Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
Has anyone been experiencing unresponsiveness from Sage Acquisitions while trying to close on a HUD property? Sage is the new management company HUD is using in the Philadelphia area.
Our offer was accepted almost 60 days ago and for the past 3 weeks we have been trying to pay them to take possession of the property. Title company submitted HUD-1 for approval to them on 7/5/16 - no response. We got close to the contract closing date so sent them an extension request (did not have to pay to extend, but sent PoF) and they obliged. The following week we tried to close again - but no response yet again. We are on our 3rd attempt to close.
Listing agent says he cannot help (I guess some agents just want a comission for entering data into MLS). Any suggestions? Thinking about making a personal visit to their offices.
Real Estate Agent · Woodbridge, VA · Member since 2015 · 3 posts · 2 votes
9y
I am a buyer currently going through a similar situation. The worst part is, I am purchasing with a VA loan and Sage is required to write a letter because they will not sign the VA Appraisal Addendum. That is literally the only document holding us from closing. We were suppose to close on the 19th of September. To make matters worse, I am deploying on the 16th of October. This was relayed to Sage, however, they are in no rush close our case.
I'm hoping maybe one of you guys could help me. If you have a direct contact, that would be great. I am on my second extension and would love to close before I am gone for 8-10 months.
I feel your pain. I worked with a client of my on her first investment property (outside of Philadelphia) it was a HUD property (Sage) Cash deal, no inspections. Everything was smooth until about 5 days prior to settlement the title rep called me and said settlement will not happen. There was no explanation at all but what I found out later on is that no one processed the paperwork when it was first submitted. Long story short we finally settled on the property about 3-4 weeks later. I probably called every single day (sage) and kept getting sent to a VM. Very Frustrating!
Sandusky, OH · Member since 2017 · 4 posts · 0 votes
9y
@Greh H. and @Tom Doherty - Thanks for responding. Yes, we did use the e-signatures. I can't imagine what could have been missed or why they wouldn't have said something earlier. We submitted the contract and packet, earnest money, and copies of our bank statement to prove we had the cash the day after they accepted our bid. We hear nothing till last week that they need the form filled out stating the house will be owner occupied. That was sent Sunday at noon and was supposed to be in Monday. Then the email to our agent saying the sale is cancelled because the deadline was missed and the house would be re-opened to bidding. No explanation as to what was supposed to be late, no call, nothing. I understand mistakes can be made, but when no one will return your emails or phone calls so that you can respond is beyond frustrating. Beyond calling another 50 times today begging someone to return our calls, I don't know what to do.
Sage awarded a HUD owner occupied bid to a real estate firm that dissolved its its state corporation many years ago and isn't operating at the address recorded. Is that a legal bid? Sage thinks so and is proceeding to close amazingly fast in under a month.
I assume you are getting your information from the Bid Results section of HUDhomestore?
-As long as they have an active NAID #, that is all they need. They could have easily incorporated in another state
-Not sure where you obtained your information about closing "fast" in under 30 days. All cash sales must close within 30 days and I have closed in under 10. Buyer and closing office drives the timeline on closing
Broker is only licensed in one state. Checked real estate licenses and corporate registrations. So you are saying Sage is in the right to support dishonesty in the bidding process? I would agree with that.
Broker is only licensed in one state. Checked real estate licenses and corporate registrations. So you are saying Sage is in the right to support dishonesty in the bidding process? I would agree with that.
Again, all that HUD requires to place a bid is an active NAID number. So there is nothing dishonest regarding the bid being placed. HUD used to require re-certification every 2 years but does not anymore. I believe it was 4-5 years since my last one
Why bother having real estate agents submit HUD bids if they don't have to be properly registered businesses? Maybe having an in person bidding process to eliminate the real estate industry from the HUD biding would be better to favor investors. What is the mission of HUD, I forget?
It is not a HUD requirement to be a business to obtain an NAID #. When I get an accepted bid, it shows my name as the Real Estate part of my business is not a company. Again, the only requirements for bidding are to be an agent with an NAID number. Their property....their rules
The mission is to sell their inventory in this part of the operations. I have purchased hundereds and hundreds of HUD homes since the early 1990's. While I do not always agree with the systems, I learn and understand it in order to be as successful as possible. Stomping my feet has yet to help me obtain a property
The rules are: How often do I resubmit information to HUD to keep my NAID# current? A: The designated broker must update the registration information annually and/or any time there is a change from what HUD was provided on the SAMS 1111 or SAMS1111A Forms.
The listed winning realtor is not in business at the address shown on the HUD broker search, the phone no listed doesn't belong to the realtor.
How did the owner occupied bidder contact the broker with outdated information listed for the broker and no info online with current contact info for the realtor?
If as investors you do not demand Sage uphold the rules than you look like they do as being about the dishonesty.
Exposed, dirty secrets of unethical HUD brokers using outdated contact info to place bids on HUD owner occupied homes.