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Buying from NAMA/Receiver?

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  • 20-11-2015 10:24pm
    #1
    Redgirl82
    Closed Accounts Posts: 1,252 ✭✭✭


    Hi

    I was wondering if someone would know, viewed a house today and want to buy. I talked to the agent and she says it is owned by receiver, she mentioned NAMA. Anyway she said they would not accept offer on house unless you had cash ready, does anyone know if this is true?

    I need to sell to buy the house so it wanted to put offer on based on selling my house. She said we couldn't do that....

    Could that be correct? or should I still make an offer and see what happens?

    Thanks


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    #2
    Balmed Out
    Registered Users Posts: 4,716 ✭✭✭Balmed Out


    Didnt notice thread at the time. Many receiver sales may be cash only if there is an issue with title, certificates of compliance etc as a bank wont give anyone a mortgage.


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    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    There are severe issues with being in a chain in Ireland- typically- a prospective seller may seek a forfeitable bond in addition to the refundable deposit, upfront- if a prospective purchaser goes down this road.

    Property is increasingly difficult to shift- because prospective purchasers are having issues raising finance. No genuine seller- is going to willingly entertain a prospective purchaser in the current climate- unless that person has something to loose if the (if you'll excuse the pun) house of cards falls down- through lack of finance.........

    Blame the comments from the Central Bank- where they said they would assess how the lending rules are working, later this year. Essentially- they have killed the market- until such time as whether or not there are changes to the rules- becomes clearer.

    Its far from unusual for a property to go sale agreed- 5-6-7 times in the current climate- only for it to fall through, as the prospective purchasers can't access the finance they imagine they have at the beck and call. Selling to someone in a chain- simply means you have double exposure to this uncertainty.


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    #4
    Butters1979
    Registered Users Posts: 1,164 ✭✭✭Butters1979


    If that's what the agent said then it is most likely correct. If it's NAMA they are not necessarily interested in a protracted sale that might not happen.

    Having said that, you have zero to lose by giving an offer anyway. The worst thing that happens is they say no, it will at least force them to think about it.


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    #5
    wonka
    Registered Users Posts: 89 ✭✭wonka


    currently going through a NAMA sale.
    Asking price wasn't accepted (as they knew a few propertys in the vicinity went above asking price recently)
    Bid against ourselves (+10%)
    Offer accepted
    month later got the contract.
    Our solicitor request is now with them for around 2 weeks so we're waiting on that.
    Point to note on a receiver/NAMA sale is that they accept no responsibility for any subsequent issue found with the property (subsidence etc), so we ensured that any potential issues in the engineers report were followed up on.


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