Hi we have offer accepted on a house under the control of NAMA. The auctioneer has warned however that this will not be a normal sale and may take normal than longer. Does anyone know anyone who has bought a house NAMA/Their receivers through an auctioneer? Any stories advice appreciated.
Buying house from NAMA?
- Thread starter ger1983
- Start date
Yes, I've acted in a few Nama purchases- my experience is that it takes a relatively normal period to purchase but of course it depends on whether all the paperwork on the Vendors side is in order. In short, you won't know for sure until your solicitor receives title and contracts.
Hi recently bought a Nama property and we are in the final stages. Took a bit longer than normal because contracts have to go from your solicitor to receivers solicitor, to the receiver, to Nama then back again! Alot more middle men then a normal sale but should be fine! We signed contracts before Christmas but were only returned to our solicitor yesterday!
I've had two friends who tried and failed to buy from NAMA.
In the first case the person was buying a townhouse in an apt. complex and there was a dispute over the title to a right of way to from the townhouse. The issue was not being resolved and so my friend pulled out - after about 4 months of frustration.
In the second case the couple were buying a house in a development. The process stalled as apparently the builder who had his loan transferred to NAMA was still in dispute with them, so NAMA were hesitant to proceed with the sale until that was resolved.
Obviously this has no impact on your purchase, but it was the only experiences I know of.
In the first case the person was buying a townhouse in an apt. complex and there was a dispute over the title to a right of way to from the townhouse. The issue was not being resolved and so my friend pulled out - after about 4 months of frustration.
In the second case the couple were buying a house in a development. The process stalled as apparently the builder who had his loan transferred to NAMA was still in dispute with them, so NAMA were hesitant to proceed with the sale until that was resolved.
Obviously this has no impact on your purchase, but it was the only experiences I know of.
we are in the middle of purchasing from a receiver and it is painful. We went sale agreed on the 10th of June. The main problem we had was that documents for the sale went missing when they were going from the developers solicitor to the receivers solicitor. When we finally got the contracts there were issues surrounding the management company in the estate as they were in dispute with the developer. We were told we could close the Friday before Christmas and at the last minute the receivers solicitor came back to say a document was missing. We have finally got this sorted and hope to close by the end of February.
I hope your sale is more straight forward....
I hope your sale is more straight forward....
Thanks for advice.
I still have not commited to buying the house no deposit. I am two minds about it but with our budget no much else in the market in our area. We already had two house sales fall through on us and really don't want a long drawn out process with NAMA.
I still have not commited to buying the house no deposit. I am two minds about it but with our budget no much else in the market in our area. We already had two house sales fall through on us and really don't want a long drawn out process with NAMA.
I recently completed the sale of the house. It took ages! We first viewed in May 2012 and finally went sale agreed on August 1st and paid the booking deposit. We finally got the keys on December 21st having threatening to pull out on several occasions and formally withdrawing our offer in November. It took 5 weeks to get even an acknowledgement of the receipt of our snag list.
The disadvantage of buying a NAMA house is you are buying from someone who has very very minimal interest in selling. The solicitor working for the receiver (who NAMA put in charge of the sale) is on a contract so has no interest in the contract ending. 2 weeks was the quickest response we got. Longest time to get a reply was 5 weeks. Even our solicitor was tearing her hair out.
The receiver is also on a contract so they have no interest in the sale that results in the end of the contract. Then there is the snag list. Some engineer makes some pathetic suggestions on their side which were so ridiculous that any engineer that I showed them to said that it would fail as a solution to an assignment in first year in college! So after a few drafts (which they get paid for) they eventually come up with something realistic.
Then when the snag is agreed a guy is appointed the do all the snags. He obviously is being paid per job so he wants to find as much stuff as he can. This bordered on ridiculous (digging up the road to check a bend in a drain from a gutter!!). This of course meant the snag was done to a high standard but took ages and much pointless stuff, eg knocking down and rebuilding walls to get a machine in.
Then AFTER all that you have to get our solicitor to meet their solicitor. He didn't reply to a phone call, voicemail or email for 2 weeks.
So overall we paid the market value and took forever to close. We were fortunate that we were renting and were on a month-to-month basis.
Not recommended.
The disadvantage of buying a NAMA house is you are buying from someone who has very very minimal interest in selling. The solicitor working for the receiver (who NAMA put in charge of the sale) is on a contract so has no interest in the contract ending. 2 weeks was the quickest response we got. Longest time to get a reply was 5 weeks. Even our solicitor was tearing her hair out.
The receiver is also on a contract so they have no interest in the sale that results in the end of the contract. Then there is the snag list. Some engineer makes some pathetic suggestions on their side which were so ridiculous that any engineer that I showed them to said that it would fail as a solution to an assignment in first year in college! So after a few drafts (which they get paid for) they eventually come up with something realistic.
Then when the snag is agreed a guy is appointed the do all the snags. He obviously is being paid per job so he wants to find as much stuff as he can. This bordered on ridiculous (digging up the road to check a bend in a drain from a gutter!!). This of course meant the snag was done to a high standard but took ages and much pointless stuff, eg knocking down and rebuilding walls to get a machine in.
Then AFTER all that you have to get our solicitor to meet their solicitor. He didn't reply to a phone call, voicemail or email for 2 weeks.
So overall we paid the market value and took forever to close. We were fortunate that we were renting and were on a month-to-month basis.
Not recommended.
So far we have 3 cases of problems in buying via NAMA but they don't look like they are Nama faults. For MacStuff, case 1 is a legal issue outside of Nama control, Case 2 builder in dispute with Nama, for Gooner, another legall issue with the management company.
Sleesh are you saying that the soliciors and receivers appointed by Nama are on a deliberate go slow as they are paid based on time based contracts and the longer it goes on the more they get paid?
Sleesh are you saying that the soliciors and receivers appointed by Nama are on a deliberate go slow as they are paid based on time based contracts and the longer it goes on the more they get paid?
I would imagine it's on a sale basis, but could be wrong. Transfers of property is complicated in any case, it's not the same as buying a car so I would expect it to take time. Also getting mortgages seems to be more difficult so that will hold things up and by it's very nature, the ownership in Nama is bound to delay things.
For Bronte
Just to clarify re case 1 - what actually happened was that the builder had contravened his planning consent and that led to a problem re the right of way to the house.
If he had complied with the planning granted the issue would not have arisen.
Overall, I suppose what I am trying to say is that there can be additioanal headaches and problems when buying from NAMA as there are more parties involved (in what is already a complex process) and there is sometimes additional background circumstances that might not be present in a convential sale.
The stories told on this thread would seem to verify that.
Just to clarify re case 1 - what actually happened was that the builder had contravened his planning consent and that led to a problem re the right of way to the house.
If he had complied with the planning granted the issue would not have arisen.
Overall, I suppose what I am trying to say is that there can be additioanal headaches and problems when buying from NAMA as there are more parties involved (in what is already a complex process) and there is sometimes additional background circumstances that might not be present in a convential sale.
The stories told on this thread would seem to verify that.