MMF Posted February 14, 2008 Report Share Posted February 14, 2008 Hi everybodyI am posting this on behalf of a friend as he urgently needs every body to pray for him.He recieved his 457 visa around July 2007 and his house has been on the market since then, with 2 offers and both fell through. He received an email this morning from his sponsor requesting him to start work 1st of April. His wife cannot stay behind, cause he is the breadwinner and she can't drive. He needs to sell his house in order to finance the trip. I told him that he should get another sponsor to save some time to get the house sold, but does not know if this can be done. He cannot apply for a PR due to his age. Please any advice would be appreciated!!!!! Quote Link to comment Share on other sites More sharing options...
Tobold Posted February 14, 2008 Report Share Posted February 14, 2008 Hi Mercia, I have no advice, unfortunately, but I hope he gets it sold soon. Quote Link to comment Share on other sites More sharing options...
Tres Posted February 14, 2008 Report Share Posted February 14, 2008 hi Mercia, Unfortunately I also have no advice, but I can pray Quote Link to comment Share on other sites More sharing options...
Jen Posted February 14, 2008 Report Share Posted February 14, 2008 Hi there, I was an Estate agent in SA, and here are a few suggestionsFirst if he has equity in the house , in other words if a realistic selling price is a good bit higher that what he owes on his bond, he could approach his bank for a second bond, or a readvance if he has paid off a good bit of his existing mortgage. That will push up his monthly payments by the additional bond amount but it will give him cash out. He could then rent out the house in the meantime until the market improves. Rental from overseas has its problems I will admit as you are not there to keep an eye on things. Some banks wont even ask what the money is needed for, suggest you say renovations or improvements and hopefully they wont ask for quotes.Other option is to get bridging finance, there are companies who will advance you money if your house is sold but transfer is not through yet and you need some cash for your new house purchase for example. Not sure if they will do it if you have not got an definite approved buyer, but it might be worth a try.I will rack my brains to think of any other ways. Quote Link to comment Share on other sites More sharing options...
Debra Posted February 14, 2008 Report Share Posted February 14, 2008 Hi Mercia.Faith. Really feel for them. We are in much the same boat right now. 457 granted 09/2007. Had house on the market from May 07. Todate 5 offers and all have fallen through. Looked at renting and it is not an option in SA. Thinking of you all and will add you to thr prayer List.Remember.......... "Nothing that is worth it comes with out effort"The light will shine.Debra Quote Link to comment Share on other sites More sharing options...
4mcnuts Posted February 14, 2008 Report Share Posted February 14, 2008 Hi Mercia. Have you considered maybe putting your house up for auction? Good luck and we hope you get a sale! Quote Link to comment Share on other sites More sharing options...
MMF Posted February 14, 2008 Author Report Share Posted February 14, 2008 Hi All Thank you for the advice sofar. My friend tried a futher bond but seen that he is selfemployed makes him a high risk, Putting the house on auction could be an option, how does one go about doing this as i thought only people who cannot afford paying has to auction. Will tell him, thanks Quote Link to comment Share on other sites More sharing options...
marks Posted February 16, 2008 Report Share Posted February 16, 2008 Hi Why dont you get an advance on the bond and let the estate agent rent it out for you.Get a well known estate agentMark Quote Link to comment Share on other sites More sharing options...
MelG Posted February 19, 2008 Report Share Posted February 19, 2008 Hi, What about giving a family member he trusts Power of Attorney to handle any signatures needed in his abscence. Then the family can leave together and get grounded in Aus. while the house sits and waits for the right price?Why hasn't anyone suggested this yet? Is it not really a possible option???Mel Quote Link to comment Share on other sites More sharing options...
Jordy Posted February 20, 2008 Report Share Posted February 20, 2008 When I first read this post, the thought occured to me to ask if his visa is still valid. For my visa class, I have to enter Australia within 6 months of it being granted and then start work with 6 months of entering the country. Not sure what rules apply to th 457. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.