Garbage Replacing Appraisers?
If appraisers were to embrace such garbage, would the demise of this technology be sooner? …14.53 million dollar loss in 2017…
Hey Clarocity, Give it up. It is time to face the facts!
From Clarocity Public Financial Statements:
The 2017 Clarocity’s Annual. Report casts doubt on their survival:
“The Company has insufficient cash resources to meet its short-term commitments. Financing from debt and equity, as well as the forbearance of current creditors, is required for the Company to continue operations.”
Even Clarocity shareholders are saying it is time to give it up. Read what they are saying here.
Even stealing appraisal data, they cannot make a profit…
“Clarocity Corp. engages in the development of an appraiser backed valuation database for virtually every residential property for cities, using a proprietary GeoScore property rating system. It licenses its technology and proprietary process to large appraisal organizations that manage appraisers across various cities in the country and offers its products through its subsidiary: Zone Data Systems LLC. The company was founded by Bradley Stinson on February 20, 2004 and is headquartered in Calgary, Canada.”
Now take a look at all the debt Clarocity has repaid in shares of stock in lieu of cash payments. It is a routine process for them, without any hesitation.
And here is what Clarocity adds to the bottom of their press releases:
About Clarocity Corporation
”Clarocity Corporation provides real estate valuation solutions and platform technologies designed to address today’s dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions. For more information, visit www.clarocity.com.“
Now I have no idea if the statement of the GSE’s using their products is true or not, but I do know Fannie and Freddie are in conservatorship because they were not profitable. The Collateral Underwriter used by the GSEs is seriously flawed and is a costly beast that has no sustainability either. Is Collateral Underwriter a Clarocity product? I sure hope not, but have no idea. The mere thought of my tax dollars being pumped into a company like Clarocity makes me angry.
In March 2017, Clarocity was named the HousingWire Tech100 Winner. They claim the Clarocity “Platform delivers cost-effective and data-driven valuation products”. How can that be? The company has lost millions of dollars each year for the past 9 years. Does this sound very cost effective to anyone?
So now think about this: An employee of Clarocity was name “Valuation Visionary of the Year” by the Collateral Risk Network. What were the standards for such an honor? Was any due diligence done by CRN? Why would any organization honor someone who supports costly inaccurate and inefficient technology that clearly has no sustainability?
Now Serious Questions to Consider:
If a company develops, promotes and sells technology to produce automated values has not made one penny in 9 years, how are appraisers to be replaced by this technology? Clearly the technology will need constant revisions, updates etc. If the company has to continually borrowed millions of dollars to cover daily operating expenses and then issue shares of stock for repayment, this clearly is not a sustainable business model. If appraisers were to embrace such garbage, would the demise of this technology be sooner?
Clarocity Stock closed on May 1, 2018 at $.045 per share. The lowest it has been in the past 12 months.
By Fed Up Appraiser