The National Housing Trust (NHT) in Jamaica is an organization established by the Government to offer affordable financing options to contributors looking to build, buy, or improve their homes. The NHT also develops housing schemes for sale to contributors and provides low-cost financing to private developers. If you are interested in purchasing a property being sold by NHT, particularly through Private Treaty, here’s a detailed guide on how to bid effectively.
How to Apply for a Property Sold by Private Treaty
1. Identify and Visit the Property
Once you find a property of interest on the NHT website, the first step is to visit the location to assess its external condition and suitability. This physical inspection will help you make an informed decision before placing a bid.
2. Prepare Your Bid
If you are satisfied with the property, you can proceed to prepare your bid. This involves either downloading a bid letter from the NHT website or writing a custom letter. Your bid letter must include the following information:
- Full Address of the Property: Clearly state the complete address of the property you are interested in.
- Bid Amount: Indicate the specific amount you are offering for the property. Ensure that you do not provide a range (e.g., $1.5M to $2M). The amount must be exact.
- Personal Details: Include your full name, mailing address, and contact number(s).
- Financing Method: Specify whether you intend to purchase the property with cash or through a loan from a financial institution.
- Signatures: The bid letter must be signed and dated by you and any other person if bidding jointly.
3. Attach Required Documents
Your bid letter must be accompanied by the following documents:
- Proof of Deposit: Provide evidence of the required deposit amount.
- Loan Approval Letter: If applicable, attach an original letter from your financial institution indicating your loan approval and its details.
- Evidence of Funds (for cash purchases): If you are purchasing the property with cash, include proof of the source and amount of funds.
Note: Your bid will be disqualified if the necessary documents are not attached. Additionally, all financial documents must bear the original stamp, date, and signature of the issuing institution.
4. Submit Your Bid
Place your bid letter and the attached documents in a sealed envelope. You can then mail or deliver the envelope to the NHT Head Office or any NHT branch. The envelope should be addressed as follows:
(To be opened only by Private Treaty Committee)
Private Treaty Committee
P.O. Box 152
Kingston 5
Do not send your bid via email or fax, as it will not be accepted.
Additional Guidelines for Bidding
Bidding on Multiple Properties
You are allowed to bid on more than one property simultaneously. If you choose to do so, here are the steps:
- Bid Application Form: Complete a separate bid application form for each property and package them together in one envelope. Attach only one set of the relevant supporting documents.
- Handwritten/Typed Bid Letter: If you are using a handwritten or typed bid letter, clearly indicate the full address and bid amount for each property in the same letter. Attach the required documents as specified.
You should indicate your preferences if you want to prioritize certain properties over others in case all your bids are successful.
Understanding Property Prices
The NHT may display an “Asking Price” for some properties. This price represents the amount NHT is prepared to consider for the property. However, this figure is subject to change, and for some properties, you may be required to make an offer.
Note: The NHT reserves the right to accept or reject any bid and is not obligated to sell the property to the highest bidder.
Important Considerations Before Bidding
Financing Your Purchase
If your bid exceeds the maximum loan amount the NHT is willing to lend, you will need to cover the difference. Before the sale process can begin, you must demonstrate that you can pay this shortfall.
Property Inspections
The NHT cannot grant permission to inspect the interior of a property. If the current occupant agrees to allow access, it is at their discretion. They do not take responsibility for any discrepancies that may arise after the sale.
Note: Properties are sold “as is,” meaning any damage identified after the purchase is not the responsibility of the NHT.
Submitting Your Bid
After preparing your bid letter and gathering the required documents, submit your sealed bid as follows:
- At NHT Head Office: Hand it to the Receptionist for a date and time stamp.
- At NHT Branches: Submit it to the Customer Service Representative.
- By Mail: (To be opened only by Private Treaty Committee)
Private Treaty Committee
P.O. Box 152
Kingston 5
Ensure that all requirements outlined in this guide are strictly followed when submitting your bid to avoid disqualification.
Contact Information for NHT
If you have further questions or need assistance with the bidding process, you can reach out to the NHT using the following contact details:
- Email: wecare@nht.gov.jm
- Telephone: +1-876-929-6500-9
- Toll-Free Numbers:
- Jamaica: 1-888-225-5648
- U.K.: +44 203 514 8816
- U.S.A./Canada: +1-800-858-3219
- Website: www.nht.gov.jm
Following these steps will ensure that your bid is properly submitted and considered by the NHT. Good luck with your property purchase!
Looking for real estate outside NHT, click here.
