Short Sale Offer Submission Instructions

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The Platinum Group

SHORT SALE OFFERING INSTRUCTIONS

Offers submitted on short sale properties listed by Donald Lainer's Platinum Elite Group with Prudential Americana Group must contain specific documents and information. The Platinum Elite Team has closed more short sale listings than any other Realtor in Las Vegas, due to the fact that we have developed a specific process; recognized by most large banking institutions and their investors. In an effort to streamline the offer process on the short sale listings handled by The Platinum Elite Group please carefully review these instructions with your Buyer(s). this will allow us to quickly submit your Buyer's offer for presentation and gives you a better chance of having your offer accepted by the Seller's lien holder(s).

Submit all offers with the following instructions:
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WHAT HAPPENS IF THE SELLER ACCEPTS AN OFFER?

Your offer shall be placed into "C" status within 24 hours once the Buyer and Seller have executed the contract, and the full earnest money has been deposited into escrow. Once your ofer has been accepted, then your offer shall be the ONLY offer submitted to the Seller's lien holder(s). Any new offers shall be kept as "Back-Up Offers" only, and they will NOT be presented to the Seller's lien holder(s) unless the current Buyer should default.

PLEASE EMAIL ALL OFFERS TO:

Offers@PlatinumElite.com
(All offers submitted on listings should be scanned and emailed.
If you do not have the capability to email offers, you may send them by fax.
Offers may be faxed to (702) 317-3424. Please include a cover sheet.
All offers shall be responded to within 1-3 business days.)

Be sure to state the property address in the subject line of the email message. Only send documents in PDF format. Offers may also be faxed to (702) 317-3424. Please include a cover sheet with the following information:

ATTN: The Platium Elite Group

Property Address & Buyer's Name

COMMUNICATION & STATUS UPDATES

Due to the natue of short sales, our partnership with "Negotiation Service Providers" has negotiators spending most of their day on the phone with banks, therefore, email is the fastest and most effective way for us to communicate. If you are a Realtor, and wish to speak with The Negotiation Team please email their office at LossMit@NSPLV.com. If you have a general question regarding a property, please email your question to Support@PlatinumElite.com. Be sure to include the property address. We will do our best to answer all questions within one business day.

EARNEST MONEY

The Seller will ONLY consider offers where the Buyer agrees to deposit the required earnest money funds into escrow upon Buyer and Seller execution of the purchase agreement. A short sale escrow is the same as a traditional escrow, however, with a contingency:
ANY OFFER WHICH STIPULATES THAT THE BUYER SHALL NOT DEPOSIT THEIR EARNEST MONEY INTO ESCROW UNTIL AFTER THE BANKS FINAL WRITTEN APPROVAL MAY BE REJECTED BY THE SELLER.

GLVAR PURCHASE AGREEMENT

All offers MUST be submitted on the GLVAR Residential Purchase Agreement form.

LOAN PRE-APPROVAL

PREQUALIFICATION IS MANDITORY ON EVERY TRANSACTION, REGARDLESS OF WHERE THE BUYER INTENDS TO GET THEIR LOAN. Before an offer can be submitted, the Buyer must contact a lender of their choice and obtain preapproval for a loan. ALL prospective buyers must provide a written confirmation of preapproval. Your Buyer may choose any loan officer, however, not all loan officers that are inexperienced with the short sale process, nor qualified for this area of specialization. Buyers who use loan officers that are inexperienced with the short sale process will be at a disadvantage over Buyers who use lenders experienced with short sales. To get pre-approved click the following link: Get Pre-Approved!
YOUR OFFER WILL ONLY BE PRESENTED TO THE SELLER WITH A PRE-APPROVAL OR UNDERWRITTEN LETTER, PROOF OF FUNDS, and UPON REQUEST A BUYERS GOOD FAITH ESTIMATE DISCLOSING ALL LENDER CONTACT INFORMATION (i.e. email address, direct phone line, etc.)

CASH TRANSACTIONS

Any proposed purchaser who intends to pay cash for the property will be required to provide proof of funds to close. The proof may be in the form of a current bank statement or letter of funds verification from their bank. PROOF OF FUNDS WILL BE REQUIRED PRIOR TO ANY OFFER SUBMISSION. YOUR OFFER MAY BE REJECTED BY THE SELLER WITHOUT A PROOF OF FUNDS VERIFICATION LETTER.

ESCROW COMPANY

The title and escrow companys and escrow officers preferred and typically used have been approved and concidered to be experts in the field by the Bank(s) involved to facilitate this Short Sale escrow work. A Short Sale escrow is more involved than a traditional escrow, therefore, the bank, and the Seller have requested the Buyer respect these existing relationships.

BONAFIDE OFFERS

Once an offer has been submitted & accpeted, the Buyer's Agent shall be forwarded any required documents and addendums to open escrow. Once signed by the Buyer, the offer shall be considered "Bonafide" and will be presented to the Seller's lien holder(s)

In summary, the Seller(s) have agreed (in writing) that only Bonafide offers shall be presented to the Seller & Seller(s) lein holder(s). A Bonafide offer includes the following:

Offer to Purchase Agreement (completed on most current GLVAR forms only) & Included Agency Confirmation

Agent signature confirming reciept of Earnest Money (Page 11)

Copy of the Earnest Money check payable to Title Company named on MLS.

Loan Pre or underwritten Approval Letter, and written verifiable proof of funds.

Buyer Signed Addendum(s). This will be sent to buyer's Agent once a Bonafide offer has been recieved.

If your offer is not Bonifide or where there is lack of response for missing documentation, your offer will not be presented to the Seller's lien holder(s). It is your obligation to ensure that your Buyer's offer is Bonafide.