GROUP SERVICES

PLATINUM

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All parties, including the Sales Associate, seller, Long & Foster® Real Estate, Inc./Platinum Group Services, and the attorney must be committed to providing all accurate information and documentation in a timely fashion. Time is of the essence in every short sale transaction. The Sales Associate and seller can greatly influence the speed of the short sale approval by promptly responding to all requests for documentation and information.

The listing Sales Associate will coordinate the closing date within the specified dates of the lender’s short sale approval and per the contract.

Typically within 30 days of approval

The attorney will inform the seller and listing Sales Associate of the lender’s decision.Within 24 hours of receiving lender’s decision

Lender’s decision is received. Varies by Lender (30-90 days)

The assigned attorney within our network will begin the negotiations with the lender.Within 5 business days of receipt of fully executed Agreement of Sale

The short sale counselor will update and complete the short sale package and forward to the assigned attorney within our network.

Within 5 business days of receipt of fully executed Agreement of Sale

Within 24 hours of Agreement of Sale being fully executed

Once the house is under contract, the Sales Associate will immediately provide the fully executed Agreement of Sale to the counselor. The Sales Associate must also provide the buyer’s pre-approval letter for financing, including proof of funds and a copy of the cleared escrow check. These documents will be provided to the short sale counselor. Please note: When the Agreement of Sale is provided, the Sales Associate must also provide the MLS history documenting all list price reductions.

Within 48 hours of receiving assignment

The short sale counselor will communicate with the Long & Foster® title partner to obtain the preliminary title report and preliminary HUD 1.

Within 48 hours of receiving assignment

The assigned short sale counselor will make an introductory call to the Sales Associate and the seller, then begin collecting the necessary documents to facilitate the short sale.

A short sale counselor is assigned to assist the seller with the short sale approval process. Within 24 hours of receiving the seller’s registration

After listing the property, the listing Sales Associate will log on to Platinum Group Services’ website to register the seller. As time is of the essence, the listing Sales Associate must tell the seller to expect an introductory call from Platinum Group Services.

Within 24 hours of listing property

TimeframeTask

The Short Sale Process

Long & Foster® Real Estate, Inc./Platinum Group Services