How will the asset disposal scam work?

Something like this?
calculatedriskblog.com/2010/ … ge-of.html

We (the taxpayer) need sales of assets to be open and transparent. For them to be open to the public. For the purchasers and the price paid to be a matter of public record.

Not suggesting that there is any scam here (this is more germane to the question of transparency) but the Indie reported at the start of the week on a couple of sub-prime repos

independent.ie/national-news … 20562.html

Indeed one appears to be just across the county from Yogan. Now Stepstone Mortgage Funding Limited is closed to new business but it is still alive and well on the Quays managing the old mortgage book. So you would have thought that they might be interested if someone wanted to take a repoed property off their hands, no?

Try ringing to see.

As for the House Price Database, Labour mounted two questions in the Oireachtas in May and both were met with Michael Finneran “examining shapes”! The “working group” appears not have terms of reference, departmental support (eg legal and financial) or deadlines.

Is this similar to off market selling?

"your property is made available for sale ‘quietly’ and highly targeted, pre-qualified buyers are made aware of its availability via your Sherry FitzGerald negotiator. "

sherryfitzgerald.ie/RESI/SEL … ients.aspx

Has anyone seen any details of the two Gerry Gannon properties - 49% of the K-Club and the 74-acre property opposite, both reported by Irish Times irishtimes.com/newspaper/com … 13589.html - and which were supposed to be with HT Meagher O’Reilly?

Again, nothing to do with scams or impropriety but if anyone sees the seven properties on which repo orders were granted yesterday (as reported in the Indie below) perhaps you could let us know in the interests of transparency.

independent.ie/national-news … 29559.html

The Independent article doesn’t list what those properties are, therefore it would be impossible to recognize them as repossessions when they come on the market.

This is one of the most important threads I have seen yet on the Property Pin.

Basically, we believe that NAMA and our national banks should dispose of their distressed assets in a fair and transparent manner, rather than, say, selling them back to failed developers/failed developers’ families/friends of Fianna Fáil at bargain basement prices. However, most of those who have followed the whole NAMA thing don’t believe that fair disposal of assets will happen.

In relation to currently non-NAMAnized distressed assets:

**I have noticed very poor attempts by some developers in recent times at selling their distressed assets: **very little advertising of the sale, despite signs being up; the use of unknown estate agents from a different county to the county in which the asset is being sold - estate agents with ZERO profile in the county in which they are pretending to sell; the non-return of phone calls/emails when a genuine interest is expressed in the property that is proported to be for sale; after repeated phone-calls, excuses made not to show the actual property “for sale”.

I can only conclude that the banks are putting pressure on developers to sell the properties themselves but that the developers are only pretending to try and sell them.

Something’s up.

Difficult perhaps but not impossible surely using a service like courts.ie or trustonline.org.uk? Or perhaps some pinster might have attended the hearing?

Being fairly new on here, I don’t know about how important other threads have been historically but given the likelihood of large scale sell-offs and the lack of an House Price Database and the size of this place where everyone still knows everyone, I would have said that this might be a good forum to promote transparency.

On the other hand given that we are talking about court judgements and financial difficulty, I would have said this was a thread that could be prone to litigation, so there would be a particular need to be careful with any statement and as much as possible a need to include sources.

As for me, I have seem two “luxury” developments in a rural location which seemed to be dormant for most of the past two years but in the last month or so, the properties have come en masse onto the market through a wide variety of estate agents. IMO, the prices are pitched at a crazy level (subjective I know but I’m not a headbanger that thinks property is worthless but you’d expect asking prices to be in the same range as comparable property asking prices). I know the builder but don’t know whether it is the builder or some other party that owns the properties. I don’t know the builder’s financial position. In one case there are over 20 properties in the development for sale. To me it looks curious.

They should be put on the open market and people such as I would make fair offers . . . .no more no less . . . .