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More about Real Estate

More about Real Estate. Navigating your entitlement to buy and/or sell a residence under Permanent Change of Station orders. I Have A House To Sell. As General Service or Wage Mariner employees you have two options: Sell your Home on your Own Check “NO” on Question 23 of the CD-150

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More about Real Estate

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  1. More about Real Estate Navigating your entitlement to buy and/or sell a residence under Permanent Change of Station orders

  2. I Have A House To Sell As General Service or Wage Mariner employees you have two options: • Sell your Home on your Own • Check “NO” on Question 23 of the CD-150 • Sell your Home thru NOAA’s Third Party Contractor: Prudential Relocation • Check “YES” on Question 23 of the CD-150

  3. I Want To Sell On My Own • Get a Real Estate Agent • Insure Your Settlement Date is Within Two Years of Reporting to Newport • Go to Closing • Determine What you Can Claim • Complete a CD-370 and CD-371 • Submit Both Forms with your Final HUD Settlement Statement & Applicable Receipts to Your Approving Official • Insure Your Approving Official Submits Your Voucher to the Western Operations Branch for Payment

  4. What’s Reimbursable? • Brokerage Fees • Advertising • Legal and Related Costs • Prepayment Charge • Lender’s Appraisal Fee • Loan Origination Fee • FHA or VA Application Fee • Mortgage Pre-Payment Penalty • Certifications • Credit Report • Mortgage Title Policy • Escrow Agent’s Fee • State Revenue Stamps • Mortgage & Transfer Taxes • Owners Title Insurance Policy • Property Inspection Fees when required by lender • Other reasonable and customary fees

  5. What’s Not Reimbursable? • Mortgage Insurance • Interest on Loans; Points; and Mortgage or Loan Discounts • Property Taxes • Operating or Maintenance Costs (Including Repairs to the Property) • Homeowner Association Fees • Loan Commitment • Underwriting Fee • New Loan Tie-In Fee • Loan Closing or Processing Fee • VA Funding Fee • Messenger Service Fees, Express Mailing Fees, or Wire Transfer Fees • Escrow Contract Collection Fee

  6. What are The Benefits?

  7. I Want to Use Third Party • Select “YES” on Question 23 of the CD-150 • Once Your Orders are Received by the WOB you Will be Entered into the Buyer Value Option (BVO) Program • Someone from Prudential will Contact you Within 24 hours • Choose a Real Estate Agent from Prudential’s Network ~ or ~ Find Your Own Real Estate Agent

  8. What are the Benefits? • No Need to File Paperwork Through Your Approving Official • Prudential invoices NOAA Directly • Receipt of Prudential’s Guarantee of the Sale Prior to Closing • You are not at risk if the closing falls through (Prudential will have to find a replacement buyer) • Access to Objective Advise on Marketing, Selecting a Real Estate Agency, Setting the Listing Price, Oversight of Marketing Activities, and Negotiation Assistance

  9. There’s More? • Prudential Goes to Closing and Pays Commissions • Advance Receipt of 95% of Your Home’s Equity once the Contract is Executed • Receipt of 100% of the Equity Once you Vacate • Elimination of your Responsibility for Mortgage Payments, Utilities, and Maintenance once the Contract is Executed and Home is Vacated • There is no Tax Liability to you • Prudential will work with your Real Estate Agent to get your Home Sold

  10. What if There are No Buyers? • On the 31st Day of your Listing Agreement Prudential Sends you a List of Appraisers • Pick Two Appraisers to Perform an Appraisal • Continue to Market the Home • After 90 Days Prudential will Make you an Offer for your Home Based on an Average of the Two Appraisals • You Have 60 Days to Accept or Refuse Prudential’s Offer if an Outside Buyer is Still not Found

  11. What Fee’s will I be Responsible for? • Mortgage Insurance • Interest on Loans; Points; and Mortgage or Loan Discounts • Property Taxes • Operating or Maintenance Costs (Including Repairs to the Property) • Homeowner Association Fees • Loan Commitment • Underwriting Fee • New Loan Tie-In Fee • Loan Closing or Processing Fee • VA Funding Fee • Messenger Service Fees, Express Mailing Fees, or Wire Transfer Fees • Escrow Contract Collection Fee

  12. Buying a Home in the Newport Area As Non-Commissioned Officers you have two options: • Buy your New Home on your Own • Check “NO” on Question 23 of the CD-150 • Buy your New Home thru NOAA’s Third Party Contractor: Prudential Relocation • Check “YES” on Question 23 of the CD-150

  13. I’ll Buy on my Own • Get a Real Estate Agent • Apply for a Loan (Get a Broker) • Insure Your Settlement Date is Within Two Years of Reporting to Newport • Go to Closing • Determine What you Can Claim • Complete a CD-370 and CD-371 • Submit Both Forms with your Final HUD Settlement Statement & Applicable Receipts to your Approving Official • Insure your Approving Official Submits your Voucher to the Western Operations Branch for Payment

  14. What Fee’s will NOAA Reimburse? • Appraisal Fees • Legal and Related Costs • Lender’s Appraisal Fee • Loan Origination Fee • FHA or VA Application Fee • Inspection expenses when required by lender • Attorney’s Fees when reasonable and customary • Credit Report • Mortgage Title Policy • Escrow Agent’s Fee • State Revenue Stamps • Mortgage and Transfer Taxes • Mortgage Title Insurance Policy • Construction Expenses • Certifications

  15. What are the Benefits of Using Prudential? • Receipt of Mortgage Counseling and Mortgage Approval, if Requested, within 48 Hours of Contact • Receipt of Reimbursable Closing Costs from Prudential at Closing • No Need to File any Paperwork through your Approving Official • Early Access to Demographic Information on every Town, School, and Neighborhood in the Newport Area

  16. I’ll Use Prudential • Select “YES” on Question 23 of the CD-150 • Once Your Orders are Received by the WOB you will be Authorized for Direct Bill • Someone from Prudential will Contact you Within 24 hours • Choose a Real Estate Agent and/or Broker from Prudential’s Network ~ or ~ Find Your Own Real Estate Agent and/or Broker

  17. Which Fee’s Will Prudential Pay? • Appraisal Fees • Legal and Related Costs • Lender’s Appraisal Fee • Loan Origination Fee • FHA or VA Application Fee • Inspection expenses when required by lender • Attorney’s Fees when reasonable and customary • Credit Report • Mortgage Title Policy • Escrow Agent’s Fee • State Revenue Stamps • Mortgage and Transfer Taxes • Mortgage Title Insurance Policy • Construction Expenses • Certifications

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