S
Reduce the price further to shift it?Are there any other options?
Everything you say is true. He is liable for the debt.
However, I am surprised that any reputable lender would grant an open-ended bridging loan at a time when there were already signs of a slowdown in the market. Surely, they have some duty of care towards their customers who may not be as au fait with housing trends as, presumably, the lenders themselves are?
it seems to me to be a waste of time and effort to be pointing the finger of blame elsewhere.
that some houses will not sell - at all - unless the price is dropped very much - as in much below the vendors lowest conceivable (so far) selling price.
Presumably stating and reiterating more than once that lenders may have some responsibility in such matters is just as unecessary and unhelpful?to point out that it was your son's fault once is acceptable, to repeat it a number of times is uneccessary and unhelpful.
Hi,
I've nothing of any help to offer you but I just wanted to say best of luck to your son. I'm sure it's causing you alot of worry also as to see your child (or anyone) in this possition must be horrid. I know that for most people who are spouting on about reckless behaviour and all that are probably that 5 or 10 years older than alot of people who are trying now to build a life and home for their family's.. that's just the luck of the birthday draw... I really do wish you well and not to sound in any way flippant. it's only money/houses they print/build them everyday... Best of luck. I'm sure a lot of people here really feel your situation.
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