750 NAMA Houses For Sale Under Deferred Purchase Plan

Updated 3-2-2012. Informed sources say Nama is finalising plans on how the scheme will operate with special mortgages available through three banks, AIB, Bank of Ireland and Permanent TSB and that NAMA will go ahead with the sale of these houses in early 2012.

The National Asset Management Agency (NAMA) may soon release 750 houses for sale under a deferred purchase arrangement, with up to 5,000 residential properties possibly being offered under the same deal in the future.

When NAMA was created, many critics questioned its long
term influence on the price of property in the Irish market.
NAMA has had to walk a delicate economic
and political tightrope since it's inception and will continue to do so until it is eventually wound up.

On one hand NAMA needs to sell properties to repay the taxpayer for the funding it has received from the Irish state and to be seen as a sucessful organisation.

On the other hand, the ambition of obtaining as much money as possible combined with the large stock of property means that NAMA may be able to prevent the market from reaching a natural bottom.

NAMA is, in theory, not obliged to seek Government approval before going ahead with any of its policies, but it is difficult to imagine that the political and economic consequences of any plans will not be taken into account by NAMA management.

NAMA recently announced plans to introduce a 'deferred purchase' scheme in which it would forego up to 20 percent of the purchase price of a residential property if house prices continue their downward decline over the next five years. A spokesperson for NAMA has stated that the deferred purchase plan is: "not an attempt to call the bottom of the market....Indeed it is quite the opposite, as it enables transactions to take place now which can be flexible enough to accommodate price falls in the future".

NAMA may test the waters soon in relation to this idea by releasing around 750 houses for sale and it will be very interesting to see what prices will be set for these new properties. Many would argue that the only real indicator of price, in the absence of official property price statistics, are the figures achieved by auctions such as the recent Allsop Space auctions.

This summary is based on a recent article published in the Irish Times newspaper. All enquiries on NAMA property sales should be addressed directly to NAMA or the receivers appointed by them.



Latest Property News

100 Properties Auction Allsop Space 1st March Reserve Price List	Bank Interest & Overdraft Rates Compared
NAMA January 2012 Properties For Sale	Tax Relief For Renters: Changes in 2012
NAMA Property List County by County	How To Find Out The Prices Of NAMA Houses For Sale
How Much Did Your Neighbour's House REALLY Sell For?	When Will NAMA Sell Its Properties?
Buying NAMA Property Estate Agents List	Got A Tracker Mortgage? Read Your Mortgage Contract Before Renting Your House