NAMA / re-possessed

obi604

Hi

Is there a listing anywhere of houses that have been taken over by Nama or re possessed by a bank.

Just from a buying point of view.

I see some houses around in decent areas that have other people in the area (so not ghost estates etc ) and that are only a few years old and just lying derelict .......can't understand why not for sale or rent.

TheDoc

obi604 wrote: »

Hi

Is there a listing anywhere of houses that have been taken over by Nama or re possessed by a bank.

Just from a buying point of view.

I see some houses around in decent areas that have other people in the area (so not ghost estates etc ) and that are only a few years old and just lying derelict .......can't understand why not for sale or rent.

From three friends who had this idea, and bought houses from banks via repossessions, they said it was one of the worst experience fathomable, and each group throughout the process got indications from solicitors that banks were absolutely horrendous to deal with regarding property.

In all three cases the banks involved were looking for way over the evaluations, just because it was the credit they put out in the first place. (mortage). Remember banks have a lot of reserves behind them, so they are in no real rush to sell at the moment, with prices rising also, every day that goes by without any plans or actions from Government, is them getting closer to reclaim their original credit line.

In all three instances after vigorious negotiations, all three parties cut lose and went elsewhere.

I've one friend who did get a house from the banks and while it was again an absolute chore, he was a little more knowledgeable being a solicitor himself while also being a company exec, and faired better in negotiations. He got it at a severe discount, and after living there for a few years hating it, sold it for profit recently.

obi604

Doc

Thanks for taking the time to reply. So sounds like its a pain in the proverbial.