Tuesday, January 22, 2013
November, December, and the first part of January have been extremely busy. Although I was able to fire off a Christmas post, the New Year's post never made it. There has been plenty of appraisal related news, but it's been important for me to produce some appraisal related work, and generate some appraisal related income over the past few months. The checks finally started arriving in today's mail, and there is much to talk about.
Back in 2009, when Taylor, Bean & Whitaker bit the dust, their affiliated appraisal management company, Security One Valuation Services, LLC stiffed thousands of appraisers. Later that year, Larry Holzer folded his latest disposable appraisal management company, Global Appraisal Solutions, leaving hundreds of thousands of dollars in unpaid appraisal fees. That did not stop him from creating another AMC to sucker in a new group of appraisers.
In mid 2012 appraisers took it on the chin with the failure of AppraiserlLoft. Who knows how many were left holding the bag in that case.
In late 2012, appraisers from around country heard that ES Appraisal/Evaluation Solutions filed for bankruptcy. A website set up for creditor appraisers shows a tally of over $1.2 million in unpaid appraisal and BPO fees. Now, the word on the street is National Real Estate Information Services (NREIS) will be closing their doors next month.
Appraiser Active is on a quest to improve the profession, but we appraisers are also involved in running a BUSINESS. Please remember when you become part of a "vendor" panel for an AMC, you are extending them credit. Many AMCs are making a big deal of insisting on background checks of appraisers joining their panel. It might be time to do some background checking on the folks you extend credit to.
Just about a month ago I heard from Kim Drago. She was promoting an new site for appraisers, AppraisalAdvisor. The concept sounds interesting. For those of you involved with AMCs, it might be worth a look. We are not in a position to endorse these folks, but their LinkedIN page has a bunch of great advice and New Years' Resolutions.