main market the moriatorium is protecting and the people who have switched to interest only mortage payments while they wait to see what happens.

at the upper end of the market there are the prestigue houses that have been on the market approaching two years and have experienced a 60% drop to date but from crazy prices even at the height of the boom. They have a way to go yet but how long can they hold out as the market is only going one way.

insights appreciated.

mari2222

nama recently listed details of about 10% of what it controls - nama is pressuring the owners to sell these properties (nama does not own the properties as far as i know), so different auctioneers will be handling them.

You can have your own expert look at any property before auction, at your expense.

nama's proposal to "guarantee" a proportion of the property value suggests nama think properties may fall by that proportion, (was it 20%?).

Property market goes up and down - years ago I read something about a 30-year cycle. When the cost of borrowing is low, prices go up and vice-versa.

More important, is what you want a property for - there will be no more "flipping" for a few years - my guess is 5-10 years for the bottom to be reached and then some small upward movement but never back to the 1997-2007 figures.

If you want to live in it, the its value to you is what you "save" in renting, less cost of borrowings (plus the value to you of not moving etc) .........since you will always need to live somewhere the "price" does not matter much as you will live there forever or else trade at a particular market level on the cycle..........does this make sense?

SandTiger

True however I looked at the properties published in the name list on their website and they have not listed the majority of the apartments which allows for 2 bed apartments on the quays to still be asking €350,000 with a Management charge of €2,294. There is no value to be had in that for owner or investor.

mari2222

SandTiger wrote: »

True however I looked at the properties published in the name list on their website and they have not listed the majority of the apartments which allows for 2 bed apartments on the quays to still be asking €350,000 with a Management charge of €2,294. There is no value to be had in that for owner or investor.

agreed

AstonMartin

Is it possible to put an offer in for a property pending a surveyors report and if that shows up any problems after the offer has been accepted then the accepted offer can be withdrawn?

I dont mean a bid in an auction scenario but on an additional note is it common practice to get a surveyor to give the property a once over before the auction or do the auction houses discourage this?