Are PCS orders considered a hardship?
Yes they are. Last fall the Fannie Mae issued guidelines to include Permanent Change of Station (PSC) orders as a hardship. For the owners of this home in Port Potomac it was a difficult decision to make. They missed the cut-off date for qualification of the DoD Homeowners Assistance Program by three weeks. Faced with a significant decline in the value of their home in Port Potomac a short sale became their next option.
As often happens with short sales the first buyer's lower offer was not supported by an appraisal or a Broker Price Opinion so they decided to move on. With an approved price in hand the second buyer was able to benefit and close within 60 days. The family was able to move on to their new duty station together with the stress of a short sale behind them.
For more details and the Fannie Mae hotline for military families check out "Are PCS Orders a Hardship for a Short Sale." If you have a VA loan and are faced with selling your home in a downturn Woodbridge VA real estate market you may want to read "Ft. Belvoir VA Compromise Sale Update" to learn about new relocation benefits you may qualify for.
Real People*Real Lives*Real Estate
Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations.
Licensed in the Commonwealth of Virginia