AMC’s Shutdown Excuse for Late Payments
Clarocity cites possible upcoming government shutdown as excuse to delay payments to appraiser.
From our Sister Coalition in Mississippi:
“BEWARE if you accept any orders from Clarocity. I got a call from one of our members today telling me that Clarocity is citing the upcoming government shutdown as a reason appraisers may not get paid timely on the orders they are currently sending out.
The scope of work and terms of the orders indicate that the appraisals for USDA may not get paid within the 60 day period if the government shuts down. This is really no excuse but if appraisers sign and accept the appraisal order they are accepting those terms.
Mississippi law on timely payment from AMC’s mandates no more than 60 days unless the agreement between the appraiser and the AMC cites different terms. Clarocity is putting you on notice, so just know if you accept the orders, you are also accepting those terms and will not have a basis to complain if your payments are more than 60 days out.”
Is this FAKE NEWS?
Well maybe it is. The financials of Clarocity tell a very different story.
- This news story, tells of a current default on a $20,050,000 debt.
- This news story states their number one investor StableView Assets is disposing of their stock.
- This news story states of a pending sale of all of Clarocity’s assets.
- Maybe it is their public financial statements showing major losses for many years
- Or Maybe it is their current stock prices that are $0.005 Canadian dollars ($0 .00375 US Dollars)
Clarocity Stock May 31, 2002 through February 8, 2019
Regardless of the reason Clarocity states payments may be late to appraisers, VaCAP has been warning appraisers about the financial stability of Clarocity for a while. If you choose to do business with Clarocity, we encourage you to take whatever precautions necessary to ensure payment within 30 days as our state law requires.
Oral Arguments LREAB vs FTC: As you are aware, the oral arguments in the Louisiana vs FTC case were held on February 7, 2019. The audio of the proceedings has been posted for public listening. You can listen to the content below.
- AMC Engagement Letter: Appraisers Do Not Include Your Invoice - July 28, 2023
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022