QLD Sons De facto split with Property

[sammy01]

Doesn't make much sense 3% each month but then auction in November?

So 3% each month until Feb, then auction...

You've done well. That is extremely short. I'd text message that from son's phone.

 

[Lulu1971]

Thank you for the feedback.

We chose 3% as that is approx $12000, where we think she would totally baulk at 5% approx $19000.
On the 12th October the house has been on the market approx 6 weeks at current high price then if no offers then reduce by 3% for 1 month which takes it to 12th November then another decrease of 3% which will bring the sale price close to the reserve so they will not be able to go any lower without still being in debt.

Thought it might be best to try an auction it before Christmas or do you think that time frame is too quick?

 

[sammy01]

oh ok. look 3% a month, is fair and I reckon giving it another 3 months is more than reasonable.

 

[Lulu1971]

Okay thank you very much for your help.
I will let you know of any more instalments.

 

[lostinspace]

Oh boy.....better hope she becomes reasonable, it can go pear shaped quick.

Tell him never lose his cool, and if it becomes difficult, better see a solicitor.

All accounts should be both to sign, inform bank of the split.

Banks do not care who pays, but both are responsible to pay the loan, your not contracted to pay half, but the whole amount.

Please update every so often with result, and remember, there is always someone in a much worse position.