Irish Bank Offers Properties for 70% Less Than 2007 Value

Saw this on Bloomberg. Not sure what existing thread it should go in or if it has already been posted. Feel free to merge or delete.

bloomberg.com/news/2012-09-2 … value.html

NAMA should get in there and undercut them before it’s too late!

Many a word…

BoSI just want rid of their portfolio.

Not worth the hassle, admin and charges to Certus in the medium term

This is what I mean when I keep saying NAMA isn’t providing a floor, but a ceiling.

If NAMA values a 1 bed at 100k, then anyone else selling will have to undercut them - and they are.

Consequently, NAMA are the last to sell, and WE (the taxpayer) have the luxury of paying for it’s upkeep.

The interesting thing, of course, is watching the actions of other banks who don’t have an unlimited taxpayer fund to dip into.

Royal Bank of Scotland (RBS) = Ulster Bank nothing to do with BOSI

BOSI - Was Bank of Scotland(Ireland) now Certus = Running books down for Bank of Scotland(UK) under LLoyds ownership.

BOSI selling off primarily via Allstop auction route.

Was sniffing around a NAMA property in Limerick suburbs, it came on the market at 100k and quickly went POA. I made an offer of 92k which was declined. Later I rang the agent who stated the house was sale agreed at 100k. However the house is still on daft with a new improved asking price of 125k.

There is another NAMA house sale with similar activity closeby