You have scoured the real estate listings in your favourite newspaper; you have contacted real estate agents and asked friends… all with little success. Now you are wondering where else to search for a house that you can afford to buy. Before you give up, there is one last place you might consider: the NHT’s Private Treaty listing, found under Properties for Sale on the Trust’s website.
How to make an offer
The properties listed for sale by Private Treaty are those that were put to public auction but which were not sold. At that stage, the NHT then invites members of the public to view the properties and to make an offer to buy directly from the Trust. The offer should be made in a letter addressed to the Private Treaty Committee, P.O. Box 152, Kingston 5.
View the NHT’s website at: www.nht.gov.jm for details of these properties
In most instances, the NHT’s website shows photographs and gives a description of the properties being offered for sale. This will help you to develop a short list of properties you want to consider. Having found two or three possible purchases, here are some tips for sealing the deal and buying the house or land of your choice.
Visit the property
· Visit the property to make proper assessment of its value. If the premises are still occupied, you might not be able enter for an inside view, so take someone with you who can make a fair judgment of its value from the outside.
Make a reasonable offer
· Everyone likes a bargain but the NHT has a duty to sell the property at a price that is considered reasonable in the marketplace. Don’t make your offer so low that it will not be considered.
Know your source of funds
· Make sure you know where the money to buy the property will come from. Though not compulsory, when submitting your bid letter to the NHT, it is a good idea to state the source of your funds. If you are borrowing the money from a bank or from the NHT, say so.
Set aside the deposit
· Set aside money to make a deposit if your bid is successful. The deposit is 15% of the sum you bid on the property.
To find out more about properties for sale by Private Treaty, visit the NHT website at www.nht.gov.jm or telephone the Private Treaty Unit at 929-6500 –9 extensions 2470 or 2475. You may also visit the NHT’s Head Office at 4 Park Boulevard and ask to be directed to the Unit.
