Navigating your entitlement to buy and/or sell a residence under Permanent Change of Station orders.

Navigating your entitlement to buy and/or sell a residence under Permanent Change of Station

orders

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

04/18/23 2

Get a Real Estate AgentInsure Your Settlement Date is Within Two

Years of Reporting to NewportGo to ClosingDetermine What you Can ClaimComplete a CD-370 and CD-371Submit 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

04/18/23 3

04/18/23 4

Brokerage FeesAdvertisingLegal and Related

CostsPrepayment ChargeLender’s Appraisal FeeLoan Origination FeeFHA or VA Application

FeeMortgage Pre-

Payment PenaltyCertifications

Credit ReportMortgage Title PolicyEscrow Agent’s FeeState Revenue StampsMortgage & Transfer

TaxesOwners Title Insurance

PolicyProperty Inspection

Fees when required by lender

Other reasonable and customary fees

04/18/23 5

Mortgage InsuranceInterest on Loans;

Points; and Mortgage or Loan Discounts

Property TaxesOperating or

Maintenance Costs (Including Repairs to the Property)

Homeowner Association Fees

Loan CommitmentUnderwriting FeeNew Loan Tie-In FeeLoan Closing or

Processing FeeVA Funding FeeMessenger Service

Fees, Express Mailing Fees, or Wire Transfer Fees

Escrow Contract Collection Fee

04/18/23 6

Select “YES” on Question 23 of the CD-150Once 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

04/18/23 7

No Need to File Paperwork Through Your Approving OfficialPrudential invoices NOAA Directly

Receipt of Prudential’s Guarantee of the Sale Prior to ClosingYou 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

04/18/23 8

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 VacateElimination of your Responsibility for Mortgage

Payments, Utilities, and Maintenance once the Contract is Executed and Home is Vacated

There is no Tax Liability to youPrudential will work with your Real Estate

Agent to get your Home Sold04/18/23 9

On the 31st Day of your Listing Agreement Prudential Sends you a List of Appraisers

Pick Two Appraisers to Perform an AppraisalContinue to Market the HomeAfter 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

04/18/23 10

04/18/23 11

Mortgage InsuranceInterest on Loans;

Points; and Mortgage or Loan Discounts

Property TaxesOperating or

Maintenance Costs (Including Repairs to the Property)

Homeowner Association Fees

Loan CommitmentUnderwriting FeeNew Loan Tie-In FeeLoan Closing or

Processing FeeVA Funding FeeMessenger Service

Fees, Express Mailing Fees, or Wire Transfer Fees

Escrow Contract Collection Fee

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

04/18/23 12

Get a Real Estate AgentApply for a Loan (Get a Broker)Insure Your Settlement Date is Within Two Years

of Reporting to NewportGo to ClosingDetermine What you Can ClaimComplete a CD-370 and CD-371Submit 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

04/18/23 13

04/18/23 14

Appraisal FeesLegal and Related CostsLender’s Appraisal FeeLoan Origination FeeFHA or VA Application

FeeInspection expenses

when required by lender

Attorney’s Fees when reasonable and customary

Credit ReportMortgage Title PolicyEscrow Agent’s FeeState Revenue StampsMortgage and

Transfer TaxesMortgage Title

Insurance PolicyConstruction ExpensesCertifications

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

04/18/23 15

Select “YES” on Question 23 of the CD-150Once Your Orders are Received by the WOB

you will be Authorized for Direct BillSomeone from Prudential will Contact you

Within 24 hoursChoose a Real Estate Agent and/or Broker

from Prudential’s Network ~ or ~ Find Your Own Real Estate Agent and/or Broker

04/18/23 16

04/18/23 17

Appraisal FeesLegal and Related

CostsLender’s Appraisal FeeLoan Origination FeeFHA or VA Application

FeeInspection expenses

when required by lender

Attorney’s Fees when reasonable and customary

Credit ReportMortgage Title PolicyEscrow Agent’s FeeState Revenue StampsMortgage and

Transfer TaxesMortgage Title

Insurance PolicyConstruction ExpensesCertifications