Buying from NAMA

38 redwood

Saw our dream house some months ago. New Build (approx 5 yrs built but never sold or lived in). Put our own house on market which took a while to sell. In the meantime house we wanted was taken over by Nama. It went sale agreed months ago. We approached the EA as soon as our house went sale agreed. We asked the current situation with the house as it was ages since the "Sale Agreed" sign went up. He told us it was sold but contract has not yet been signed. We told him we were cash buyers and interested in the house but he refuses to discuss anything about the house or make enquiries. Is it usual for houses sold by Nama to take so long to complete the contract or is there another side to the story? Is it possible for an individual to get information from Nama. EA has a few other houses on the same estate to sell but the one we want and sale agreed has a superior site. We need to move out of here soon. We would be very disappointed if we buy elsewhere and then find the house we really want is back on the market. I know great bodies move slowly but if Nama take so long to get sale moving on 1 property God help us. Any advice much appreciated.

djmcr

Would you consider renting for a few months to see what happens with the house?

P. Breathnach

A couple of thing that I think you have wrong:
- You seem to believe that you can move in on a "sale agreed" situation. Most EAs and vendors will not entertain discussions with another prospective buyer when a sale has been agreed (and those that do are behaving dishonourably).
- I doubt if NAMA is slowing down the sale. There is simply nothing for them to gain by doing so. Purchasers sometimes slow down the completion of a sale, most often because they are having difficulty getting their funding sorted out.

While there is always a chance that the sale might fall through and the house come back on the market, I think it would be a bad idea to put your life on hold in case that happens.

engineermike

Hi,
I wouldn't say Nama are slowing down the sale - however there various receivers - in communication with the agents, omg - its like pulling teeth dealing with them, as has been the experience of a number of my clients buying from receiver sales.
Nama is quite a cagey org. - putting up a no. of firewalls around there operations.
A simple decision during a sale - has a number of levels of bureaucratic crap to go through before coming back to the agent. Where as a normal sale the agent rings the vendor, a request, offer - what ever is put to the vendor, and you get a call back that day or the next. Time lag in receiver sales goes to weeks.
Mike f

38 redwood

Thank you all for replies. P.Breathnach We would'nt dream of " moving in" or asking EA to gazump another party. The "Sale Agreed" sign has been on house for a very long time. We just thought EA could find out if buyer is definitly going ahead with sale. Our house contract was completed in 3 weeks and date for completion inserted. We would not have taken our house off market and waited 6 months or more for our buyers to complete. Most sellers would'nt. We could have put in an offer long ago if we had known Nama would'nt insert a completion date. We would not have made offers for houses while we were selling ours because we knew that would not be acceptable or fair to the seller if we hadnt out finances etc etc. in order. Reading other posts on Boards most people have loan approval before they even go looking.

P. Breathnach

Delays on completing a sale are not rare (although I recognise that some deals progress at a good pace). I sold two properties in the past year, using two different EAs. In both cases there were delays of far more than three weeks between going sale agreed and getting contracts signed. The reasons were different in each case, but I was reasonably optimistic that the purchasers could overcome the problems and conclude the deal (happily, my optimism was justified). I had a clear understanding with each EA that during the waiting period they would not talk to anybody else.

I think that is the normal and correct way of doing business.

38 redwood

So do we. Sale agreed for so long. Just wanted EA to ask a simple question ie is the buyer going ahead with sale. If they are we can accept it and move on but kicking ourselves we didnt put in an offer instead of getting all our ducks in a row first.

Dravokivich

From a mate's experience, his issue with a delayed purchase from a NAMA auction was with the property owner. So the problem you are seeing would not nessiciarily be due to the people attempting to buy it.

38 redwood

OK. Thank you. Different question. Where is the best place to advertise for a house in a particular estate?

engineermike

38 redwood wrote: »

OK. Thank you. Different question. Where is the best place to advertise for a house in a particular estate?

Contact local agents - if I actively wanted a property in a certain area /est - I'd ring all local agents and put them to work.
You might get a bit of - we have this property in neighboring est. etc- sales pitch when engaging with them - just be clear, name the estate and the requirement and that your not interested in other property.
mike f

PS - meanwhile your name is still on the book of the Nama agent, should the sale fall through, they are likely to contact 'cash' buyers that noted interest before others on the list

Ciaran32

We went sale agreed when we paid our deposit in early August 2014.we submitted a snag list and engineers report mid August with very my minor things to be done.
To date we have not received confirmation that the items on our snag list will complete.
We have not received our contracts.
the ea tells us that the the receiver is extremely slow to respond to queries but this takes the biscuit.
We are not sure where we should go with this our solicitor has sent numerous mails to the ea and the receivers solicitor.
Should we contact the receiver directly or nama?

r.fitzgerald3

Hi Ciaran32

I was glad to see a recent post about purchasing from NAMA as thats what we currently are doing. We went sale agreed in Oct 2014, paid a 5% in Feb 2015 and only received the contracts June 19th 2015. There was a letter with the contracts from the vendors solr stating that if the sale wasn't completed by 30th June 2015 we would lose the house. Obviously the sale wasn't completed and I am now terrified that we've lost the house even though this hasn't been communicated to us. Is this normal?

In relation to the snag list I have heard of that list holding up the sale by as much as four months. There is a lot wrong with the house that we purchased however we decided to bear the cost of it instead of delaying the sale. If I was you (unless the snags are costing a lot to fix) I would forget the list and sort it yourselves.

hope this helps