FAQ's on Paid Moves
Will Border Patrol pay off my home if I take a paid move?
What is the process of getting my home accepted in the program?
Do I have to use the relocation company when I decide to take a transfer?
Moving Companies, how does this work?
What does the Relocation company consist of?
You have the RIGHT to use a REALTOR and a Real Estate company of YOUR choice. You do NOT have to list OR buy with the (RE/MAX) relocation company to get your closing/prepaids paid for. Also, if you are the SELLER and you are going through the buyout program you do not pay the REALTOR's commission the relocation company DOES, rather you use their REALTORS or your own.
I can't stress this enough!
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Q: Will Border Patrol pay off my home if I take a paid move?
A: The Border Patrol DOES NOT pay off your home, RE/MAX (relocation company) is the one that offers you a fair market price for your home, the relocation company does NOT guarantee that they offer they offer will pay off your home in full. You can deny their offer and exit the program at anytime and try and sell it on your own. If you do this, then you are no longer a part of the program and NO closing fees or Realtor fees will be paid on your behalf.
The amount that is offered will depend on the market value minus projected time it will be on the market will be the offer that is offered to you (believe it or not it is a fair offer, it won't seem to be if you have to pay an amount at closing).
If you accept this offer and it is lower then the pay off of your home, you'll need to bring the difference to the table, or do a short sale.
I must warn you about Short Sales, Foreclosures and Deed In Lieu. These will ALL affect your credit drastically. Will it effect your agents 5 year background investigation or Vet for a promotion, still left to be seen.
FHA - you'll need to wait 3 years until you can buy another house through this program.
Conventional - you'll need to wait 5 years to buy another house through this program.
Short sales, foreclosure or deed in lieu - will all effect your FICO scores negatively. Short Sales not as much as Foreclosure, but Foreclosure and Deed in Lieu will effect your credit the same. If you pay all of your bills on time other then your home, then you'll be able to purchase in the above stated times (times can and will change as the banks deem so, so check with your lender)
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Q: What is the process of getting my home accepted in the program?
A: Ok, first you will need to make sure on your paper work when accepting a position elsewhere that you state that you want to be part of relocation housing program (if available).
Second, list your home with a REALTOR of your choice for 60 days (once you have been accepted into the program), once that has passed and no offers have been submitted, then you request that you have your house put in for the relocation company program. The relocation company will get back to you within another 30 - 60 days whether or not they will be accepting your house into the relocation company program.
Third, once it is accepted, you'll have the opportunity to choose two appraisers for your home... CHOOSE WISELY... This is will affect your offer if you choose based on anything other than the quality of work. If you can see if they will provide you of a PAST appraisal they have done in the past six months for relocation purposes... Do this for them all... The last thing you want is a lazy appraiser.. BELIEVE ME, this happen to us. (The appraiser can black out names and confidential information. What you are looking for is for an appraiser that has very little description or just does the bare minimum work... you'll be able to see what I'm talking about if you get these from your appraisers that you are interviewing...THIS IS A VERY IMPORTANT STEP.... DO NOT LEAVE THIS OUT. This could depend on THOUSANDS of dollars different in what you are offered from the relocation company. The amounts can only be like 5% deference, then they split it in the middle. Had I done this we would have had to come $7,500 less.)
Forth, you will need to have a home inspection completed, once this is completed the relocation company will let you know what needs fixed. These items MUST be fixed in order to move forward in this process.
Fifth, you'll have approximately two months to sale your home on your own with your Realtor, but if this doesn't not happened within this last two months (or the time frame they give you). During this time they will also give you your market priced offer for your home. You can take it or reject it. If you reject it, then you are out of the program. If you accept it, then you'll move forward and continue to sale your home w/o their help, but if you don't then at least you know that your responsibility will be ending soon.
Finally, If the relocation company takes over your property, they make your mortgage, insurance and taxes for up to five month on your behalf, they DO NOT IMMEDIATLY pay it off. Now if your home sales within that time frame then they do pay it off at closing.
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Q: Do I have to use the relocation company when I decide to take a transfer?
A: No, you have up to two years to use them before you run out of time.
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Q: Moving Companies, how does this work?
A: This was wonderful... The relocation company sat up this for us to meet with a mover to look over the amount of personal property that will be moved and estimate the weight, then approximately 10 days before you move the moving company comes in (we had three guys) that packed, labeled and moved our stuff. They were in and out, in a day and half. You'll need to set aside in a separate room for items you do not want them to take... Like important papers, medicines, clothes anything you want for temporary housing or will need in the next two weeks. They will not take gasoline, aerosol cans or matches, ammo... anything that can explode.
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Q: What does the Relocation company consist of?
A: You'll have a Director that is in charge over of everything. Then you'll have managers of each division. They consist of: Temp housing, REALTOR for your house that you will put up for sale, and for the one you buy at your new location (if you decide to buy) REMEMBER you are not obligated to use theirs... you can pick your own. A lender, moving company, relocation home buy out program.
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