After listing the property, the listing agent will log
on to http://www.platinumgroupservices.com/
to register the seller.
IMPORTANT: The listing agent MUST tell the seller to expect a call from Platinum Group Services and time is of the essence in responding to our request for documentation.
A Stage 1 coordinator will be assigned to collect the required documents for the short sale package. An email detailing the list of required documents will be sent to the seller within two business days of registration.
With the cooperation of the seller and the Agent, the short sale package will be completed and transferred to a Stage 2 coordinator within 14 days of our initial email request for documentation. If the sellers and/or Agents do not provide the required documents within 14 days, the file will be moved to inactive status, and Platinum Group Services will cease processing the package. If there is a ratified contract at the time of registration, then all documents should be submitted to PGS within 5 business days.
The Stage 2 coordinator will send an email to the seller and the Agent to identify themselves as the point of contact for the duration of the short sale transaction.
Once the property is under contract, the Realtor will immediately provide the fully executed Agreement of sale to the Stage 2 coordinator. An MLS history documenting all list price reductions must accompany the Contract of Sale. The Agent must also provide the buyer’s pre-approval letter for financing and the buyer’s settlement company contact information.
Upon receipt of the fully ratified contract of sale, the Stage 2 coordinator will update the short package as necessary and order the preliminary HUD 1. Note: the listing Agent must provide the buyer’s settlement agent contact information within 2 days of submitting the contract of sale to PGS. A delay in providing the buyer’s settlement company contact information could cause a delay in submitting the short sale package to the lender to begin negotiations. When identifying the Buyer’s settlement Agent, the Realtor must also indicate if a split settlement will be occurring and if so, provide the name and contact information of the seller’s settlement Agent.
When the prelim HUD 1, contract of sale, and updated short sale package are completed, the file will be submitted to the lender. At this time, the Agent will receive a User ID and password for the communication portal. The portal provides the capability of reviewing the status of negotiations online 24/7.
Once the lender’s decision is received, the Stage 2 coordinator will communicate the lender’s decision to the Agent and the seller.
The Agent will coordinate the closing date within the specified dates of the lender’s short sale approval and per the contract.
Contact us at 866-844-2659