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Is it possible to buy directly from NAMA?

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  • 15-05-2015 1:21pm
    #1
    harry999
    Registered Users Posts: 614 ✭✭✭


    Hi When I look at the property for sale under nama - a lot of the property shows for sale on the search, but when go into auctioneers website it is long sold. Is Nama not updating its site when a property is sold ? Where would I get a list of nama property for sale as of today ?

    Is it possible to buy directly from nama or does everything nama sells be released to a local auctioneer so that markets value is achieved for the sale ?

    Thanks


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    NAMA's remit is to maximise the potential return for the taxpayer.
    They do not sell directly to the public (aside from anything else- the manpower that would be needed if they went down this road- would be prohibitive).
    If you go to any of the main estate agents (in the Dublin area anyway)- they are liable to have property on their books from any of a large number of estate agents- featuring NAMA property, bank repossessions, executor sales, BTL exits etc etc. Normally unless you are specifically told its a NAMA sale- it should be indistinguishable from any other sale.

    NAMA want the OMSP for their properties that are saleable (and they still have significant numbers that are not). So- sorry- nope, its a non-runner.


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    #3
    Victor
    Registered Users Posts: 78,423 ✭✭✭✭Victor


    There are two types of 'NAMA' properties.

    1. Those where NAMA merely holds the mortgage or other debt on the property. The property will still be owned and managed by the original owner. NAMA will be looking to ensure the property is well-managed (possibly including development and/or preparation sale), but will otherwise be largely uninvolved.

    2. Those where NAMA has called in the debt. NAMA will have more hands-on involvement, possibly through the appointment on a management agent, who may or may not be the original owner.

    In the first case, NAMA will direct any potential purchaser to the actual owner. In the second case, they will refer people to their estate agents.

    Unless you have €50m+(?) in cash, talking to NAMA isn't much use.


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    #4
    MouseTail
    Registered Users Posts: 1,663 ✭✭✭MouseTail


    As Victor said, the only people to buy direct from NAMA are Housing Associations or Investment Trusts who buy multi units.


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