Another AMC Folds

VaCAP Board

VaCAP Board

Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
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Transcontinental Valuations AMC Bites the Dust

Transcontinental Valuations has gone out of business and stated that it can pay only 25% of the amount owed to each appraiser.

VaCAP has been forwarded the following email from the North Carolina Appraisal Board.

Please use this as a reminder to watch your receivables. No appraiser should go unpaid for their work!

From: NCAppraisal Board [mailto:n…@ncab.org]
Sent: Friday, September 15, 2017 10:20 AM
Subject: Transcontinental Valuations (NC-1174)

On August 23, 2017, we sent out an email letting you know that Transcontinental Valuations has gone out of business. Since then, the Board received a cancellation notice from the bond company for Transcontinental Valuations notifying the Board that they have cancelled the bond effective December 4, 2017. So if you have a claim, you need to submit it as soon as possible. The original email is below and the information on how to file a claim is attached.

If you have done appraisals for Transcontinental Valuations, you may have received an email stating that the company has recently gone out of business. The email stated that the company can pay only 25% of the amount owed to each appraiser.

If you have received one of these emails and have not received full payment from them, you can file a claim against their bond. Attached you will find information on how to do so. We urge you to file a claim as soon as possible as the bond is only for $25,000, and once that limit is reached no more claims will be paid. In addition, you may want to contact the lender for the assignment to see if they might be willing to pay the rest of the invoice.

Please contact Appraisal Board staff if you have any questions.

NC Appraisal Board
5830 Six Forks Road
Raleigh, NC 27609
Phone (919) 870-4854
Fax (919) 870-4859

Image credit flickr - Allison
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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7 Responses

  1. Eric West says:

    Has any appraiser been paid the full amount of what they were owed?

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  2. Diana N. says:

    Wonder how many appraisers got screwed this time. What ticks me off is that we have to work with these companies if we want assignments. Back in the good old days, we got paid up front or as soon as the report was delivered.  Still keep thinking about ES and the millions they owed appraisers when they folded. Bah Hunbug. 🙁

     

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  3. Jack Of All Trades says:

    Appraisers are like lone wolves ….fighting everyone and everything.

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  4. A system that allows the AMC to use your money to cover their operating expenses and profit BEFORE paying for your work is flawed.

    ALL states should adopt a requirement for AMCs to keep an amount equal to the agreed fees in a segregated trust account as soon as they are received. Then this kind of thing could not happen. RE Brokers & Escrow Companies have to keep separate Trust accounts. AMCs should be no different. End ALL commingling now!

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  5. Baggins Baggins says:

    This absolutely never get’s too old to post.  So how’s middle management working out for you guys?  Nobody makes appraisers work for these companies, they do so willingly.  So I guess they support that system, there is no other conclusion to make if they continue to participate in that side of the free market.  You had me going it was another amc fold, but it’s just a repeat article with updated information.

    http://www.workingre.com/wp-content/uploads/2013/08/IVPI-Proposalfinal.pdf

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  6. Retired Appraiser Retired Appraiser says:

    No worries appraisers, they’ve put the money they owe you to good use.

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  7. Baggins Baggins says:

    Yeah but young turks are sell outs, having taken money behind the scenes and being blatant false news reporters.
    “Propaganda has become the primary means of achieving desired results in politics.” aka; weaponized news. That’s very real, consumer beware.
    If you’ve never heard of the sites like newsbud, you’re being fed fake news without knowing it. It’s nice to subscribe and such but you can catch the full video by clicking watch on youtube then the result is top link. BoilingFrog is now newsbud, just fyi. It will remain my opinion that events in appraisal are merely a reflection of going trends where corporations hijack representative government and seek aggressively to control fair and balanced reporting.

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Another AMC Folds

by VaCAP Board time to read: 1 min
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