The Full Program
A complete description of the Home Sale Program offered by many of our corporate clients.
Stage I: Introducing the Employee to the Relocation Process
Once
the corporate client notifies Cross Country Relocation, Inc. of a new
transferee's name, address, phone number and destination, a Relocation
Coordinator contacts the employee to begin the Home Guarantee Program.
The Relocation Coordinator not only discusses the program's procedures
but also offers assistance in the employee's search for a new home,
making sure to ask about any special needs that may require extra
attention.
The employee is free to list the property with a broker of his or her choice even before receiving a guarantee buyout price from Cross Country. However, before signing a listing contract, the transferee must contact Cross Country to obtain the necessary wording that will make Cross Country an exception to the contract. This wording MUST be included in the listing contract, as it ensures that Cross Country will not have to pay commission to the listing broker in the event of a takeover of the property. If the employee receives an offer before the appraisal process, he or she must contact Cross Country immediately to discuss the offer. Cross Country will assist the employee in evaluating the offer, and will provide guidance in the case of a counter offer. For tax purposes, Cross Country, NOT the employee, must sign the offer.
Stage II: The Appraisal Process
To establish the value of the transferee's property, the Relocation Coordinator supplies the employee with the names of five qualified appraisers. We recommend that the employee enlist the help of local banks or real estate brokers in choosing the most knowledgeable of the five appraisers. After the employee picks two from this list, the Relocation Coordinator orders the appraisals.
If
the appraisals are within 5% of each other, their average is the
guarantee buyout price. If they are not within 5% of each other, the
employee chooses a third appraiser from the remaining three names on
the original list. If the third appraisal falls within 5% of one of the
other two appraisals, then these two appraisals are averaged and the
other appraisal is not used. If the third appraisal is not within 5% of
either or is within 5% of both of the first two, then the average of
all three appraisals determines the guarantee price.
Stage III: Contract Sent
Once
an appraised value is established, the Relocation Coordinator contacts
the employee with the guarantee buyout price. Cross Country sends a
contract to the employee as soon as written appraisals are received and
found satisfactory. After receiving the contract, the employee has
sixty days to accept or reject Cross Country's offer. He or she must
remember to sign all necessary forms and to include all requested
information, including the Seller's Property Condition Report. If an
expert such as an inspector or appraiser determines that repairs are
needed prior to Cross Country's takeover of the home, such repairs are
the financial responsibility of the employee.
During the 60-day period, the employee may attempt to sell the property
at a price higher than the guarantee buyout price. However, during this
time the employee must be sure that he or she does NOT sign ANY forms
other than the listing contract, and all offers received by the
employee should be discussed with Cross Country Relocation. Also, the
employee must understand that Cross Country Relocation will not accept
an amended offer that has a house sale contingency, unless it has an
automatic termination clause (in which case the employee should call
Cross Country Relocation for further information.)
Once Cross Country determines the guarantee price and mails the contract, the employee can request an equity advance. When the request is made, Cross Country Relocation can release up to 95% of the employee's equity, provided the following terms are met:
Please note that the employee can continue to market the home for the remainder of the 60-day period, even after signing the contract and requesting an equity advance.
Stage IV: Takeover of the Property by Cross Country
When the employee turns the property over to Cross Country, the remaining equity less $500 will be released upon vacating the home. The remaining $500 will be held up to a maximum of ninety days to assure coverage of all unpaid bills that are the responsibility of the seller.
After the employee vacates the home and turns it over to Cross Country, all expenses for the property (i.e., mortgage payments, utilities, insurance, maintenance, etc.) become the responsibility of Cross Country Relocation, Inc.