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Anyone Bought From NAMA?

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  • 22-05-2017 5:03pm
    #1
    seanwilliam444
    Registered Users Posts: 4 ✭


    Hi,

    I have made an offer to an estate agent on an apartment in a NAMA owned apartment complex (many of them are for sale) around the end of March. The estate agent has accepted my bid as the highest offer and as part of the process there will take no further bids and they have recommended my bid to NAMA. I have heard nothing in 2 months (probably to be expected).

    Questions:
    - Does anyone with experience know **roughly** the *average* turnaround time to complete finalisation? I know it varies, I know it depends but just a rough average would be a huge help.
    - Could they increase the price? I doubt it?
    - Any other potential stumbling blocks I haven't foreseen?

    NOTE:
    I have mortgage approval
    I have paid 5k deposit
    I have done valuation
    I have done survey.
    I have engaged a solicitor at the ready.

    Any insight would be much appreciated.


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  • Options
    #2
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    seanwilliam444 wrote: »
    Hi,

    I have made an offer to an estate agent on an apartment in a NAMA owned apartment complex (many of them are for sale) around the end of March. The estate agent has accepted my bid as the highest offer and as part of the process there will take no further bids and they have recommended my bid to NAMA. I have heard nothing in 2 months (probably to be expected).

    Questions:
    - Does anyone with experience know **roughly** the *average* turnaround time to complete finalisation? I know it varies, I know it depends but just a rough average would be a huge help.
    - Could they increase the price? I doubt it?
    - Any other potential stumbling blocks I haven't foreseen?

    NOTE:
    I have mortgage approval
    I have paid 5k deposit
    I have done valuation
    I have done survey.
    I have engaged a solicitor at the ready.

    Any insight would be much appreciated.

    Oh where to start.......

    It probably isn't Nama. It's probably a receivership sale. Nama don't normally sell individual properties. Nama has become an easy way to explain a complicated situation.

    I would be very concerned if approval hasn't come through after 2 months. Very.

    I'd be worried that the loan book has or is being sold in which case they will not approve your sale until new owner makes a decision.

    Best case scenario from experience, 2 months from receiving approval. I'd prepare for longer. I'd also be aware of your mortgage approval running out.

    Best of luck.


  • Options
    #3
    seanwilliam444
    Registered Users Posts: 4 ✭seanwilliam444


    Understood and thank you for your insights


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