Nama to put 750 homes on market in new year

Nama to put 750 homes on market in new year - Carl O’Brien -> irishtimes.com/newspaper/ire … 48872.html

Who decides if the home has devalued by 20%?
Would this be calculated on a home by home basis or will they use the CSO or other figures?
What if it devalues by, say 18%?
Or what if it devalues by 30%?

To say that homes will only drop by 20% from the current market value would be a tad optimistic, no?
That would be roughly a further 10% off the highs of 2007.

Why do they need a scheme? Just bloody sell them

Without schemes to administer civil servants would be out of work.

Do keep up.

Ahh yeah! That’s it. The only reason to have a scheme. Nothing to do with keeping the prices artificially high in order to protect vested interests, like the German Banks. :angry: :angry:

I think you’d be bonkers to take this up. Leaving the door even slightly open for the feicers to come back to you in a couple of years saying that you owe them more money. For that reason, I’m out.

It’s a self fulfilling prophecy.
Demand is low, supply is high. If this truely undercuts the current market w.r.t. affordability, it soaks up the available demand putting downward pressure on the current market which will in turn put pressure on the residuals of the NAMAsale properties which will wipe almost all of that 20% instantaneously as some buyers get the jitters and will do anything to get out before they lose any of their own money, so they’ll price them to recoup the 80% they’re exposed to, without a thought for NAMA.

Couldn’t have put it better.

What if you need or want to move? I plan on buying a bucket house, one I’ll be carried out of but I’ll buy a house I can easily sell at any time too. With this 20% due would it not make it hard to sell? I have to get NAMA’s permission? Pay the 20% or what?

It will be interesting to see how they price these properties - with the Allsops auctions providing the first widespread real price discovery, and the property sales database coming down the tracks, they won’t have too much scope to try to pull a fast one by building a 20% premium into the price.

I’m in two minds about this - I don’t like the interference in the market but if it promotes greater price discovery it may be worthwhile. I think the possibility of re-inflating a bubble is negligible in the (cliche alert) current economic environment.

I’d imagine whoever signs the original contract with NAMA is liable for the 20%, regardless of whether you sell or not in the intervening period.

Anybody know where the 750 are and whether they are houses or apartments? …and the remaining 5000?

*However, if the property is worth less than €200,000, **Nama will waive *up to €40,000 and repayments would be altered accordingly.

NAMA will waive as in ‘wave bye bye’ and the taxpayer picks up the tab again? FFS.

Not really. The only difference this scheme will make is that NAMA will receive more money up front because people will pay extra for the 20% benefit.

AS has been patently obvious for some time now
F all properties to be sold by Nama this year

irishtimes.com/newspaper/fin … 08143.html

Debt forgiveness for NAMA please. You can’t expect the poor fellas to sell them for less than they are worth :smiling_imp:

So is ‘maintaining discipline’ and refusing to sell for below the value NAMA acquired the property the new denial?

As far as I can see NAMA are rooted in the denial section of the market cycle of emotions!!!

“Property Ladder”
“Dead money”
“Soft Landing”
“Long Term Economic Value”
“Maintain discipline”
.
.
.
.
.
.
“IMMIGANTS OUT”

I think NAMAs new corporate motto is …

You only fail when you stop trying.

Ah sure, they’re inventory is only sh*te anyway. Who’d want their cr**py appartments?