Foreclosurepedia has exclusively obtained Sage Acquisitions Conference Call, with Brokers, announcing its formal withdraw from the US Department of Housing and Urban Development‘s (HUD) Management and Marketing (M&M) Asset Manager (AM) 3P Region and accepts no blame and denies performance issues. More as this fast moving story breaks.
Below, you will find our Foreclosurepedia Podcast recording of Sage Acquisitions denial of blame. In essence, Sage preaches the Gospel of how Brokers should suck it up and No Party No Foul. HUD continues to remain silent as Rome burns down all around. What would you expect, though, in an Election Cycle?!
Here is the chat that Sage allowed and then cut short
Will we be hired by new Contractor?
How long is the transition period expected to be?
Who is the new contractor going to be?
Is that it?
We will be sending out transition instructions on your current inventory based on step to ensure you have every opportunity to retain and close your listings
Jennifer, that is it….
The new contractor will be BLB Rources
Can anyone hear anything?
what is 3p
If we have properties under contract, will we still be the LLB for those closings?
they are off the video now, only on the chat
Should we discontinue required tasks in SUGAR?
BLB will be afforded the opportunity to select their listing brokers we will however seek instructions from HUD to see if they will request that our brokers retain their listings
Who should we direct any questions to in 3P, possibly the project manager?
[message delete
3P is the market known as NY, NJ, CT, ME, MA, NH, VT, RI
way to stay positive Tiger
We will follow the announcement with formal notice and where to direct questions
Thank You
Please continue to perform your Sugar tasks as it is necessary to service your listings with Sage
Sage will retain the listings over the next 60 days as properties transition to new contractor by step
Would it be possible to add 5P to my SUGAR account/profile?
Will this change our status
Good Morning
Good Morning
Good Morning
Good morning fellow HUD agents
Good Morning Everyone
Ed, you are the best buddy
good morning
Good morning!
Good morning
Good Morning
Good morning
Good morning!
good morning
Good morning
Good morning
What happens to our current inventory?
Will we be hired by new Contractor?
How long is the transition period expected to be?
Who is the new contractor going to be?
Is that it?
We will be sending out transition instructions on your current inventory based on step to ensure you have every opportunity to retain and close your listings
Jennifer, that is it….
The new contractor will be BLB Rources
Can anyone hear anything?
what is 3p
If we have properties under contract, will we still be the LLB for those closings?
they are off the video now, only on the chat
Should we discontinue required tasks in SUGAR?
BLB will be afforded the opportunity to select their listing brokers we will however seek instructions from HUD to see if they will request that our brokers retain their listings
Who should we direct any questions to in 3P, possibly the project manager?
[message deleted]
3P is the market known as NY, NJ, CT, ME, MA, NH, VT, RI
way to stay positive Tiger
We will follow the announcement with formal notice and where to direct questions
Thank You
Please continue to perform your Sugar tasks as it is necessary to service your listings with Sage
Sage will retain the listings over the next 60 days as properties transition to new contractor by step
Would it be possible to add 5P to my SUGAR account/profile?
Will this change our status
We have to start all over
are the assets that are under\ contract going to close?
To answer Ivan, we will have to look at states, coverage in the area of interest and performance in your 3P states.
[message deleted]
OK thank you. who can i email for that?
Thank you~
Yes, we will work to close all active contracts prior to the transition
Are the listings already under contract going to close?
We have added an entire team to exclusively work 3P during the transition on closings
What if those deals have title issues, will the new company deal with that?
Has Sage notified selling agents and BSCAs of properties under contract yet?
Title issues are not resolved by the asset manager they are handled by the mortgagee compliance manager and will continue to the next AM to work with MCM
Sage will formally notify all industry partners as well and let them know the day to close prior to the transtion
Our goal is to close everything possible to prevent buyers having to be caught in a transition
What about extensions that have been submitted and have not net been answered?
What about assignments that just got distributed? Will those remain with Sage?
Extensions are currently being responded too within 2 business days. The transition has no impact on this
So no time frame is set up as of yet? Business as usual until told otherwise?
Yes Lisa that is corredct
Should we expect that there will be no new listing assignments from Sage moving forward?
closings have been really difficult to get to the closing table. we’ve had folks waiting for days after scheduled settlement day
Thanks, sorry to hear.
We have submitted an extension on 9-19 and have yet to get an answer
We will publish all the dates to expect the end of new assignments, transition of active listings, and transition of executed contracts
