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Advice on NAMA property

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  • 12-08-2013 1:43pm
    #1
    Devi
    Closed Accounts Posts: 446 ✭✭


    Hi I’ve put an offer on a property that’s owned by NAMA that looks like its going to be accepted and I’m looking for advice on any pitfalls(if any) I should look out for from buying a house this way.

    Property has never been lived in so needs a bit of work to bring it up to a liveable standard so I suppose a survey should be my first port of call.


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    #2
    valleyoftheunos
    Closed Accounts Posts: 2,332 ✭✭✭valleyoftheunos


    Expect the sale o take longer than normal and mortgage approval may be difficult as NAMA won't give the usual warranties a developer or seller would give (eg Planning compliance, building regs etc.). Make sure you understand what condition the property will be in when you receive it and that you are satisfied with that.


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    #3
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    Devi wrote: »
    Hi I’ve put an offer on a property that’s owned by NAMA that looks like its going to be accepted and I’m looking for advice on any pitfalls(if any) I should look out for from buying a house this way.

    Property has never been lived in so needs a bit of work to bring it up to a liveable standard so I suppose a survey should be my first port of call.

    Viewed a couple of properties in recent months, similar situation to Devi's, was told by EA's on each occasion that offers, at indicated AMV would be referred to Liquidator, then onwards to NAMA and the expected turnaround for this would be 8-10 weeks ??? A bit sceptical of this myself :(


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    #4
    Devi
    Closed Accounts Posts: 446 ✭✭Devi


    Woodville56 wrote: »
    Viewed a couple of properties in recent months, similar situation to Devi's, was told by EA's on each occasion that offers, at indicated AMV would be referred to Liquidator, then onwards to NAMA and the expected turnaround for this would be 8-10 weeks ??? A bit sceptical of this myself :(

    Its BS Woodville, we are sale agreed(verbally) about 9 weeks now, deposit paid 6 weeks, havnt even got contracts yet. Are you sale agreed?


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    #5
    Woodville56
    Closed Accounts Posts: 1,643 ✭✭✭Woodville56


    Devi wrote: »
    Its BS Woodville, we are sale agreed(verbally) about 9 weeks now, deposit paid 6 weeks, havnt even got contracts yet. Are you sale agreed?

    Thanks for comment, inclined to agree with you, not sale agreed , haven't made a formal offer yet !


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    #6
    Devi
    Closed Accounts Posts: 446 ✭✭Devi


    Woodville56 wrote: »
    Thanks for comment, inclined to agree with you, not sale agreed , haven't made a formal offer yet !

    Sometimes im sorry I even got into the sale, but at the same time its quite a percentage cheaper than current prices, plus im not in a major hurry to move in till next year.


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