If you have already submitted the seller’s financial package and/or the HUD-1and sales contract we may
still be able to help. Please call us before registering your seller to discuss your transaction.
Please note that PGS does not work on transactions in which three lien holders are shorted.
- Immediately after a seller has ratified an offer, the Realtor should register the property at www.platinumgroupservices.com. The Agents MUST tell the seller to expect a call from Platinum Group Services and that time is of the essence in responding to our request for documentation.
- Within 48 hours of receiving the registration, Platinum Group Services will send a welcome letter to the seller and the Realtor, via email, requesting documentation. A detailed list of the required documentation will be included in the welcome letters.
- The Realtor and the seller must submit the required documents within the specified timeframe in the welcome letter. Time is of the essence in completing the short sale package to submit to the lender.
- Upon receiving the contract of sale, the Platinum Group Services coordinator will order the preliminary HUD. Should the contract of sale not specify the settlement Agent, the Realtor will be responsible for submitting the settlement Agent’s contact information (company, name, phone number, email address) when submitting the contract of sale.
- When all required documents have been provided by the seller and the Realtor, and the preliminary HUD has been received, Platinum Group Services will submit the complete package to the lender to begin the negotiation process. PLEASE NOTE: Our communication does not begin with the lender until we have submitted a complete short sale package to the lender.
- The Platinum Group Services counselor will provide a user ID and password to the Realtor at the time the short sale package is submitted to the lender. This will allow the Realtor to access the communication portal to review status of the negotiations on a 24/7 basis.
- The status notes in the portal will be updated at least once per week.
- Once the lender’s decision is received, the Platinum Group Services coordinator will communicate the lender’s decision to the Realtor and seller.
- The Realtor will coordinate the closing date within the specified timeframe in the short sale approval letter and per the contract.
- PLEASE NOTE: Time is of the essence for all parties to submit the required documents within the specified timeframe on the welcome letter. Failure to do so can elongate the negotiation process or render the registration inactive.
Contact us at 866-844-2659