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B-223898 1 (1987-05-19)

handle is hein.gao/gaobadmrq0001 and id is 1 raw text is: Kr r~ +cC The Comptroller General of the United States Washington, D.C. 20548 Decision Matterof. Ivan Allen Correll - Real Estate Expenses - Refinancing of Old Residence File: B-223898 Date: May 19, 1987 DIGEST ordinarily reimbursable real estate selling expenses would include those for refinancing the employee's residence at the old duty station to expedite the sale by permitting the buyer to assume the new mortgage. But the total real estate selling expenses, including a loan origination fee for refinancing, may not exceed 10 percent of the sales price ($9,250), the statutory maximum. Thus, the employee may not, in order to avoid the statutory maximum amount, be reimbursed the loan origination fee incurred in refinancing the old residence as a cost of purchasing a home at the new duty station. However, the fee may be allowed as an expense of the sale to the extent total sales expenses do not exceed $9,250. DECISION In this case we decide that Mr. Ivan Allen Correll, an employee of the Department of Housing and Urban Development (HUD), may not be reimbursed more than the maximum allow- able amount of $9,250 for his real estate selling expenses, including the expenses he incurred for refinancing his home at his old duty station to expedite its sale.I/ Further, the loan origination fee incurred in refinanc- ing the old residence may not be considered as a cost of purchasing a home at his new duty station in order to avoid the maximum allowable selling expenses. Mr. Correll transferred from Seattle, Washington, to Washington, D.C., on September 17, 1985. He refinanced his Seattle home with a new mortgage to enable the buyer I/ The Deputy Director, Office of Finance and Accounting, U.S. Department of Housing and Urban Development, requested our decision.

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