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Extension of Time To Complete Real Estate Transactions

B-207730 Jul 07, 1982
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Highlights

An employee of the Corps of Engineers sought an additional extension of time to complete the sale and purchase of a home incident to a permanent change of station. Incident to a transfer he put his home up for sale. His inability to sell his home is due to the depressed real estate market coupled with high interest rates. The employee had already received a 1-year extension, but that extension will likely expire before a sale is complete. GAO held that a Federal employee, transferred to a new duty station, who obtained a 1-year extension of time to sell a former residence under applicable regulations may not be granted an additional extension of time beyond the maximum 2-year period established by regulation. Limitations may not be waived or modified even though the employee's difficulty in selling a former residence may be due to the housing market. Accordingly, for the employee to be reimbursed for any real estate expenses incident to his change of duty station, the sale and purchase must occur on or before the end of the 1-year extension.

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